Program Overview
ECO130 Business Economics
This subject introduces students to the basic economic concepts and principles. Students will gain a sufficient understanding of the concepts to apply them in both work and everyday life. The subject provides a foundation for further studies in economics and more generally in business, management, and marketing. Students will be able to follow discussions about the current business environment and effectively participate in the formulation of business strategies. The subject is designed as a combination of micro and macro issues at an introductory level.
Subject Outlines
The subject introduces students to the tools of economic analysis, an understanding of price formation, the behaviour of firms and consumers, and the basic models of market structure and their efficiency. The first half of the subject covers microeconomic concepts, while the second half covers key macroeconomic concepts such as inflation and unemployment, and fiscal and monetary policy.
Availability
The subject is available in the following sessions:
- Session 1 (30): Online, Bathurst Campus
- Session 2 (60): On Campus, Albury-Wodonga Campus, Bathurst Campus, CSU Study Centre Melbourne, CSU Study Centre Sydney, Canberra Inst. of Technology, Port Macquarie Campus, Wagga Wagga Campus, Online
- Session 3 (90): On Campus, CSU Study Centre Melbourne, CSU Study Centre Sydney, Online, Bathurst Campus
Subject Information
Grading System
The subject uses a HD/FL grading system.
Duration
The subject is one session in duration.
School
The subject is offered by the School of Accounting and Finance.
Enrolment Restrictions
The subject is not available to students who have completed ECO100, ECO110, ECO120, RMBU1642, or RMBU1639 Sydney University Orange Campus economic subjects.
Subject Relationships
There is significant overlap between the content in ECO120 and the content in the second half of ECO130. There is also significant overlap between the content in ECO110 and the content in the first half of ECO130. ECO120 replaced ECO100 in 2000, so there is significant overlap with ECO100 and ECO130.
Incompatible Subjects
The subject is incompatible with ECO100, ECO110, and ECO120.
Learning Outcomes
Upon successful completion of this subject, students should:
- be able to apply economic concepts and principles to daily life
- be able to explain the economic decision making of producers and consumers and their interaction in the market place
- be able to describe fiscal and monetary policy in Australia
- be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice
- be able to analyse the impact of monetary and fiscal policy on major economic variables such as inflation, unemployment, and gross domestic product
Syllabus
The subject will cover the following topics:
- Demand and supply (D-S) model
- Using the D-S model to understand how markets work, price elasticity of demand and supply, government interventions in markets such as taxes public goods, price controls, and competitive markets versus monopolies
- Aggregate demand and aggregate supply (AD-AS model)
- Applications of the AD-AS model to understand fiscal and monetary policies, unemployment, inflation, international trade, and exchange rates