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Economics for Actuaries (ACTL90022)
Graduate courseworkPoints: 12.5On Campus (Parkville)
For information about the University’s phased return to campus and in-person activity in Winter and Semester 2, please refer to the on-campus subjects page.
About this subject
- Overview
- Eligibility and requirements
- Assessment
- Dates and times
- Further information
- Timetable(opens in new window)
Contact information
Semester 1
Please refer to the LMS for up-to-date subject information, including assessment and participation requirements, for subjects being offered in 2020.
Overview
Availability | Semester 1 |
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Fees | Look up fees |
This subject introduces core economic principles and how these can be used in a business environment to help decision making and behaviour. It provides the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. It explores the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system.
Intended learning outcomes
- Discuss the workings of competitive markets.
- Discuss consumer demand and behaviour.
- Explain the effects of advertising on sales and demand.
- Discuss the product function, costs of production, revenue and profit to understand firm's price and output decisions.
- Discuss profit maximisation under perfect competition, imperfect completion, and monopoly.
- Assess various pricing strategies that firms can adopt.
- Describe the roles of money, financial markets and central banks, and explain how interest rates are determined in financial markets.
- Develop models to understand fluctuations in aggregate economic activity and assess how macroeconomic policies (monetary policy and fiscal policy) affect output, inflation and interest rates.
- Discuss labour market fluctuations, provide a model of unemployment and explain labour market dynamics.
- Describe the key economic growth facts and explore models of economic growth to identify the factors that drive long run growth.
- Introduce basic concepts in open economy macroeconomics and develop models to understand exchange rate determination; Describe different exchange rate regimes.
Generic skills
- Written and oral communications
- Problem solving
- Application of theory to practice
- Interpretation and analysis
- Critical thinking
- Strategic thinking
- Synthesis of data and other information
- Receptiveness of alternative ideas
Last updated: 31 January 2024
Eligibility and requirements
Prerequisites
Admission into one of the following:
- MC-ACTSC Master of Actuarial Science
- MC-ACTSCEN Master of Actuarial Science (Enhanced)
- MC-ACTSCEX Master of Actuarial Science (Extended)
Corequisites
None
Non-allowed subjects
None
Inherent requirements (core participation requirements)
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
Last updated: 31 January 2024
Assessment
Due to the impact of COVID-19, assessment may differ from that published in the Handbook. Students are reminded to check the subject assessment requirements published in the subject outline on the LMS
Description | Timing | Percentage |
---|---|---|
Individual Assignment (Week 10 or 11)
| Week 10 | 10% |
Mid-Semester Test (Week 7 or 8)
| Mid semester | 20% |
End-of-semester exam
| During the examination period | 70% |
Last updated: 31 January 2024
Dates & times
- Semester 1
Principal coordinator Jonathan Thong Mode of delivery On Campus (Parkville) Contact hours Two 1-hour lectures and one 1-hour tutorial per week Total time commitment 170 hours Teaching period 2 March 2020 to 7 June 2020 Last self-enrol date 13 March 2020 Census date 30 April 2020 Last date to withdraw without fail 5 June 2020 Assessment period ends 3 July 2020 Semester 1 contact information
Last updated: 31 January 2024
Further information
- Texts
Prescribed texts
There are no specifically prescribed or recommended texts for this subject.
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.
Last updated: 31 January 2024