Economics for Actuaries (ACTL90022)

Graduate courseworkPoints: 12.5On Campus (Parkville)

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Overview

Availability
Semester 1
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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: 4 March 2025

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: 4 March 2025

Assessment

DescriptionTimingPercentage

Individual Assignment (Week 10 or 11)

  • 2000 words
Week 1010%

Mid-Semester Test (Week 7 or 8)

  • 1 hours
Mid semester20%

End-of-semester exam

  • 2 hours
Hurdle requirement: final exam must be passed		During the examination period70%

Last updated: 4 March 2025

Dates & times

  • Semester 1
    Principal coordinatorKathryn Baragwanath
    Mode of deliveryOn Campus (Parkville)
    Contact hoursTwo 1-hour lectures and one 1-hour tutorial per week
    Total time commitment170 hours
    Teaching period 3 March 2025 to 1 June 2025
    Last self-enrol date14 March 2025
    Census date31 March 2025
    Last date to withdraw without fail 9 May 2025
    Assessment period ends27 June 2025

    Semester 1 contact information

    Kathryn Baragwanath: kathryn.baragwanath@unimelb.edu.au

     

     

What do these dates mean

Visit this webpage to find out about these key dates, including how they impact on:

  • Your tuition fees, academic transcript and statements.
  • And for Commonwealth Supported students, your:
       -  Student Learning Entitlement. This applies to all students enrolled in a Commonwealth Supported Place (CSP).
     

    Subjects withdrawn after the census date (including up to the ‘last day to withdraw without fail’) count toward the Student Learning Entitlement.

Last updated: 4 March 2025

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.

    Please note Single Subject Studies via Community Access Program is not available to student visa holders or applicants

    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: 4 March 2025