In this unit students will be introduced to the major principles and concepts of macroeconomics - the field of economics that studies the behaviour of the whole economy. Students will explore the nature and purpose of economic activity and the economic variables affecting individuals, firms and markets domestically and internationally.
The role and goals of the Australian Government domestically and internationally will be investigated. Domestic goals examined include inflation, employment and economic growth. International economic relationships will also be examined with a focus on the exchange rate and trade liberalisation.
Students will be introduced to Government policy. They will discuss the role and effect of Government fiscal monetary and international policy on aggregate demand and aggregate supply.
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Learning Outcomes
| 1. | Describe how the economy operates to allocate resources; | ||
| 2. | Outline the macroeconomic goals of Government, (Price Stability, Full- Employment, Economic Growth) and factors affecting these goals; | ||
| 3. | Examine the reasons why Australia engages in International Transactions and factors affecting these transactions; and | ||
| 4. | Analyse how the Government is able to influence the macro-economy through Budgetary and Monetary Policy. |
Assessment
| Assessment type | Description | Grade |
|---|---|---|
| Test | Multiple Choice test | 20% |
| Project | Analyse quantitative information on the economy | 20% |
| Presentation | Commentary on a news media extract | 20% |
| Assignment | Research on an allocated topic | 40% |
Where to next?
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