ECON VBE 1002 Assessment Answers Australia

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The course unit ECON VBE 1002 (Economic Principles) emphasises macro-economic theories and policies and the inter-related national income accounting with international trade and payments balance. There is a notable stress on the economic issue's implications for the Caribbean reality. Students have to use concepts of economics to improvise decision making in government and business including how outputs and prices are set by firms for maximising profits, and how firms give response to changes in conditions of market; how major macroeconomic indicators are employed for the determination of macroeconomic conditions and how such information is utilised by economic agents; several mechanisms available to the reserve banks and government for addressing market failure and adverse alterations in macroeconomic conditions.

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List of Institutes in Australia Offering Economic Principles Related Qualifications

• Swinburne University of Technology
• University of South Australia
• Victoria University
• Melbourne Institute of Technology
• University of Adelaide
• Federation University
• James Cook University
• University of Sydney
• Deakin University
• Bond University
• Australian National University

The aforementioned universities or institutes in Australia are renowned for their quality of teaching and research and theyoffer distinct inter-related degree courses. If you are studying in any of these universities, then it is very important to follow all marking rubrics and meet deadlines while composing any assessment tasks.

Topics Related to Economic Principles

The economic principles unit includes the study of following topics:

• Economic concepts of opportunity cost
• Market behaviour
• Macroeconomic indicators
• Market failure
• Business cycle
• Economic growth
• Microeconomics: the economist way of thinking
• Determination of market equilibrium and demand elasticity
• Government stabilisation policy
• Competitive markets and market efficiency
• Demand and supply
• Production cost and supply determination
• Externalities and public goods
• International economics and finance
• Business cycles
• Macroeconomics: output, employment and inflation
• Stabilisation polices
• Aggregate demand, and interest rates

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Learning Outcomes of the Unit

After completing the unit successfully, students will become capable in:

1. Using economic models and indicators for understanding and analysing real-world situations.
2. Using knowledge and concepts of economics for understanding, explaining and evaluating decision making by government, firms, and individuals.
3. Describing outcomes of economics in markets and how these are impacted by macroeconomic environment and market structure.
4. Identifying adequate strategies of business and government policies to attain positive outcomes (including increase profit, stabilise macroeconomic fluctuations or reduce market failure).
5. Analysing current economic issues and determining/evaluating responses by the relevant agents of economics.

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Reference Study Material Suggested by Our Experts

You can refer to the following textbooks or materials to strengthen your knowledge in the discipline:

• Layton, A., Robinson, T. &Tucker, I.(2016).Economics for Today, (5th Asia Pacific ed.). Australia: South Melbourne Cengage Learning Pty Limited.
• Hubbard, R.G., Garnett, A., Lewis, P.T., &O'Brien, A.P. (2016).Essentials of Economics(3rd ed.). Australia: Pearson Education.
• Gans, J.; Kings, S.; Stonecash, R.; Byford, M.; Libich, J. &Mankiw, N. G.(2015).Principles of Economics, (6th ed.). Australia, South Melbourne: Cengage Learning Pty Limited.
• Sloman, J, Norris, K. &Garrett, D.(2013).Principles of Economics(4th ed.). Australia: Pearson Education.
• Mankiw, N. G.(2012).Essentials of Economics, (6th ed.). USA: South Western Cengage Learning.

Career Opportunities

After completing the economics course successfully, candidates get prepared to work in international agencies, financial institutions, private sector, and government as an analyst, forecaster or consultant. They find employment with management consultancies, companies, all areas of government (such as Treasury and Reserve Bank), stockbrokers and banks, and at institutions including International Monetary Fund. Candidates can explore their job opportunities in a number of roles as listed below:

• Economist
• Mathematician
• Finance manager
• Financial broker
• Agricultural consultant
• Financial dealer
• Financial investment adviser
• Financial institution branch manager
• Financial market dealer

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Our world leading experts will provide you the conceptual and applied knowledge in this field of economics. Gain technical capabilities and gain creative capacity in the discipline by connecting with our experts to address the big challenges. The experts encourage students to follow the below mentioned approach to draft a perfect assessment solution:

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