FS0201 - Economics

Economics is the study of how people choose to use resources. Resources include the time and talent that people have available, the land, buildings, equipment, and other tools on hand, and the knowledge of how to combine them to create useful products and services. The unit covers what is generally accepted as the subject area of fundamental economic theories, concepts and policies. Economic principles and concepts are applied in decision making in a business environment. An understanding of the general economic environment and its effect upon business organisations and their markets will be acquired at the end of the unit. In addition, students will be introduced to the macro economic principles and market behaviour.

Learning Outcomes

• demonstrate an understanding of the basic principles of economics and business;
• apply critical thinking of economic theories in solving quantitative economic problems;
• construct and analyse graphical models of economic theory;
• analyse and apply knowledge of economic theory through problem solving and case studies.

Subject Assessment

• Written > Examination (centrally administered) - (50%) - Individual
• Written > Test/Quiz 1 - (20%) - Individual
• Group video presentation - (30%) - Group.

Special Assessment Requirements

Nil

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.