PACC6007Economics

Course handbook

Description

Economics addresses problems and issues at every level of business, government and community. This course investigates both microeconomic and macroeconomic principles. The microeconomic component explores supply and demand; elasticity; the operation of markets; costs and production; perfect competition & monopoly; monopolistic competition & oligopoly; wages, the distribution of income & inequality; market failure and government policy. The analysis of macroeconomics includes the determination of economic activity, money and the financial system; inflation and unemployment; the balance of payments and exchange rates; and macroeconomic policy.A problem oriented learning approach will be taken in lectures developing a mastery of concepts and associated economic analysis applied to real world issues.

Availability2024 Course Timetables

Learning outcomes

On successful completion of the course students will be able to:

1. Interpret, apply and analyse microeconomics and macroeconomics principles and define their relevance to current global issues and events

2. Critically examine both social phenomena and public policy issues facing individuals and firms locally, nationally and globally

3. Investigate the predominant factors that determine overall levels of production and employment in the economy; inclusive of the influence of fiscal and monetary policy on international trade and balance of payments and financial markets.

4. Critically analyse and synthesise multiple sources of economic information in order to support conclusions and address issues

5. Produce presentations using academic standard, style and structure appropriate to purpose and audience.

Content

The first half of the course provides students with an understanding of basic microeconomic principles including;

1. The concept of a market; 
2. Theories of production and exchange;
3. Decision making behaviour of firms;
4. Pricing and resource allocation under different market structures; 
5. Determination of wages;
6. Factors influencing the distribution of income & inequality; 
7. Market failure and the role for government policy;.

The remainder of the course introduces students to macroeconomic principles and concepts including;

1. Fundamental difference between microeconomic and macroeconomic thinking;
2. Circular flow of income
3. National income accounting;
4. Determinants of expenditure; 
5. Labour underutilisation;
6. Role of money;
7. Banking and finance;
8. Theories of inflation and unemployment;
9. Contemporary macroeconomic policy.

Requisite

This course is only available to students enrolled in the programs:

[11702] Master of Professional Accounting

[12187] Graduate Certificate in Professional Accounting

[12403] Master of Professional Accounting (Advanced)

[40149] Master of Professional Accounting/Master of Business Administration

[40164] Master of Professional Accounting/Master of Business Administration

Assessment items

Written Assignment: Microeconomics Assignment

In Term Test: Class Test Microeconomics

Essay: Macroeconomics Assignment

Formal Examination: Macroeconomics Exam

Contact hours

Trimester 1 - 2024 - Newcastle City Precinct

Trimester 1 - 2024 - Sydney Elizabeth Street

Trimester 2 - 2024 - Newcastle City Precinct

Trimester 2 - 2024 - Sydney Elizabeth Street

Course outline

• PACC6007 - Trimester 1, 2024 (Ncle) (PDF, 243.9 KB)
• PACC6007 - Trimester 1, 2024 (Syd) (PDF, 243.9 KB)