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					Diploma of Enterprise (BADE)

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
       decision making.
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.

Version Date : 28/02/2011             Revised: Dianne Jones        Filename : BADE Study Guide – BWD1004 Economics s1 2011     Page 1 of 5
Diploma of Enterprise (BADE)

Assessment Guidelines
                 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%
                Study Project.

            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:
                                        HD      80-100
                                        D        70-79
                                        C        60-69
                                        P        50-59
                                        N1       40-49
                                        N2       0-39
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:

Version Date : 28/02/2011                 Revised: Dianne Jones         Filename : BADE Study Guide – BWD1004 Economics s1 2011        Page 2 of 5
 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
                                                                                                                       Pages 4-11
                                                   Problem: Scarcity, Resource Allocation and Opportunity.
                                                   Cost/Marginal Analysis
                                                   Opportunity cost.
                                                   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
                                                                                                                       Pages 12-19
                                                   Monetarist model.
                                                   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

 Version Date : 28/02/2011                    Revised: Dianne Jones       Filename : BADE Study Guide – BWD1004 Economics s1 2011       Page 3 of 5
 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,
                                                 Economic Loss.
                                                 Output, Price, and Profit in Perfect and Imperfect Markets.
                                                 Highlight Profit Maximising Behaviour of both a Perfect and
                                                 Imperfect Market.
                                                 Discuss Efficiency in relation to Perfect and Imperfect
                                                 Market Structures.
                                                 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

 Version Date : 28/02/2011                  Revised: Dianne Jones        Filename : BADE Study Guide – BWD1004 Economics s1 2011      Page 4 of 5
 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
                                                 Trade Barriers.
                                                 Preferential Treatments.
 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 .
                                                    Currency Union.
 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
                             economic reform
                                                    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
                             Government             Occurs.
                             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

 Version Date : 28/02/2011                     Revised: Dianne Jones      Filename : BADE Study Guide – BWD1004 Economics s1 2011     Page 5 of 5

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