Diploma of Enterprise (BADE)
LEARNING AND ASSESSMENT PLAN (LAP)
VU Course Name and DIPLOMA OF ENTERPRISE (BADE)
Subject Title Economics BWD1004
Teacher Dianne Jones Ext. 8528
Description Students will be introduced to the basic economic tools and principles used to assist in business decision
making and to understand the micro and macro environment within business operates as well as an
understanding of domestic and international factors which affect business decision making in a globalised
The subject will cover: economic theories, thoughts and systems; market forces: demand and supply;
elasticity; market structures; economic growth; the business cycle and unemployment; inflation;
Keynesian model; international trade; monetary policy; fiscal policy; microeconomic reform; and market
failure and government regulation.
Employability This unit contains the Employability Skills. The Employability Skills are deemed equivalent to VU
Skills/VU Graduate Graduate Capabilities 1 - 4:
Capabilities 1. Problem solve in a range of settings
2. Locate, critically evaluate, manage and use written, numerical and electronic information
3. Communicate in a variety of ways
4. Work both autonomously and collaboratively
Learning in the The competency has a part of its assessment requirement a Learning in the Workplace and Community
Workplace and research project. This project includes learning and teaching activities that are aligned to learning in the
Community workplace and community.
Delivery Mode This subject will be taught in the classroom and activities will comprise teacher led instruction and
discussion, selected communication activities, demonstration by both the teacher and students. Some
activities may be performed outside the classroom as directed by the teacher.
Due to the small cohort of students participating in the pilot program this course will be delivered in a
condensed but concise format with reduced contact hours, students will however be expected to work
independently on the Learning in the workplace and Community projects/assignments that are integrated
into the delivery and assessments of each unit of competency.
1. To describe the meaning, significance and development of economics in terms of business decision making.
2. To examine the basic micro economic principles and analyse their effect on business decision making.
3. To analyse key macroeconomic issues such as inflation, unemployment, external relations and their impact on business
4. To examine government macro and micro economic policies and assess their impact on the domestic economy.
Economics: Student Manual Version 2.1: Author Victoria University 2010.
Economics: Student Workbook Version 2.1: Author Victoria University 2011.
Power-point slides and videos as provided by the teacher.
Internet and media resources as needed.
Students will need to have a notebook or writing book in order to complete teacher initiated activities.
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Diploma of Enterprise (BADE)
Assessment will be undertaken with a class presentation schedule (15%); a Business Case Study (25%) and a final
examination worth 60%.
Students must achieve a pass mark for all assessments.
A minimum of 30 marks out of a total of 60 marks for the final examination or resit is needed to pass the subject.
If the student does not pass the final exam, they must do a resit exam. In this case, the maximum mark for the resit, will be 30
marks which will be added to the cumulative assessment mark to determine the final mark for the subject.
Assessment items will be distributed and discussed during the semester.
Learning in the workplace Case Study Project:
This will be completed both inside and outside of the classroom.
Students will engage with various workplaces in order to complete this project. It will be undertaken over several weeks.
Assessment Method Date Outcome/Topic Marks
Cumulative assessment tasks 40%
Article Analysis Presentation Weeks 2 - 14 Topics 1 - 9 15%
Learning in workplace case Weeks 7-13 Topics 1-10 25%
Final Examination Topics 1-10 60%
Resit Examination Topics 1-10 30 marks out of 60 to pass
resit exam and the subject
Final mark 100%
The University issues results as follows:
Cheating and Plagiarism
Any student involved in cheating and/or plagiarism offences are subject to Victoria University disciplinary policies and severe
penalties will apply. This could result in the failure of the whole subject and the need to re-enrol in that subject. In some
circumstances a student may be excluded from the program and/or all Victoria University courses.
More information to assist in your understanding can be found at the following site:
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Diploma of Enterprise (BADE)
Detailed Weekly Breakdown - delivery notes
The following Work Schedule is a guide only. In consultation with students, the teacher may alter the order of topics or
the dates of assessments to suit the progress and needs of the group or to accommodate unforeseen circumstances.
Week Learning Topic Content Activity/Assessment
Outcome Preparation (Reading)
1 1 1A Assessment and administrative issues. Economics student manual
03/03 Economics Introduction to economics. Pages 2-18
Distinction between Micro and Macro Economics.
Factors of Production. Economics student workbook
Problem: Scarcity, Resource Allocation and Opportunity.
The Economic Way of Thinking.
Obstacles and Pitfalls in Economics.
Using Resources Efficiently.
Introduction to the Circular Flow of Production and Income.
2 1, 2 1B Economic Systems. Economics student manual
10/03 Economic Economic theories and thoughts: Pages 20-29
Theories, thought Classical Macroeconomics model.
and systems Keynesian macroeconomics model. Economics student workbook
The new classical model.
The real business cycle model
3 1,2 2A Markets, Prices and Demand. Economics student manual
17/03 Market forces- Define demand, Law of Demand and Determinants of Pages 32-50
demand and Demand.
supply Define Supply, Law of Supply and Determinants of Supply. Economics student workbook
Define Equilibrium and the Operation of a market Pages 21-44
Equilibrium Analysis: Movements towards Equilibrium in a
4 1,2 2B Define Elasticity. Economics student manual
24/03 Elasticity of Types of Elasticity’s: Demand, Supply, Income and Cross Pages 52-62
demand and supply Price.
