ECON200 - Economics: Policy Frameworks and Markets
Prerequisites ACCT100 Introduction to Accounting Or BUSN104 Money Matters; BUSN111 Working with Technology, BUSN112 Managing Markets, BUSN113 Managing People and Organisations
Incompatibles ECON105 Economics for Business; ECON104 Business Economics
Teaching Organisation 3 hours per week for twelve weeks or equivalent.
This unit aims to develop an understanding of the key principles and tools that economists use to interpret the role of economics in business, and critically analyse economic policies that impact on Australia and the global economy.
All economic questions arise because societies and individuals want more than we can get. Economics therefore is the study of how to use scarce resources in the best way possible to meet our needs and wants. Economists study the decisions and interactions of individuals and businesses in markets, and how they allocate those scarce resources. Economics also examines how governments can either obstruct or improve market outcomes, and how government decisions effect the overall well-being of society and the common good. Other issues that economists examine are unemployment, inflation, economic growth and international trade.
As individuals, we are always making decisions on a wide variety of economic problems of personal, local, state, national and international significance. By studying economics, students will gain knowledge and skills that are relevant for living in modern Australian society and are useful for a range of careers including those in commerce, industry, education and government.