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Unit (2019)

Information on this page, including unit offerings, is from the 2019 academic year.

Introduction to Economics (BUS161)

Organisational Unit Business
Credit Points 3
Description Economics is a study of how societies can best use and distribute the world's scarce resources to meet human needs and wants. This unit provides a valuable foundation of how economies operate, how businesses and individuals use economics in their decision making, and why governments implement certain economic policies. These include policies on employment, inflation, the environment, interest rates and the welfare of society. The unit also covers international issues including international trade, foreign debt and the global economy.
Unit Learning Outcomes On successful completion of the unit you should be able to:
1. Evaluate and apply the aims and purpose of economics to real world examples.
2. Analyse economic scenarios by applying the main concepts, terminologies and tools of economic analysis.
3. Discuss the importance of ethical representations of data and economic policy advice.
4. Use economic data correctly to interpret economic situations.
5. Research and argue economic issues and policy.
Timetabled Learning Activities Workshops: 2 hours per teaching week
Unit Learning Experiences The unit is delivered using blended learning design features with core unit materials provided in a digital format, followed up by small class knowledge application and skills development. This is enhanced by self-directed learning to further develop skills and application of knowledge to practical and current issues.
Assessment Multiple Choice Test: 20%
Research essay: 30%
Workshop participation: 10%
Final Exam: 40%.
Prerequisites Nil.
Exclusions Students who have completed BUS171 Foundations of Economics may not enrol in this units for credit
Internet Access RequirementsMurdoch units normally include an online component comprising materials, discussions, lecture recordings and assessment activities. All students, regardless of their location or mode of study, need to have access to and be able to use computing devices with browsing capability and a connection to the Internet via Broadband (Cable, ADSL or Mobile) or Wireless. The Internet connection should be readily available and allow large amounts of data to be streamed or downloaded (approximately 100MB per lecture recording). Students also need to be able to enter into online discussions and submit assignments online.


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