EFB231 Economics
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | EFB231 |
|---|---|
| Antirequisite(s): | EFB228 and EFB229 |
| Equivalent(s): | BSB113 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
Unit Outline: Semester 1 2027, Gardens Point, Internal
| Unit code: | EFB231 |
|---|---|
| Credit points: | 12 |
| Equivalent: | BSB113, BSX113, BSD113 |
| Anti-requisite: | EFB228 and EFB229 |
| Coordinator: | Boon Lee | bl.lee@qut.edu.au |
Overview
Economics studies the efficient use and distribution of scarce resources. It is concerned with how people make decisions and interact in markets. Economics examines the role of government in either obstructing or improving market outcomes and the effect of those decisions on the well-being of society. Economics also studies the economy as a whole and key issues explored in this unit include economic growth, inflation, unemployment and international trade. In studying these issues economists can understand how to manage the economy for the good of its citizens. In this unit you develop an understanding of the key principles and tools that economists use to interpret and critically analyse economic policies that impact on Australia and the global economy.
Learning Outcomes
On successful completion of this unit you will be able to:
- Explain the aims and purpose of economics including key concepts, terminologies and tools of economic analysis; and interpret, present and apply economic data correctly and effectively to support analysis of contemporary economic issues. [KS 1.1, 1.2]
- Describe and effectively use economic theories and thinking to explain and analyse economic issues and policies that affect Australia and the global economy. [HO 2.1]
- Use professional written communication and information literacy skills, including the use of scholarly resources, to present and support economic thinking. [PC 3.1]
Content
In this unit you will cover key elements of both microeconomic and macroeconomic theory. In microeconomics, the unit will focus on understanding how competitive markets allocate resources through the interaction of demand and supply; what happens when markets fail and why and how governments intervene in markets (for better and worse); and firm and industry organisation. In macroeconomics, the unit will examine key macroeconomic variables (economic growth, inflation and unemployment), the importance of international trade and the role of macroeconomic policy tools (fiscal and monetary policy) in the management of a stable economy and future economic prosperity of the nation. Throughout the unit, you broader economic understanding of Australian and global economic issues will be developed through the use of contemporary real world examples and issues.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit adopts a structured approach to guide you to success in acquiring the economic way of thinking, and applying economic concepts and theories to better understand real world issues.
Lectures and tutorials provide an opportunity to explore concepts and interact with the teaching team and peers. You can engage this unit in person (on campus) and online for both lecture and tutorial. You are expected to complete readings from the prescribed text. Engagement with the additional resources and learning activities on the Canvas site are designed to further develop understanding and provide opportunities for formative assessment.
Feedback on Learning and Assessment
You will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation, review quizzes
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning objectives for both subject knowledge and other graduate capabilities. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Report
Acting as an economist, you will apply economic theory, interpretations of data and appropriate supporting evidence to analyse contemporary economic issues.
This assignment is eligible for the 48 hour late submission period and assignment extensions.
The ethical and responsible use of generative artificial intelligence (GenAI) tools is authorised in this assessment. See the relevant assessment details in Canvas for specific guidelines.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1, 1.2), HO (2.1), PC (3.1)
Assessment: End of Semester Exam
The examination will focus on both micro- and macro-economics material delivered from week 5 to week 12 of the unit. It will consist of both theoretical and applied economic questions.
The use of generative artificial intelligence (GenAI) tools is prohibited during this assessment.
This assessment item is Verified Identity Assessment. Requirements are provided on the Unit Canvas site.
This invigilated examination requires attendance on campus or at an assessment centre, regardless of your attendance mode for the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.2), HO (2.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
The resources in this unit include a prescribed text and additional resource added to the Canvas site.
Resource Materials
Prescribed text(s)
Parkin, M. 2022. Economics, Global edition, 14th edition. Pearson.
Other
Additional references and resources, including lecture overheads, tutorial notes, assignments can be found at the unit's Canvas site: https://Canvas.qut.edu.au.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with learning and teachng activities in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
Engineers Australia Stage 1 Competency Standard for Professional Engineer
3: Professional and Personal Attributes
Relates to: Report
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.AB01 Bachelor of Built Environment (Honours)
- Apply theoretical, practical and cultural knowledge and skills across a range of disciplines and specialist knowledge and skills in one built environment area.
Relates to: Report, End of Semester Exam - Design and critically evaluate sustainable and creative solutions to social, economic, technological and environmental challenges.
Relates to: Report, End of Semester Exam - Communicate knowledge, ideas and creative solutions in diverse modes, for a range of contexts and diverse audiences.
