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.

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

Typically a mid term exam and a final exam.

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, ECON1102 Macroeconomics 1, ECON7073 Microeconomic Principles for Economic Policy and ECON7074 Macroeconomic Principles for Economic Policy.

Joshua Gans, Steven King, Robin Stonecash, and Gregory Mankiw, Principles of Economics, 5th ed. Cengage Learning Australia, Pty. Ltd.

Please see Course Website