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Economics for Actuaries (ACTL90022)
Graduate courseworkPoints: 12.5On Campus (Parkville)
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: 10 September 2024