Unit rationale, description and aim
This unit develops an understanding of key economic principles and tools used to interpret the role of economics in business and critically analyse economic policies that impact Australia and the global economy. Economics arises from individuals and societies facing scarcity—limited resources but unlimited wants. Economists study how people and businesses make choices, how markets function, and how governments influence outcomes to improve societal well-being and promote the common good.
Aligned with the Catholic Social Thought (CST) principle of Stewardship, this unit encourages students to consider how natural, financial, and human resources are managed not only for current benefit but also for future generations. Stewardship highlights the ethical responsibility to use resources with care and respect, echoing contemporary ideas of corporate social responsibility.
Students will explore issues such as unemployment, inflation, economic growth, and international trade, and reflect on how economic decisions affect personal, local, national, and global contexts. Studying economics equips students with critical thinking and analytical skills relevant to modern Australian society and a wide range of careers in commerce, government, education, and industry.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
Critically explain economic systems and the concep...
Learning Outcome 01
Apply the fundamental principles of microeconomics...
Learning Outcome 02
Analyse the role of individuals and businesses in ...
Learning Outcome 03
Analyse the effect of changes in macroeconomic ind...
Learning Outcome 04
Evaluate economic theories and concepts in relatio...
Learning Outcome 05
Content
Topics will include:
- markets, demand, supply and price including elasticity
- comparative advantage
- market structures, including perfect competition, monopolistic competition, oligopoly and monopoly
- market failures and government intervention
- government allocation of resources to areas such as health services and the environment
- GDP, income, economic growth, and employment
- fiscal and monetary policy
- international trade and organisation
- balance of payments and exchange rates
- financial markets
Assessment strategy and rationale
In order to pass this unit, students must achieve an aggregate mark of at least 50%. Marking will follow a rubric designed to measure achievement of the learning outcomes for each assessment item. A final grade will reflect overall performance in the unit. The assessment strategy supports progressive development of economic knowledge and skills, culminating in students’ ability to analyse contemporary issues from an economist’s perspective.
In Assessment One, students will demonstrate Microeconomic understanding through an analytical report. Assessment Two will extend their Macroeconomic skills through critique of a current article. Assessment Three will enable them to apply both Micro and Macroeconomic concepts.
These assessments are designed not only to measure knowledge but also to foster ethical academic behaviour and independent thinking in the study of Economics.
Overview of assessments
Overview of Assessments
Assessment Task 1: Written Report This assessmen...
Assessment Task 1: Written Report
This assessment requires students to apply knowledge on the fundamental principles of microeconomics and macroeconomics, including the application of the role of ethical values and human dignity in economic decisions.
Submission Type: Individual
Assessment Method: Written Report
30%
Assessment Task 2: Individual Presentation This ...
Assessment Task 2: Individual Presentation
This task requires students to present on contemporary economic issues. Students will apply their knowledge to a real-life case study considering relevant economic theories.
Submission Type: Individual
Assessment Method: Presentation
Artefact: Presentation
30%
Assessment Task 3: Final Exam This task requires...
Assessment Task 3: Final Exam
This task requires students to undertake an invigilated examination during the exam period.
Submission type: Individual
Assessment Method: Invigilated examination
Artefact: Written Response
40%
Learning and teaching strategy and rationale
Students should anticipate undertaking 150 hours of study for this unit over a twelve-week semester or equivalent study period, including class attendance, readings, online forum participation, and assessment preparation. This unit is delivered in both “Attendance” and “Online” modes to accommodate diverse learning needs and preferences, ensuring students progressively build their skills in AI-driven business applications throughout the semester.
Attendance Mode:
Students will engage in structured face-to-face learning sessions scheduled by the school, integrating active learning strategies to build knowledge in core economic areas such as markets, demand, supply, price elasticity, and market structures (perfect competition, monopolistic competition, oligopoly, monopoly). Hands-on activities will cover topics like market failures, government intervention, fiscal and monetary policy, GDP, economic growth, international trade, financial markets, and exchange rates.
ACU Online:
This unit delivers content online through e-modules, pre-recorded lectures, and interactive activities covering topics such as markets, supply and demand, elasticity, market structures, government intervention, fiscal and monetary policy, international trade, and financial markets. Online discussions, webinars, and digital resources support student engagement and skill development, ensuring alignment with learning outcomes.