Economic Principles

    Unit code: VBE1002 | Study level: Undergraduate
    Credit points
    12
    (Generally, 1 credit = 10 hours of classes and independent study.)
    Location
    City Campus
    City Flinders
    Online Real Time
    VU Sydney
    Prerequisites
    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. Discuss the basic fundamental problem of scarcity facing modern societies;
    2. Demonstrate the developing use of the market dynamics model in economic reasoning and problem solving;
    3. Analyse key forces that influence economic decision making for sustainable use of resources;
    4. Evaluate key economic indicators relevant to business, household and government for sustainable development; and
    5. Apply and explain elementary economic theories and techniques in business decision making and government policy, incorporating social, cultural and environmental objectives.

    Assessment

    For Melbourne campuses

    Assessment type: Test
    |
    Grade: 20%
    On-line multiple choice question
    Assessment type: Project
    |
    Grade: 30%
    Integrated Microeconomic Assessment
    Assessment type: Assignment
    |
    Grade: 25%
    Analytical Macro Economics Assignment
    Assessment type: Test
    |
    Grade: 25%
    End of Block Test - (On-line)

    Other locations

    For students studying at Henan University, Liaoning University
    Assessment type: Assignment
    |
    Grade: 25%
    Analytical Assignment (1000 words)
    Assessment type: Test
    |
    Grade: 15%
    Class Test (500 words)
    Assessment type: Test
    |
    Grade: 10%
    Class Test (500 words)
    Assessment type: Examination
    |
    Grade: 50%
    Final Exam (1500 words)

    This unit of study will be delivered as three and two hour face-to-face blocks. Learning strategies will include class discussion, on-line discussion based forums, reading and research, on-line activities and paper-based activities. It is expected that students will spend at least ten hours per week studying this unit of study (including lecture and tutorial time). This time should be made up of reading, research, working on exercises and group work. In periods where you need to complete assignments or prepare for tests, the workload may be greater.

    For students studying at VU Sydney
    Assessment type: Test
    |
    Grade: 20%
    On-line multiple choice question
    Assessment type: Project
    |
    Grade: 30%
    Integrated Microeconomic Assessment
    Assessment type: Assignment
    |
    Grade: 25%
    Analytical Economics Assignment
    Assessment type: Test
    |
    Grade: 25%
    End of Block Test (On-line)

    This unit is delivered in a block delivery model which allows students to take responsibility for their learning by accessing resources and completing activities using a combination of in person and on-line real-time facilitated sessions that progresses and applies the learning. Teaching and learning strategies used may include: presentations, practical case studies; project or group work. On-line real-time sessions will be facilitated through the use of the Zoom and VU Collaborate technologies to maintain remote connection with students; providing synchronous presentation of learning material and following on students’ progress; then supplementing this with an asynchronous work, such as question/answer period, remote support and study guidance.
    Academic support is available for students who require additional support.

    Required reading

    There are no required texts for this unit.

    As part of a course

    This unit is not compulsory for any specific course. Depending on the course you study, this unit may be taken as an elective.

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