Relates to: Report
BS05 Bachelor of Business
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: Report - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO3, Report
BS08 Bachelor of Business - International
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
UD05 Bachelor of Property Economics
- Identify theoretical and technical knowledge of economic, legal, social, cultural, global, physical, technological and sustainable contexts required to value, manage and develop property assets and investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Apply theoretical and technical knowledge and skills, methods, calculations, property technologies, and sustainability strategies to evaluate the feasibility of property development opportunities, to identify finance options for property investments, and to enhance the performance of assets or investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Collect and analyse data using industry-standard proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: ULO1, Report - Communicate and negotiate with diverse, real-world audiences
Relates to: ULO3, Report
Unit Outline: Semester 1 2027, Online
| Unit code: | EFB231 |
|---|---|
| Credit points: | 12 |
| Equivalent: | BSB113, BSX113, BSD113 |
| Anti-requisite: | EFB228 and EFB229 |
Overview
Economics studies the efficient use and distribution of scarce resources. It is concerned with how people make decisions and interact in markets. Economics examines the role of government in either obstructing or improving market outcomes and the effect of those decisions on the well-being of society. Economics also studies the economy as a whole and key issues explored in this unit include economic growth, inflation, unemployment and international trade. In studying these issues economists can understand how to manage the economy for the good of its citizens. In this unit you develop an understanding of the key principles and tools that economists use to interpret and critically analyse economic policies that impact on Australia and the global economy.
Learning Outcomes
On successful completion of this unit you will be able to:
- Explain the aims and purpose of economics including key concepts, terminologies and tools of economic analysis; and interpret, present and apply economic data correctly and effectively to support analysis of contemporary economic issues. [KS 1.1, 1.2]
- Describe and effectively use economic theories and thinking to explain and analyse economic issues and policies that affect Australia and the global economy. [HO 2.1]
- Use professional written communication and information literacy skills, including the use of scholarly resources, to present and support economic thinking. [PC 3.1]
Content
In this unit you will cover key elements of both microeconomic and macroeconomic theory. In microeconomics, the unit will focus on understanding how competitive markets allocate resources through the interaction of demand and supply; what happens when markets fail and why and how governments intervene in markets (for better and worse); and firm and industry organisation. In macroeconomics, the unit will examine key macroeconomic variables (economic growth, inflation and unemployment), the importance of international trade and the role of macroeconomic policy tools (fiscal and monetary policy) in the management of a stable economy and future economic prosperity of the nation. Throughout the unit, you broader economic understanding of Australian and global economic issues will be developed through the use of contemporary real world examples and issues.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit adopts a structured approach to guide you to success in acquiring the economic way of thinking, and applying economic concepts and theories to better understand real world issues.
Lectures and tutorials provide an opportunity to explore concepts and interact with the teaching team and peers. You can engage this unit in person (on campus) and online for both lecture and tutorial. You are expected to complete readings from the prescribed text. Engagement with the additional resources and learning activities on the Canvas site are designed to further develop understanding and provide opportunities for formative assessment.
Feedback on Learning and Assessment
You will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation, review quizzes
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning objectives for both subject knowledge and other graduate capabilities. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Report
Acting as an economist, you will apply economic theory, interpretations of data and appropriate supporting evidence to analyse contemporary economic issues.
This assignment is eligible for the 48 hour late submission period and assignment extensions.
The ethical and responsible use of generative artificial intelligence (GenAI) tools is authorised in this assessment. See the relevant assessment details in Canvas for specific guidelines.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1, 1.2), HO (2.1), PC (3.1)
Assessment: End of Semester Exam
The examination will focus on both micro- and macro-economics material delivered from week 5 to week 12 of the unit. It will consist of both theoretical and applied economic questions.
The use of generative artificial intelligence (GenAI) tools is prohibited during this assessment.
This assessment item is Verified Identity Assessment. Requirements are provided on the Unit Canvas site.
This invigilated examination requires attendance on campus or at an assessment centre, regardless of your attendance mode for the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.2), HO (2.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
The resources in this unit include a prescribed text and additional resource added to the Canvas site.
Resource Materials
Prescribed text(s)
Parkin, M. 2022. Economics, Global edition, 14th edition. Pearson.
Other
Additional references and resources, including lecture overheads, tutorial notes, assignments can be found at the unit's Canvas site: https://Canvas.qut.edu.au.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with learning and teachng activities in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
Engineers Australia Stage 1 Competency Standard for Professional Engineer
3: Professional and Personal Attributes
Relates to: Report
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.AB01 Bachelor of Built Environment (Honours)
- Apply theoretical, practical and cultural knowledge and skills across a range of disciplines and specialist knowledge and skills in one built environment area.
Relates to: Report, End of Semester Exam - Design and critically evaluate sustainable and creative solutions to social, economic, technological and environmental challenges.
Relates to: Report, End of Semester Exam - Communicate knowledge, ideas and creative solutions in diverse modes, for a range of contexts and diverse audiences.
