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.

2026 10

Campus offering

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Unit offerings may be subject to minimum enrolment numbers.

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  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • Semester 1Campus Attendance
  • Term Mode
  • ACU Term 3Online Unscheduled
  • Term Mode
  • Semester 1Campus Attendance

Prerequisites

Nil

Incompatible

ECON105 - Economics for Business, ECON104 - Business Economics, ECOD200 Economics: Policy Frameworks and Markets

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

Critically explain economic systems and the concept of resource allocation, including the role of ethical values and human dignity in economic decisions
Relevant Graduate Capabilities: GC1, GC6

Apply the fundamental principles of microeconomics...

Learning Outcome 02

Apply the fundamental principles of microeconomics and macroeconomics in business decision making
Relevant Graduate Capabilities: GC2, GC7

Analyse the role of individuals and businesses in ...

Learning Outcome 03

Analyse the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly
Relevant Graduate Capabilities: GC2, GC12

Analyse the effect of changes in macroeconomic ind...

Learning Outcome 04

Analyse the effect of changes in macroeconomic indicators on business activity
Relevant Graduate Capabilities: GC2, GC8

Evaluate economic theories and concepts in relatio...

Learning Outcome 05

Evaluate economic theories and concepts in relation to contemporary social and environmental issues, as well as the formulation and analysis of policy from both local and global perspectives.
Relevant Graduate Capabilities: GC2

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

Weighting

30%

Learning Outcomes LO1, LO2
Graduate Capabilities GC1, GC2, GC6, GC7

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

Weighting

30%

Learning Outcomes LO2, LO3
Graduate Capabilities GC2, GC7, GC12

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

Weighting

40%

Learning Outcomes LO1, LO4, LO5
Graduate Capabilities GC1, GC2, GC6, GC8

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.

Representative texts and references

Representative texts and references

Baye, MR 2022, Managerial economics and business strategy, 10th edn, McGraw Hill, New York, NY. 

Mankiw, NG 2024, Essentials of economics, 10th edn, Cengage Learning, Boston, MA.

Krugman, P & Wells, R 2023, Essentials of economics, 6th edn, Macmillan Learning, New York, NY.

Hubbard, RG & O'Brien, AP 2024, Essentials of economics, 8th edn, Pearson Education, Boston, MA.

CORE Econ Team, 2024. The Economy 2.0: Microeconomics. 1st ed. Indianapolis: Hackett Publishing Company.

Gans J, King S, Stonecash RE & Mankiw N 2018, Principles of economics, 7th edn, Cengage Learning Australia, Melbourne.  

Gerber, J 2018, International economics, 9th edn, Pearson Education, Upper Saddle River, NJ.  

Hubbard, G Lewis, L 2019, Essentials of economics, 4th edn, Pearson, Frenchs Forest ISBN: 9781486022847 

Layton, A, Robinson, T & Tucker, IB 2018, Economics for today, 6th edn, Cengage Learning, South Melbourne, VIC. 

Salvatore, D 2018, Managerial economics in a global economy, 9th edn, Oxford University Press, Oxford.

Acemoglu, D., Laibson, D. & List, J. 2021, Economics, 3rd edn, Global edn, Pearson, London.



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