Economic Principles for Business

Course aim

The aim of this course is to introduce students to important economic concepts and tools that can help them understand how the market system operates and how business decisions are made within a competitive environment. Concepts and tools introduced in the course include determination of the market equilibrium, elasticity of demand, economic efficiency, the role of government, cost of production, and market structure. The course also covers macroeconomic issues including fiscal and monetary policies. The economic concepts and tools introduced in the course are applicable to the local, national, and global business environment.

Course content

Microeconomics: the economist way of thinking; demand and supply; determination of market equilibrium and elasticity of demand; competitive markets and market efficiency; cost of production and determination of supply; externalities and public goods. Macroeconomics: output, employment and inflation; business cycles; aggregate demand, interest rates; stabilisation polices; international economics and finance.

Textbook(s)

Parkin, M & Bade, R 2020, Macroeconomics: Australia in the global environment, 2nd edn, Pearson Education Australia, NSW

Parkin, M & Bade, R 2020, Microeconomics: Australia in the global environment, 2nd edn, Pearson Education Australia, NSW

Prerequisite(s)

Nil

Corequisite(s)

Nil

Teaching method

Component	Duration
INTERNAL, CITY WEST
Preparatory	1 x 1 week
Workshop	3 hours x 10 weeks
EXTERNAL, CITY WEST, ONLINE
External	30 hours x N/A
INTERNAL, CITY WEST (INTENSIVE)
Workshop	30 hours x N/A

Note: These components may or may not be scheduled in every study period. Please refer to the timetable for further details.

Assessment

Examination, Research assignment, Test/Quiz

Fees

EFTSL*: 0.125
Commonwealth Supported program (Band 4C)
To determine the fee for this course as part of a Commonwealth Supported program, go to:
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Fee-paying program for domestic and international students
International students and students undertaking this course as part of a postgraduate fee paying program must refer to the relevant program home page to determine the cost for undertaking this course.

Non-award enrolment
Non-award tuition fees are set by the university. To determine the cost of this course, go to:
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Not all courses are available on all of the above bases, and students must check to ensure that they are permitted to enrol in a particular course.

* Equivalent Full Time Study Load. Please note: all EFTSL values are published and calculated at ten decimal places. Values are displayed to three decimal places for ease of interpretation.