ECON 0002 Economics (WSTC)

This is an archived copy of the 2021-2022 catalog. To access the most recent version of the catalog, please visit https://hbook.westernsydney.edu.au.

Credit Points 10

Legacy Code 900030

Coordinator Abdullah Al Aabed Opens in new window

Description This unit is designed to familiarise students with some of the basic concepts and relationships of the discipline. It was developed to prepare students for undergraduate study in the academic discipline area of commerce/business and educate students as to the crucial role economic decisions have in society and how economic problems and issues dominate media and politics. By understanding Economics, students are empowered to participate effectively and knowledgeably in economic debate.

School Western Sydney The College

Discipline Economics

Student Contribution Band HECS Band 4 10cp

Check your HECS Band contribution amount via the Fees page.

Level Undergraduate Level 0 Preparatory subject

Equivalent Subjects ECON 0001 - Economics (WSTC Prep)

Restrictions Students must be enrolled in a Western Sydney University, The College Foundation Studies program.

Learning Outcomes

On successful completion of this subject, students should be able to:
  1. Define and explain basic economic concepts and relationships
  2. Interpret economic information presented in a variety of forms: text, graphs, statistics, illustrations, diagrams
  3. Integrate descriptive economics, economic theory and applied economics
  4. Select and organise economic information from a variety of sources for relevance and reliability
  5. Describe trends in Australia's economic performance and discuss contemporary issues affecting this trend
  6. Explain the operation of government micro and macro-economic policies

Subject Content

1. Economic Concepts and Systems
(including economic growth and its measurement) Types of economic systems.
2. The Circular Flow and Economic Fluctuations
The circular flow of income, national income, expenditure and income.
3. The Price Mechanism
Demand, supply and equilibrium, price elasticity.
4. Market Structures
Features of market structures and the Australian capitalist economy, contemporary market capitalism, government market intervention in the Australian economy.
5. The Australian Financial System and Money
Financial institutions, money and interest, financial deregulation, monetary policy.
6. Economic Policies
Macroeconomic management in Australia, fiscal policy, monetary policy (brief review), prices + incomes policy and external policy, the 'Policy Mix'
7. Australia in the International Economy and contemporary issues

Assessment

The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.

Item Length Percent Threshold Individual/Group Task
Intra-session Exam 1 hour 15 N Individual
Quiz 1 1/2 hours 20 N Individual
Essay 500 words 15 N Individual
Presentation 10 minutes 10 N Individual
End-of-session Exam 2 hours 40 N Individual

Teaching Periods

Structures that include subject