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This course provides you with an understanding of the fundamental concepts of microeconomics and macroeconomics. This course develops your ability to apply economic analysis to business problems and policy issues as a business graduate. The course provides technical competency in the economics of market systems, market structures, market failures, and macroeconomic indicators and policies, and professional competency in intellectual, interpersonal and communication skills. This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 5.

Economics is a social science that studies how society manages its scarce resources. In this course, you will learn how to use resources more efficiently and allocate things in a manner that makes us all better off. You will master the fundamental concepts of microeconomics and macroeconomics and gain the capacity to apply them to real-world issues through case studies. These case studies place you in real-world situations requiring them to apply their theoretical understanding to explain and critically analyse these problems faced by business and economic managers.

On completion of this course students should be able to:

1. explain how different economic systems function and the implications for resource allocation (TCA5 LO1);
2. describe and apply the principles of microeconomics and macroeconomics to individual and business decision-making (TCA5 LO2);
3. explain how businesses and consumers interact in different market structures, and the implications for prices and social welfare (TCA5 LO3);
4. describe the effects of the changes in macroeconomic indicators on business activities (TCA5 LO4);
5. recognise regulatory and political environments and their influence on businesses and households (TCA5 LO5).