Part A: Course Overview
Course Title: Principles of the Economy
Credit Points: 12.00
Terms
Course Code |
Campus |
Career |
School |
Learning Mode |
Teaching Period(s) |
ECON1615 |
City Campus |
Undergraduate |
625H Economics, Finance and Marketing |
Face-to-Face |
Sem 1 2025 |
Course Coordinator: Dr Martin Byford
Course Coordinator Phone: +61 3 9925 5892
Course Coordinator Email: martin.byford@rmit.edu.au
Course Coordinator Location: Melbourne
Course Coordinator Availability: By appointment
Pre-requisite Courses and Assumed Knowledge and Capabilities
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Course Description
This course will introduce you to the principles of economics. You will learn why societies engage in economic activity and develop the tools necessary to understand and analyse economic interactions at both the micro and macro levels. The course explores a wide range of topics, starting with the fundamental question of why we need each other, and building to explore issues around environmental sustainability and income inequality. Throughout the course we will examine the roles of government and industry, with a focus on how they affect the welfare of society as a whole. The toolkit we develop will help you to understand a number of contemporary issues including the opportunities and challenges created by emerging technologies such as artificial intelligence and machine learning, the evolving nature of work, and the role of knowledge and information.
Objectives/Learning Outcomes/Capability Development
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On successful completion of this course, you will be able to:
CLO 1. Interpret how trade can improve the well-being of all participants.
CLO 2. Analyse the effect of innovations and other forms of market disruptions including those resulting from emerging technologies utilising the tools of supply and demand.
CLO 3. Identify where markets fail to act in society’s broader interest and assess the social costs and benefits of government intervention.
CLO 4. Assess the implications of globalisation on the local community, international trade, and economic interdependencies in the context of current issues
CLO 5. Distinguish between the role of fiscal and monetary policy in the context of an evolving economy.
Overview of Learning Activities
Activities include: Reading, note-taking, group activities, group discussions, problem solving and practice tests. In this course you will be encouraged to be an active learner. Your learning will be supported through various in-class and online activities comprising individual and group work. These may include quizzes; assignments; prescribed readings; sourcing, researching and analysing specific information; solving problems; conducting presentations; producing written work and collaborating with peers on set tasks or projects.
Overview of Learning Resources
Various learning resources are available online through MyRMIT Studies/Canvas. The lecture notes and workshop notes are posted on Canvas.
RMIT Library provides extensive resources, services and study spaces. All RMIT students have access to scholarly resources including course related material, books, e-books, journals and databases.
Contact: Ask the Library for assistance and information on Library resources and services: http://www.rmit.edu.au/library.
Study support is available for assistance with assignment preparation, academic writing, information literacy, referencing, maths and study skills.
Additional resources and/or sources to assist your learning will be identified by your course coordinator and will be made available to you as required during the teaching period.
Overview of Assessment
Assessment Task 1: 20%
Linked CLOs: 1, 2, 3, 4, 5
Assessment Task 2: 40%
Linked CLOs: 1, 2, 3, 4
Assessment Task 3: 40%
Linked CLOs: 1, 2, 3, 4, 5
Feedback will be provided throughout the semester in class and/or in online forums through individual and group feedback on practical exercises and individual consultation.