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ECO501 Business Economics (8)

Abstract

This subject introduces students to the economist’s way of thinking about the activities of individuals and institutions (both private and government) which determine the nature of our business and social environment. The subject presents, applies and assesses the key theoretical principles in Microeconomics and Macroeconomics that enable us to make sensible decisions in a complex world.

+ Subject Availability Modes and Location

Session 1
OnlineWagga Wagga Campus
On CampusCSU Study Centre Melbourne
On CampusCSU Study Centre Sydney
Session 2
OnlineBathurst Campus
On CampusCSU Study Centre Melbourne
On CampusCSU Study Centre Sydney
Session 3
OnlineAlbury-Wodonga Campus
On CampusCSU Study Centre Melbourne
On CampusCSU Study Centre Sydney
Continuing students should consult the SAL for current offering details: ECO501
Where differences exist between the Handbook and the SAL, the SAL should be taken as containing the correct subject offering details.

Subject information

Duration Grading System School:
One sessionHD/FLSchool of Accounting and Finance

Enrolment restrictions

Available only to students studying honours and postgraduate courses. Not available to students who have completed MBA502 or ECO511.
Incompatible subject(s)Related subject(s)
ECO511 MBA502 subjects have significant overlap in content but offered to different cohorts.
ECO511 Paired Subject

Learning Outcomes

Upon successful completion of this subject, students should:
  • be able to apply demand and supply analysis to make a range of market related decisions
  • be able to identify and critically evaluate opportunities for specialisation and exchange
  • be able to make decisions that incorporate the relevant benefits and cost analysis
  • be able to explain and defend why it is important to understand the structure of the market in which a firm operates
  • be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income
  • be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.

Syllabus

The subject will cover the following topics:
  • The essence of economics: the reality of scarcity and the unavoidability of choice.
  • The key tool of economics: supply and demand.
  • The principle focus of economics: decision making at the margin.
  • The micro environment of economics: The structure of markets and market failure.
  • The macro markets of economics: employment, production, money and foreign exchange.
  • The integration of markets in economics: aggregate demand, aggregate supply and the multiplier.
  • The policy environment of economics: economic fluctuations, fiscal policy and monetary policy.

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The information contained in the 2018 CSU Handbook was accurate at the date of publication: 24 November 2017. The University reserves the right to vary the information at any time without notice.