[ACU] ECON200 - Economics: Policy Frameworks and Markets - Solutions

This unit develops an understanding of key economic principles and tools used to interpret the role of economics in business and critically analyse economic policies that impact Australia and the global economy. Economics arises from individuals and societies facing scarcity—limited resources but unlimited wants. Economists study how people and businesses make choices, how markets function, and how governments influence outcomes to improve societal well-being and promote the common good.

Aligned with the Catholic Social Thought (CST) principle of Stewardship, this unit encourages students to consider how natural, financial, and human resources are managed not only for current benefit but also for future generations. Stewardship highlights the ethical responsibility to use resources with care and respect, echoing contemporary ideas of corporate social responsibility.

✔ Learning outcomes:

• Critically explain economic systems and the concept of resource allocation, including the role of ethical values and human dignity in economic decisions
• Apply the fundamental principles of microeconomics and macroeconomics in business decision making
• Analyse the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly
• Analyse the effect of changes in macroeconomic indicators on business activity
• Evaluate economic theories and concepts in relation to contemporary social and environmental issues, as well as the formulation and analysis of policy from both local and global perspectives.