1. Handbook
  2. Bachelor of Commerce
  3. Majors, Minors and Specialisations
  4. Economics
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Economics

Bachelor of CommerceMajorYear: 2020

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Overview

Economists study how people choose to allocate resources. They look at the behaviour of individuals, organisations and governments to understand how markets function. Economics is essential to modern life. It seeks to understand, assess and explain the mechanisms of markets and national economies.

A major in economics builds problem-solving skills that are applicable to careers in business and government. It will teach you how to analyse and interpret data and will equip you with the tools to find smart solutions for the numerous problems confronting governments and the commercial world. Graduates with a major in Economics have varied employment opportunities in both the public and private sector. Three broad areas of study available within the main discipline are:

  • Microeconomics
  • Macroeconomics
  • Econometrics

Intended learning outcomes

On successful completion of this major, students will be able to:

  • Describe and explain the fundamental principles underpinning the functioning of markets
  • Explain and critically analyse factors that determine economic decision making in households, firms and government
  • Evaluate the impact of economic policy
  • Identify issues and apply knowledge of theory to analyse real and hypothetical economic problems and suggest potential solutions
  • Employ a range of tools of analysis pertinent to the evaluation of evidence in economic policy and behaviour, including statistical reasoning, and the use of econometric and/or mathematical computer software
  • Understand the core methodological tools for working with economic data and be able to interpret and apply basic statistical and econometric methods and understand empirical papers of an appropriate level
  • Interpret and critically evaluate articles in the economics literature
  • Demonstrate appropriate communication skills for a professional environment

Last updated: 18 December 2020

Structure

62.5 credit points

This major requires the completion of 62.5 points, including 25 points of core level-2 subjects, and 37.5 points at level-3. Level-3 subjects must be a mix of Economics (ECON prefix) and Econometrics (ECOM prefix). 

The standard quantitative requirement pathway for student majoring in Economics is Quantitative Methods 1 and Econometrics 1. However students who are strong in mathematics may wish to follow the mathematics pathway recommended for students considering further studies in economics.

Subject Options

Level 2

Both of:

Code Name Study period Credit Points
ECON20001 Intermediate Macroeconomics
Semester 2 (On Campus - Parkville)
 12.5
ECON20002 Intermediate Microeconomics
Summer Term (On Campus - Parkville)
Semester 1 (On Campus - Parkville)
 12.5

Level 3

Three level-3 Economics elective subjects - one of which must have a prefix ECON and one must have a prefix ECOM - chosen from:

Code Name Study period Credit Points
ECON30001 International Trade Policy
Semester 1 (On Campus - Parkville)
 12.5
ECON30002 Economic Development
Semester 2 (On Campus - Parkville)
 12.5
ECON30003 Industrial Economics Not available in 2020 12.5
ECON30005 Money and Banking
Semester 1 (On Campus - Parkville)
 12.5
ECON30006 Labour Economics Not available in 2020 12.5
ECON30007 Economics of Food Markets Not available in 2020 12.5
ECON30008 History of Economic Thought Not available in 2020 12.5
ECON30009 Macroeconomics
Semester 2 (On Campus - Parkville)
 12.5
ECON30010 Microeconomics
Semester 1 (On Campus - Parkville)
 12.5
ECON30011 Environmental Economics Not available in 2020 12.5
ECON30013 Economic Analysis and Policy
Semester 1 (On Campus - Parkville)
 12.5
ECON30016 The Economics of Taxation Not available in 2020 12.5
ECON30017 Organisations, Economics and Incentives Not available in 2020 12.5
ECON30018 Economics of the Law
Semester 1 (On Campus - Parkville)
 12.5
ECON30019 Behavioural Economics
Semester 2 (On Campus - Parkville)
 12.5
ECON30020 Mathematical Economics
Semester 1 (On Campus - Parkville)
 12.5
ECON30022 Experimental Economics
Semester 2 (On Campus - Parkville)
 12.5
ECON30023 Health Economics Not available in 2020 12.5
ECON30024 Economics of Financial Markets
Semester 1 (On Campus - Parkville)
 12.5
ECON30025 Computational Economics and Business
Semester 1 (On Campus - Parkville)
 12.5
ECON30029 International Macroeconomics
Semester 2 (On Campus - Parkville)
 12.5
ECOM30001 Basic Econometrics
Semester 1 (On Campus - Parkville)
 12.5
ECOM30002 Econometrics 2
Semester 1 (On Campus - Parkville)
Semester 2 (On Campus - Parkville)
 12.5
ECOM30003 Applied Microeconometric Modelling
Semester 2 (On Campus - Parkville)
 12.5
ECOM30004 Time Series Analysis and Forecasting
Semester 2 (On Campus - Parkville)
 12.5

Last updated: 18 December 2020