Price Elasticity of Demand: Definition, Calculation, and Economics student workbook
Determinants. Pages 34-44
Price elasticity of Supply: Definition, Calculation and
Determinates. Assessable Class room
Income and Cross Price Elasticity of Demand Definition. task 1
Normal versus Inferior Goods
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Diploma of Enterprise (BADE)
5 1,2 3 Market Structures. Economics student manual
31/03 Market Structures The Characteristics of a Perfect and Imperfect Competitive Pages 64-88
Distinguish between the Demand and Revenue Curves of Economics student workbook
Perfect versus Imperfect Competition. Pages 46-60
Highlight the Concepts of Normal Profit, Economic Profit,
Output, Price, and Profit in Perfect and Imperfect Markets.
Highlight Profit Maximising Behaviour of both a Perfect and
Discuss Efficiency in relation to Perfect and Imperfect
Highlight the Importance of Game Theory in Decision
Making in an Imperfect Market.
6 1, 3 4A The Definition of Gross Domestic Product. Economics student manual
07/04 Economic Growth Measurement of calculating GDP: Expenditure Approach. Pages 90-99
Income approach Production Approaches
Nominal versus Real GDP. Economics student workbook
The Limitations of GDP as an Indicator of Social Welfare. Pages 62-72
7 1,3 4B Business Cycle. Economics student manual
28/04 Business Cycle & Causes of the Business Cycles. Pages 102-111
Unemployment Define Unemployment and how it is Measured and
Limitations. Economics student workbook
The Labour Force, Employment, Unemployment, the Pages 62-72
Participation Rate, Employment to population ratio and the
Natural Rate of Unemployment. Task 2 – Learning in the
Problems associated with the Measurement of workplace Project –
Unemployment in Australia. introduced. Due week 13
Costs of Unemployment
8 1,3 5 Definition of inflation. Economics student manual
05/05 Inflation Anticipated versus unanticipated Inflation and Effects. Pages 114-123
Interest rates and Inflation.
Demand-pull and cost-push inflation. Economics student workbook
The consequences of inflation. Pages 74-81
The measurement of inflation in Australia.
Calculating the CPI and its limitations.
9 1,3 6 Equilibrium in a closed economy. Economics student manual
12/05 Keynesian Model The definition of MPC and MPS. Pages 126-137
The Nature of Equilibrium in a Macro Economy.
The inclusion of the government sector to the aggregate Economics student workbook
expenditure model. Pages 82-95
The importance of the multiplier without international trade. Assessable Class room
The inclusion of the net export component of aggregate task 3
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Diploma of Enterprise (BADE)
10 1,3,4 7A Theories of International Trade: Absolute and Comparative Economics student manual
19/05 International Trade advantage. Pages 140-150
Arguments in favour of Restricting Trade.
Problems with Protection. Economics student workbook
Importance of International Trade. Pages 97-105
11 1,3,4 7B Define Exchange Rate and Cross Exchange Rates. Economics student manual
26/05 Foreign Exchange Law of Demand for Foreign Exchange. Pages 152-170
Rates Law of Supply for Foreign Exchange.
Factors influencing: Demand in the Foreign Exchange Economics student workbook
Market. Pages 106-117
Factors Influencing: Supply in the Foreign Exchange Market.
Equilibrium in the Foreign Exchange Market.
Exchange Rate Regimes: Floating, Fixed, Managed .
12 4 8 Define Momentary Policy. Economics student manual
02/06 Monetary Policy Explain the Objectives of Monetary Policy. Pages 172-185
Distinguish Between Tight and Easy Monetary Policy and Economics student workbook
when it should be implemented. Pages 119-131
Strengths and Weaknesses of Monetary Policy.
The Objectives and Modus Operandi of Monetary Policy in Assessable Class room
Australia. task 4
Strengths and Shortcomings of Monetary Policy.
13 4 9A The Nature of Government Finance. Economics student manual
09/06 Fiscal Policy Define Fiscal Policy. Pages 188-197
The Distinction between Discretionary and Non- Economics student workbook
Discretionary Fiscal Policy. Pages 133-145
Differences between Expansionary and contractionary Fiscal
Policy and when each should be implemented. Assessable task 2-
The Limitations of Fiscal Policy: Time Lags, Crowding Out, handed in
and Credibility. Economics student manual
2,3,4 9B Define Microeconomic Reform. Pages 200-205
Micro Objectives of Microeconomic Reform.
Examples of Microeconomic Reform: Financial Sectors, Economics student workbook
Telecommunications, Public Transport and Airlines. Pages 146-152
14 1,2,3,4 10 Define Market Failure. Economics student manual
16/06 Market Failure & Public versus Private goods and Why Market Failure Pages 208-220
Regulation Positive and Negative Externalities. Economics student workbook
Government intervention and Negative Externalities Pages 154-164
Government Intervention and Positive Externalities
Externalities: Costs and Benefits and Government
15 1,2,3,4 Revision All Topics
16 Final Examination
17 Resit Examination
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