Business Economics ECON8069 introduces economic concepts and principles which are useful in understanding the general economic environment within which businesses and other organisations operate.

Microeconomics examines how consumers and firms make decisions and how they interact with each other in markets. Topics covered include supply and demand, consumer and firm behaviour, price determination and the operation of markets, situations of market failure, and the impact and role of government on the economy.

Macroeconomics studies the entire economy and its wellbeing. Macroeconomics looks at the effect of factors such as inflation, exchange rates, interest rates and trade on the well being and stability of the economy.

Training in economic analysis will be provided in tutorial questions that cover material discussed in the previous lecture.

Upon successful completion of the requirements for this course, students will:

• have  a basic understanding of the way budget constrained individuals make optimising choices and the way resources are allocated in private markets;
• consider the role of different trading arrangements in markets on prices and the quantities traded;
• use basic economic principles to evaluate the effects of government interventions and other exogenous changes in markets;
• be able to evaluate the effects of government interventions in markets+D6

A midterm exam will count 25 % toward the course assessment.

Two assignments will each contribute 12.5 %

A final exam will contribute 50 % toward the final assessment

12 hours per week.

At least an average of 65% (or equivalent) in the final two years of an Australian undergraduate degree.

ECON1101 Microeconomics 1 and ECON1102 Macroeconomics 1

Jackson, John, Ron McIver and Chris Bajada (2007), Economics Principles, 2^nd ed. NSW, Australia: McGraw Hill Australia

Please see Course Website