WESTERN SYDNEY UNIVERSITY

ECON 1006: Introduction to Economic Methods

* Final Examination Guide and Notes 2024

- Part A: Topic Summary and Exam Tips

- Part B: Practice Exam Questions and Answers

- Part C: Sample Final Examination Paper

- Part D: Suggested Solutions to Final Exam Paper

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Western Sydney University - ECON 1006: Introduction to Economic Methods

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ACADEMIC YEAR 2023 - 2024

University	Western Sydney University
Study Level	Undergraduate
Subject Code	ECON 1006
Subject Name	Introduction to Economic Methods
Notes Title	Final Examination Guide and Notes
Page Length	59

* Prepare for your ECON 1006: Introduction to Economic Methods assessments at Western Sydney University with this comprehensive and easy-to-understand study guide. Covering all examinable topics, this guide includes essential information on the exam format, content, and key concepts, logically structured to emphasise crucial methods with initial examples for illustration. Thoroughly revised to incorporate the latest updates, it presents exam-style questions, detailed answer guides, and insights into common examination pitfalls. By using this all-inclusive material, you can swiftly grasp course content, identify priority topics, and practise effectively for your evaluations, ensuring you are well-prepared and confident.

Introduction to Economic Methods covers basic concepts in mathematics and statistics to help student understanding of subjects such as accounting, management, marketing, finance, and economics. Students taking this subject are expected to improve their numeracy and analytical skills. In particular, students will learn how to collect, analyse and interpret data using simple descriptive and inferential statistical methods including simple regression analysis. In addition, by working through applied exercises, students are expected to improve their problem solving skills and acquire a basic understanding of calculus relevant to fields such as finance. The subject ECON 1006, Introduction to Economic Methods, is equivalent to LGYA 9799 - Introduction to Economic Methods, MATH 1030 - Statistics for Business, and MATH 1028 - Statistical Decision Making.

✔ Subject Content

Functions and relationships between economic phenomena
The use of calculus to model Basic economic and business concepts
Unconstrained and constrained optimisation in economics using calculus
Descriptive statistics, frequency and relative frequency distributions
The concept of A statistical experiment and Basic probability concepts
Discrete probability distributions including the binomial Distribution
Continuous probability distributions: The normal Distribution
The Sampling Distribution of the sample mean and the central limit theorem
Point and interval estimation of A population mean, population proportion and population variance (including business applications)
Hypothesis testing of A population mean, population proportion and population variance (including business applications)
Correlation analysis

SUBJECT CODE	SUBJECT NAME
ACCT 1005	Accounting in Context
ACCT 1010	Management Accounting Fundamentals
ACCT 2005	Techniques in Financial Accounting
ACCT 3003	Accounting Standards and Governance
BUSM 1027	Organisational Behaviour
ECON 1003	Financial Institutions and Markets
ECON 1006	Introduction to Economic Methods
ECON 1011	Principles of Economics
ECON 1013	The Australian Macroeconomy
ECON 1014	Consumers, Firms and Markets
ECON 2002	Corporate Financial Management
ECON 2007	Macroeconomic Theory
ECON 3001	Applied Econometrics
ECON 3003	Derivatives
ECON 3006	Economic and Financial Modelling
FINC 3008	Investment Management
FINC 3015	Security Analysis and Business Valuation
LAWS 1001	Enterprise Law
LAWS 3070	Taxation Law
MATH 1030	Statistics for Business
MKTG 1006	Marketing Principles

Western Sydney University - ECON 1006: Introduction to Economic Methods

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