The content of this subject is especially designed for graduate students and provides an examination of economic principles and theories essential to an understanding of current economic problems and economic policy analysis. The syllabus includes both microeconomics and macroeconomics. The essentials of microeconomics are examined including the theory of market systems and the price mechanism, consumer demand theory, resource allocation and the theory of the firm concentrating on production and cost analysis principles. The macroeconomics component examines the inter-relationship between the main economic variables. Microeconomic reform and fiscal and monetary policy measures are examined and related to economic problems of unemployment, inflation and slow economic growth.

Learning outcomes

After successful completion of this unit, students will be able to:
1. Explain and apply fundamental economic theories and concepts to the management of a business;

2. Critically analyse the economic context in which business operates
3. Evaluate the economic and policy environment both in Australia and internationally and apply to the decision making of businesses.

Graduate attributes

1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - communicate effectively
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas

Prerequisites

NONE.

Corequisites

NONE.

Incompatible units

NONE.

Equivalent units

NONE.

Assumed knowledge

NONE.