ECON107 - Macroeconomics 1: The Workings of a National Economy

Macroeconomic principles in everyday life is the introductory unit in the Economics sequence which provides students with an introduction to key macroeconomic concepts, theory and policies in Australia. This involves students discussing key economic policy objectives such as low inflation, low unemployment, economic growth and external stability and evaluating the effectiveness of fiscal and monetary policy in achieving these objectives. Throughout this unit, students will also analyse how these objectives may conflict and the challenges the government faces with trying to achieve sustainable economic development and a more equal distribution of income and wealth.

The aim of this unit is to provide students with the foundation knowledge and understanding of fundamental macroeconomic concepts, tools and ideas, and equip them with practical skills that have a wide range of applications in economic analysis. 

✔ Learning outcomes:

• Explain the structures and institutions of the Australian economic system and their role in policymaking
• Identify and discuss macroeconomic theories and concepts
• Evaluate, synthesise and apply mathematical ideas and techniques in macroeconomics using appropriate information technology techniques

✔ Content:

• What is macroeconomics?
• Macroeconomic challenges and choices; 
• Key macroeconomic objectives;
• Business cycles;
• Economic growth and productivity;
• The role of government intervention in the economy; 
• The nature of conflicting policy objectives; 
• Phillips Curve;
• Fiscal Policy; 
• Monetary Policy; 
• Australian government policy towards the Aboriginal and Torres Straight Island people over time;
• Alternative economic policy approaches.