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Unit (2019)

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

Foundations of Economics (BUS171)

Organisational Unit Business
Credit Points 3
Availability MURDOCH: S1-internal, S1-external, S2-internal, S2-external
DUBAI-ISC: TMD-internal
Teaching Timetables Murdoch S1
Murdoch S2
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, poverty and the global economy.
Unit Learning Outcomes On successful completion of the unit you should be able to:

ULO1: Evaluate and apply the aims and purpose of economics to real world scenarios;
ULO2: Analyse contemporary economic scenarios by applying the main concepts, terminologies and tools of economic analysis;
ULO3: Discuss the importance and implications of ethical representations of data and economic policy advice;
ULO4: Use economic data correctly to interpret economic situations and generate conclusions;
ULO5: Research and argue economic issues and policy;
ULO6: Communicate an understanding of current economic issues.
Timetabled Learning Activities Workshops: 2 hours per teaching week
All offerings of this unit include the equivalent of 30 hours of structured learning.
Unit Learning Experiences The learning and teaching approach informing the assessment and activity selection and design in this unit
are student-centred, constructivist, and outcome-based (SOLO), featuring predominantly active learning
strategies with tasks that are open-ended, authentic, and scaffolded.

The unit uses blended learning which combines learning online with interactive workshops. Using this
combination of online and face-to-face learning provides flexibility for all students to learn anytime (24/7),
anywhere (with an Internet connection) at a pace that suits their learning style. In this unit students explore
concepts online prior to workshops, through videos, audio, websites, simulations, readings, quizzes, blogs
and online discussions. Workshops (online or face-to-face) are interactive and use active learning such as;
guided instruction (e.g. small group and whole class discussion), role plays, simulations, case studies,
scenario-based tasks, problem-based tasks, project-based tasks, presentations and enquiry-based tasks.
Assessment Assessment in this unit is authentic, real-world and relevant; assessments are constructive, sequential and inter-linked; requiring students to use and engage with progressively higher-order cognitive (skill-based) processes; assessments are aligned with the desired learning outcomes; and, provide challenge, interest and motivation to learn.
Assessment comprises four assessments:
Short Answer Questions (external students): 15%;
Workshop Participation and Presentation (internal students): 15%.
Research Project: 30%
Online Multiple Choice Test: 15%
Final Exam: 40%
Prerequisites Nil.
Exclusions Students who have successfully completed BUS161 Introduction to Economics may not enrol in this unit for credit.
Previously 2013: BUS161
2013: 'Introduction to Economics'
Appears in these Courses/Majors:
see individual structures for context
Accounting (BBus) [New in 2019]
Accounting (BBus) [New in 2014]
Accounting (BCom) [New in 2018]
Bachelor of Business (BBus) [New in 2019]
Bachelor of Commerce (BCom) [New in 2018]
Banking (BBus) [New in 2019]
Banking (BBus) [New in 2014]
Banking (BCom) [New in 2018]
Business Law (BBus) [New in 2019]
Business Law (BCom) [New in 2018]
Commerce + Entrepreneurship and Innovation [Combined] (BCom)+(BEI) [New in 2019]
Finance (BBus) [New in 2019]
Finance (BCom) [New in 2018]
Global Business and Politics (BCom) [New in 2019]
Hospitality and Tourism Management (BBus) [New in 2019]
Hospitality and Tourism Management (BCom) [New in 2018]
Human Resources Management (BBus) [New in 2019]
Human Resources Management (BBus) [New in 2014]
Human Resources Management (BCom) [New in 2018]
International Business (BBus) [New in 2019]
International Business (BCom) [New in 2018]
International Business (BIB) [New in 2019]
Law + Business [Combined] (LLB)+(BBus)
Law + Commerce [Combined] (LLB)+(BCom)
Law + International Business [Combined] (LLB)+(BIB)
Management (BBus) [New in 2019]
Management (BCom) [New in 2018]
Marketing (BBus)
Marketing (BBus) [New in 2014]
Marketing (BCom) [New in 2018]
Appears in these Minors Economics
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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