Economic Concepts and Application

Unit code: VBE1009 | Study level: Undergraduate
12
(Generally, 1 credit = 10 hours of classes and independent study.)
City Campus
India Online
VU Brisbane
VU Sydney
N/A
Overview
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Overview

This unit of study introduces students to the fundamental principles of economics and their application to business decision making and development of economic policy. Students will be introduced to the economic way of thinking and how key concepts, theories and methods of modern economic analysis can be applied to everyday economic issues and problems. The unit will support students to develop skills enabling them to apply economics principles to a range of common problems in a variety of contexts and will assist in developing a range of transferable skills to be of value in further study and employment. The learning and teaching in the unit supports and prepares students for further study and the workplace through the scaffolded development of academic and professional skills.

Learning Outcomes

On successful completion of this unit, students will be able to:

  1. Review and discuss the basic problem of scarcity facing modern societies and the use of market dynamics models in economic reasoning and problem solving;
  2. Apply economic concepts and knowledge to understand, explain and assess decision making by individuals, businesses, and government;
  3. Investigate and review key economic indicators relevant to business, household and government for sustainable development;
  4. Discuss the importance of social and environmental objectives in economic decision making; and,
  5. Elaborate on government economic policies and its impact on household and business.

Assessment

For Melbourne campuses

Assessment type: Test
|
Grade: 10%
Eight (8) Topic Quizzes
Assessment type: Test
|
Grade: 20%
Online multiple choice questionnaire
Assessment type: Project
|
Grade: 20%
Integrated Microeconomic Assessment
Assessment type: Assignment
|
Grade: 25%
Analytical Macroeconomics Assignment
Assessment type: Test
|
Grade: 25%
Test (Online)

Other locations

For students studying at Henan University, Liaoning University
Assessment type: Assignment
|
Grade: 25%
Analytical Assignment
Assessment type: Test
|
Grade: 15%
Class Test
Assessment type: Test
|
Grade: 10%
Class Test
Assessment type: Examination
|
Grade: 50%
Final Exam
For students studying at India Online
Assessment type: Assignment
|
Grade: 20%
Reflection on contemporary economic issues
Assessment type: Review
|
Grade: 30%
Evaluation of a contemporary economic issue
Assessment type: Report
|
Grade: 50%
Applying decision-making models to contemporary economic issues

Required reading

Selected readings will be made available via VU Collaborate.

As part of a course

This unit is studied as part of the following course(s):

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