PRINCIPLES OF ECONOMICS

ECO2PEC

Not currently offered

Credit points: 15

Subject outline

This subject will build on the concepts and tools introduced in Business Economics to extend students' understanding of the principles of economics and their applications. Students are introduced to the study of the economy as a whole. Topics include: national income accounting, consumption and investment demand, government spending, exports and imports, aggregate demand and supply, money and banking, fiscal and monetary policy, alternative macroeconomic theories, the balance of payments, national and foreign debt, inflation, unemployment, productivity and economic growth.

SchoolLa Trobe Business School

Credit points15

Subject Co-ordinatorJan Libich

Available to Study Abroad StudentsYes

Subject year levelYear Level 2 - UG

Exchange StudentsYes

Subject particulars

Subject rules

Prerequisites BUS1BUE

Co-requisitesN/A

Incompatible subjectsN/A

Equivalent subjectsN/A

Special conditionsN/A

Readings

Resource TypeTitleResource RequirementAuthor and YearPublisher
ReadingsPrinciples of MacroeconomicsPrescribedStonecash, R.,Gans, J., King,S., Mankiw,NCENGAGE LEARNING 5TH EDITION (2011)

Graduate capabilities & intended learning outcomes

01. By the end of this semester students should be able to present an argument, both orally and in writing, using correct economic terminology and appropriate diagrammatic representations, to demonstrate understanding of various economic methods and concepts within the context of the economy as a whole.

Activities:
(1) Weekly Problem Sets (2) Tutorial Participation/Presentation (3) Tutorial Quizzes (4) Midterm Exam: Short Answer (6) Final Exam: Short Answer
Related graduate capabilities and elements:
Critical Thinking (Critical Thinking)
Information Literacy (Information Literacy)

02. By the end of this semester students should be able to find information through independent research. They should be able to use it and analyse it, especially in relation to national income, cost of living, and labour market statistics for the purpose of describing changes in these measures of the macroeconomy.

Activities:
1) Weekly Problem Sets (2) Tutorial Participation/Presentation (3) Tutorial Quizzes (4) Midterm Exam: Short Answer (5) Midterm Exam: MCQ/TF (6) Final Exam: Short Answer (7) Final Exam: MCQ/TF
Related graduate capabilities and elements:
Critical Thinking (Critical Thinking)
Information Literacy (Information Literacy)

03. By the end of this semester students should be able to critically reflect on, and apply introductory macroeconomic concepts and theories - production and growth, the financial and monetary systems, inflation, the open economy. This application includes creative problem solving of given tasks.

Activities:
(1) Weekly Problem Sets (2) Tutorial Participation/Presentation (3) Tutorial Quizzes (4) Midterm Exam: Short Answer (5) Midterm Exam: MCQ/TF
Related graduate capabilities and elements:
Information Literacy (Information Literacy)
Critical Thinking (Critical Thinking)

04. By the end of this semester students should be able to differentiate between monetary and fiscal policies, identify their defining characteristics, and discuss their implications for economic stability and growth.

Activities:
(1) Weekly Problem Sets (some) (2) Tutorial Participation/Presentation (some) (3) Tutorial Quizzes (some) (6) Final Exam: Short Answer (7) Final Exam: MCQ/TF
Related graduate capabilities and elements:
Information Literacy (Information Literacy)
Critical Thinking (Critical Thinking)

05. By the end of this semester students should be able, both orally and in writing, to apply key models of macroeconomics (such as the aggregate-demand-and-supply model) to contemporary national and international macroeconomic problems; to propose policy options for these contemporary problems; and to perform an ex-post evaluation of those policies.

Activities:
(1) Weekly Problem Sets (2) Tutorial Participation/Presentation (3) Tutorial Quizzes (4) Midterm Exam: Short Answer (5) Midterm Exam: MCQ/TF (6) Final Exam: Short Answer (7) Final Exam: MCQ/TF
Related graduate capabilities and elements:
Information Literacy (Information Literacy)
Critical Thinking (Critical Thinking)

06. By the end of this semester students should be able to effectively and constructively interact with their classmates in preparing their group presentation and arguments, based on their written work.

Activities:
(1) Weekly Problem Sets (some) (2) Tutorial Participation/Presentation (3) Tutorial Quizzes (some)
Related graduate capabilities and elements:
Information Literacy (Information Literacy)
Critical Thinking (Critical Thinking)

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