Managerial Economics and Policy Analysis G (12293.1)

This unit develops your knowledge of economic principles and theories essential to understanding current economic problems and policy analysis. You examine both microeconomics and macroeconomics. At the microeconomic level, this includes the theory of market systems and the price mechanism, consumer demand theory, resource allocation and the theory of the firm, focusing on production and cost analysis principles. The macroeconomics component examines the inter-relationship between the main economic variables. Finally, you have the opportunity to apply these concepts in real-world situations.

Learning outcomes

Upon successful completion of this unit, students will be able to:
1. Explain and apply economic theories and concepts to the management of a business;
2. Critically analyse the economic context in which a business operates; and
3. Evaluate approaches and make business decisions in response to Australian and international policy and economic contexts.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
1. UC graduates are professional - use creativity, critical thinking, analysis and research skills to solve theoretical and real-world problems
1. UC graduates are professional - work collaboratively as part of a team, negotiate, and resolve conflict
2. UC graduates are global citizens - think globally about issues in their profession
2. UC graduates are global citizens - adopt an informed and balanced approach across professional and international boundaries
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development
3. UC graduates are lifelong learners - be self-aware

Prerequisites

None.

Corequisites

None.

Incompatible units

None.

Equivalent units

6234 Economics for Managers G.

Assumed knowledge

None.