Course Title: Fundamentals of Economics

Part A: Course Overview

Course Title: Fundamentals of Economics

Credit Points: 12.00

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

ECON1317

City Campus

Preparatory

TRN RMIT Training

Face-to-Face

 Term2 2018,
Term2 2019,
Term1 2020,
Term2 2020,
Term 1 2021,
Term2 2021,
Term2 2022

Course Coordinator: Team Leader Business

Course Coordinator Phone: +61 3 9925 3043

Course Coordinator Email: rmit.training.fs.team.leaders@rmit.edu.au

Course Coordinator Location: Level 4, B108


Pre-requisite Courses and Assumed Knowledge and Capabilities

None.


Course Description

In this course, you will study microeconomic and macroeconomic fundamentals. These concepts will demonstrate the operation of the economy at consumer, firm and market levels. You will also look at decisions that impact upon the overall economy of a country and areas such as inflation, unemployment and trade. You will examine the behaviour of economic agents and how consumers and firms make decisions in a market environment. Emphasis is placed on the interrelationship between real world situations and the application of economic theory to practical scenarios.


Objectives/Learning Outcomes/Capability Development

See Learning Outcomes.


Course learning outcomes

Upon successful completion of this course, you will be able to:

  • Identify and explain how consumers, firms and government make economic decisions.
  • Apply microeconomic concepts to explain real life economic scenarios.
  • Analyse and interpret issues arising from economic policy.
  • Explain how GDP, inflation and unemployment are measured.
  • Identify and explain how various key factors determine economic output and prices in the economy.
  • Apply macroeconomic concepts to explain real life economic scenarios.
  • Identify and explain the importance and types of trade.
  • Analyse and interpret the value of trade.

Program Learning Outcomes

In this course you will develop the following program learning outcomes:

  • Work independently and in groups to meet learning outcomes
  • Apply approaches to critical and analytical thinking and problem solving
  • Use a range of current learning technologies to enhance academic outcomes

 


Overview of Learning Activities

Your learning experience will include face-to- face teaching, in-class discussions, group work, individual problem-solving exercises and out of class research.


Overview of Learning Resources

RMIT will provide you with the resources and tools for learning in this course through our online systems. Students will be provided with a student book in the first week of classes.

The University Library has extensive resources for Education students. The Library has produced a number of subject guides that includes quality online and print resources for your studies http://rmit.libguides.com/cat.php?cide=29912.

The Library provides guides on academic referencing http//www.rmit.edu.au/library/referencing and subject specialist help via your Liaison Librarians.


Overview of Assessment

You will be assessed on how well you meet the course’s learning outcomes and on your development against the program learning outcomes.

Assessment Task 1: In-class closed book – Microeconomics quiz, 15%

Assessment Task 2: In-class closed book - Macroeconomics quiz, 15%

Assessment Task 3: Research Tasks, 40%

Assessment Task 4: End of Course Assessment, 30%

If you have a long-term medical condition and/or disability it may be possible to negotiate to vary aspects of the learning or assessment methods.  Please contact your teacher in the first instance, the Business Stream Team Leader, or the Equitable Learning Services Unit if you would like to find out more.

Your course assessment conforms to RMIT assessment principles, regulations, policies, procedures and instructions which are available for review online: http://www.rmit.edu.au/policies/academic#assessment