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Economics
These studies are provided by academic units within Monash University's Faculty of Business and Economics.
General summary
| Subjects |
- ECF1100 Microeconomics (semester 1)
- ECF1200 Macroeconomics (semester 2)
See: Subject outlines for Economics
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| Unit coordinator |
Dr James Ang
Department of Economics
Telephone: (03) 9903 4516
Fax: (03) 9903 1128
Email: james.ang@buseco.monash.edu.au
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| Background of students |
Preparatory study: Economics AND any mathematics.
- Completion of units 3 and 4 in Year 11, OR
- Concurrent enrolment in units 3 and 4 in Year 12
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| Study mode option |
Enhancement centre |
| Location of classes |
Enhancement centre
Monash University, Caulfield campus
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| Class requirements |
Classes will run for about three hours per week after school hours. Students may also be requested to attend up to two on-campus sessions per semester. |
| Credit arrangements |
Students who successfully complete both units and are subsequently successful in gaining a place in
Bachelor of Accounting,
Bachelor of Commerce,
Bachelor of Economics or
Bachelor of Business (specialised degrees)
will receive credit transfer of a first-year sequence in economics, allowing them to proceed to second-year-level studies in economics.
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| Other degress |
Other degrees of the university (such as the Bachelor of Arts and Bachelor of Science) which allow credit transfer for first-year economics studies will offer similar credit transfer.
See also: Accounting
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ECF1100 Microeconomics
On completion of this unit, students should be able to understand the economic behaviour of individual consumers and producers; understand concepts relating to the cost of production in both the short and long run; explain the determinants of price and output outcomes under different market structures in both the short and long run and the welfare implications of these outcomes; describe the virtues and shortcomings of free markets; have a knowledge of remedies to overcome market failure; and have an awareness of current issues in microeconomic policy.
Topics include an introduction to microeconomic theory and policy; basic demand and supply analysis; consumer behaviour and elasticity; costs of production and profit maximisation; the output and price decision of firms operating under different market conditions; market failure; income inequality and poverty; current government microeconomic policies.
Assessment
- Final examination: 60%
- Mid-semester test: 20%
- Tutorial participation: 10%
- Assignment: 10%
Prescribed textbook
- Frank R, Jennings S, Bernanke B, Principles of Microeconomics, McGraw-Hill 2007.
ECF1200 Macroeconomics
On completion of this unit, students should understand and evaluate the importance of factors that determine aggregate output, employment, interest rates, the average price level and the exchange rate. Students should also appreciate the influence of these factors on decision-making in government, business and international trade.
Topics include aggregate demand and aggregate supply; fiscal and monetary policy; and unemployment, inflation and the current account deficit.
Assessment
- Final examination: 75%
- Mid-semester test: 20%
- Assignment:10%
Prescribed textbook
- Bernanke B, Olekalns N, Frank R, Principles of Macroeconomics, McGraw-Hill, Irwin, 2005.
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