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.
Availability2021 Course Timetables
Sydney Elizabeth Street
- Trimester 2 - 2021
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.
The first half of the course provides students with an understanding of basic microeconomic principles including;
- The concept of a market;
- Theories of production and exchange;
- Decision making behaviour of firms;
- Pricing and resource allocation under different market structures;
- Determination of wages;
- Factors influencing the distribution of income & inequality;
- Market failure and the role for government policy;.
The remainder of the course introduces students to macroeconomic principles and concepts including;
- Fundamental difference between microeconomic and macroeconomic thinking;
- Circular flow of income
- National income accounting;
- Determinants of expenditure;
- Labour underutilisation;
- Role of money;
- Banking and finance;
- Theories of inflation and unemployment;
- Contemporary macroeconomic policy.
This course is only available to students enrolled in the Master of Professional Accounting, M Prof Acct (Adv), M Prof Acct/M Bus, M Prof Acct/M Bus Admin, and Grad Cert Prof Acct.
Written Assignment: Microeconomics Assignment
In Term Test: Class Test Microeconomics
Essay: Macroeconomics Assignment
Formal Examination: Macroeconomics Exam
Sydney Elizabeth Street
Face to Face On Campus 3 hour(s) per Week for Full Term
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.