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GA503

Entry requirements and weighting

Prerequisites:Nil
Corequisites:Nil
Credit Points:15 credit points
Level:Year 1, Core

Brief description

Every day managers make many decisions that affect the survival prospects of their firm. These include deciding how much of a particular product to produce, what price to charge for that product, whether to hire workers, how much effort should be invested in improving the production process, and what amount should be bid in an auction, etc. An understanding of economic concepts can improve such decision making within a firm.

The aim of this unit is to teach students how to use economic tools to solve business problems, such as those described above. This aim is two-fold in that students must first understand the economic tools and then, secondly, know how to apply these concepts to tackle complex real world problems.

This unit will cover the following topics:

  1. Defining economics and markets, demand and supply, elasticity
  2. Market imperfections, impact on prices and profits, regulation and interventions
  3. Costs, revenues and production
  4. Measuring national production, income and production
  5. Issues of economic management – inflation, growth, employment and the standard of living
  6. Monetary and Fiscal policy, other government policy initiatives

Learning outcomes

Students will gain the following capabilities, competencies, and professional skills upon completion of this unit

  1. To understand the principles of the conduct of markets
  2. To appreciate the impact of the absence of competition within markets
  3. To appreciate and understand macro-economic principles
  4. Evaluate the impact of governments upon economic activity
  5. Evaluate the impact of international trade upon national economies
  6. Presentation of analysis as reports, orally and in writing

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    We work and learn on the lands of the Wurundjeri people of the Kulin Nation and the Gadigal people of the Eora Nation, who have been custodians of this land for thousands of years. We acknowledge and pay our respects to their Elders past, present and emerging.

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    Copyright: Melbourne Institute of Technology, 2022
    Institute Of Higher Education
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    Content coordinator: Systems Development Division

    Copyright: Melbourne Institute of Technology, 2022
    Institute Of Higher Education
    Authorised by: Corporate & Legal Department
    Content coordinator: Systems Development Division

    Melbourne Institute of Technology Pty Ltd
    ABN: 20 072 324 755
    CRICOS Provider No: 01545C, 03245K (NSW)
    TEQSA Provider Identification Number: 12138