| Learning Outcomes: |
| Knowledge: |
| K1. | Identify and explain economic systems and the concept of resource allocation |
|
| K2. | Identify and explain the role of individuals and businesses in markets and examine the price mechanism by using supply and demand analysis |
|
| K3. | Identify different market structures as well as identify market failure and outline government's role in developing policy to correct it |
|
| K4. | Describe the theory of income determination and appraisemacroeconomicissues like the business cycle, inflation, unemployment, economic growth and external imbalance |
|
| K5. | Recognisemacroeconomicindicators and the scope of economic policy, including fiscal and monetary policy to improve the performance of the economy |
|
| K6. | Examine the role the global economy has upon domestic economic activity expressed through trade and capital flows along with exchange rates |
|
| Skills: |
| S1. | Apply the model of demand and supply to explain price determination and the output of goods and services
|
|
| S2. | Outline the characteristics of different market structures and predict price and output and profitability outcomes |
|
| S3. | Choose and compile economic data to identifymicroeconomicand macroeconomictrends and problems |
|
| S4. | Evaluate the impact of monetary and fiscal policy upon business and consumers
|
|
| S5. | Discuss how and under what circumstances intervention by policy-making authorities can improve economic performance
|
|
| S6. | Express results ofmacroeconomicanalysis, application, and reflection using oral and written reporting to specialist and non-specialist audience |
|
| S7. | Develop the appropriate English language and academic skills to successfully study at an undergraduate level. |
|
| Application of knowledge and skills: |
| A1. | Adapt the skills learnt in economic analysis to new and diverse contexts such as the workplace |
|
| A2. | Recognise regulatory and political environments and how they impact on business |
|
| A3. | Analyse government policy with regard to economic issues in a range of situations and make informed contribution to public debate
|
|
| A4. | Use initiative and judgement in reading media articles on economic issues and assess how such issues would affect their interests and those of others
|
|
| Unit Content: |
This may include:
•Economic methodology, economic analysis and argument, use and function of graphs.
•Supply, demand and the market system.
•The market system and resource allocation. Evaluation of the market system, including the role of government.
•The concept of elasticity and its application.
•The theory of consumer demand.
•Consumer and producer surplus and economic efficiency.
•The organisation of Business in Australia.
•Analysing the costs of production.
•An introduction to market structures.
•Sources of macroeconomic instability, including business cycles, unemployment, and inflation. |
| Values: |
| V1. | Develop a sustained interest in economics |
|
| V2. | Value the role of economic theory as a way of thinking and conceptualising |
|
| V3. | Develop an understanding of economic problems and issues and assess the business and social implications of economic decisions
|
|
| V4. | Value learning as a life-long activity for self-development
|
|
| V5. | Foster an analytical and critical mind |
|
| Graduate Attributes: |
| The Federation University graduate attributes (GA) are entrenched in the Higher Education Graduate Attributes Policy (LT1228).Federation University Australia graduates develop these graduate attributes through their engagement in explicit learning and teaching and assessment tasks that are embedded in all Federation Courses. Graduate attribute attainment typically follows an incremental development process mapped through Course progression. One or more graduate attributes must be evident in the specified learning outcomes and assessment for each Federation University Australia Unit, and all attributes must be directly assessed in each Course. |
| Graduate attribute and descriptor | Development and acquisition of GAs in the Unit | Learning outcomes
(KSA) | Assessment task
(AT#) | GA 1
Thinkers | Our graduates are curious, reflective and critical. Able to analyse the world in a way that generates valued insights, they are change makers seeking and creating new solutions. | K1, K2, K3, K5, K6, S5, S6, S7 A1 | AT1, AT2, AT3 | GA 2
Innovators | Our graduates have ideas and are able to realise their dreams. They think and act creatively to achieve and inspire positive change. | K5, K6, S3, S5, S6, A1, A3, A4 | AT2 | GA 3
Citizens | Our graduates engage in socially and culturally appropriate ways to advance individual, community and global well-being. They are socially and environmentally aware, acting ethically, equitably and compassionately. | K5, A3, A2, A4 | AT2 | GA 4
Communicators | Our graduates create, exchange, impart and convey information, ideas, and concepts effectively. They are respectful, inclusive and empathetic towards their audience, and express thoughts, feelings and information in ways that help others to understand. | K1, K5, S1, S3, S4, S6, S7 A1, A3, A4 | AT1, AT2, AT3 | GA 5
Leaders | Our graduates display and promote positive behaviours, and aspire to make a difference. They act with integrity, are receptive to alternatives and foster sustainable and resilient practices. | K1, K5, K6, S2, S4, S6, A1, A3, A4
| AT1, AT2 |
|
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K3, S1, S2, S3, A3, A4
| Review of selected topics | Individual test | 10-30% | | 2. | K1, K2, K3, K4 ,K5, K6, S1, S2, S4, S5, S6, S7, A3, A4
| Group assignment | Assignment | 20-40% | | 3. | K1, K2, K3, K4, K5, K6, S1, S2, S3, S4, S5, S6, S7, A1, A2, A3, A4
| Final test/assessment | Final summative assessment | 40-60% |
|