Relates to: Report
BS05 Bachelor of Business
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: Report - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO3, Report
BS08 Bachelor of Business - International
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
UD05 Bachelor of Property Economics
- Identify theoretical and technical knowledge of economic, legal, social, cultural, global, physical, technological and sustainable contexts required to value, manage and develop property assets and investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Apply theoretical and technical knowledge and skills, methods, calculations, property technologies, and sustainability strategies to evaluate the feasibility of property development opportunities, to identify finance options for property investments, and to enhance the performance of assets or investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Collect and analyse data using industry-standard proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: ULO1, Report - Communicate and negotiate with diverse, real-world audiences
Relates to: ULO3, Report
Unit Outline: Semester 2 2027, Gardens Point, Internal
| Unit code: | EFB231 |
|---|---|
| Credit points: | 12 |
| Equivalent: | BSB113, BSX113, BSD113 |
| Anti-requisite: | EFB228 and EFB229 |
| Coordinator: | Boon Lee | bl.lee@qut.edu.au |
Overview
Economics studies the efficient use and distribution of scarce resources. It is concerned with how people make decisions and interact in markets. Economics examines the role of government in either obstructing or improving market outcomes and the effect of those decisions on the well-being of society. Economics also studies the economy as a whole and key issues explored in this unit include economic growth, inflation, unemployment and international trade. In studying these issues economists can understand how to manage the economy for the good of its citizens. In this unit you develop an understanding of the key principles and tools that economists use to interpret and critically analyse economic policies that impact on Australia and the global economy.
Learning Outcomes
On successful completion of this unit you will be able to:
- Explain the aims and purpose of economics including key concepts, terminologies and tools of economic analysis; and interpret, present and apply economic data correctly and effectively to support analysis of contemporary economic issues. [KS 1.1, 1.2]
- Describe and effectively use economic theories and thinking to explain and analyse economic issues and policies that affect Australia and the global economy. [HO 2.1]
- Use professional written communication and information literacy skills, including the use of scholarly resources, to present and support economic thinking. [PC 3.1]
Content
In this unit you will cover key elements of both microeconomic and macroeconomic theory. In microeconomics, the unit will focus on understanding how competitive markets allocate resources through the interaction of demand and supply; what happens when markets fail and why and how governments intervene in markets (for better and worse); and firm and industry organisation. In macroeconomics, the unit will examine key macroeconomic variables (economic growth, inflation and unemployment), the importance of international trade and the role of macroeconomic policy tools (fiscal and monetary policy) in the management of a stable economy and future economic prosperity of the nation. Throughout the unit, you broader economic understanding of Australian and global economic issues will be developed through the use of contemporary real world examples and issues.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit adopts a structured approach to guide you to success in acquiring the economic way of thinking, and applying economic concepts and theories to better understand real world issues.
Lectures and tutorials provide an opportunity to explore concepts and interact with the teaching team and peers. You can engage this unit in person (on campus) and online for both lecture and tutorial. You are expected to complete readings from the prescribed text. Engagement with the additional resources and learning activities on the Canvas site are designed to further develop understanding and provide opportunities for formative assessment.
Feedback on Learning and Assessment
You will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation, review quizzes
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning objectives for both subject knowledge and other graduate capabilities. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Report
Acting as an economist, you will apply economic theory, interpretations of data and appropriate supporting evidence to analyse contemporary economic issues.
This assignment is eligible for the 48 hour late submission period and assignment extensions.
The ethical and responsible use of generative artificial intelligence (GenAI) tools is authorised in this assessment. See the relevant assessment details in Canvas for specific guidelines.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1, 1.2), HO (2.1), PC (3.1)
Assessment: End of Semester Exam
The examination will focus on both micro- and macro-economics material delivered from week 5 to week 12 of the unit. It will consist of both theoretical and applied economic questions.
The use of generative artificial intelligence (GenAI) tools is prohibited during this assessment.
This assessment item is Verified Identity Assessment. Requirements are provided on the Unit Canvas site.
This invigilated examination requires attendance on campus or at an assessment centre, regardless of your attendance mode for the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.2), HO (2.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
The resources in this unit include a prescribed text and additional resource added to the Canvas site.
Resource Materials
Prescribed text(s)
Parkin, M. 2022. Economics, Global edition, 14th edition. Pearson.
Other
Additional references and resources, including lecture overheads, tutorial notes, assignments can be found at the unit's Canvas site: https://Canvas.qut.edu.au.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with learning and teachng activities in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
Engineers Australia Stage 1 Competency Standard for Professional Engineer
3: Professional and Personal Attributes
Relates to: Report
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.AB01 Bachelor of Built Environment (Honours)
- Apply theoretical, practical and cultural knowledge and skills across a range of disciplines and specialist knowledge and skills in one built environment area.
Relates to: Report, End of Semester Exam - Design and critically evaluate sustainable and creative solutions to social, economic, technological and environmental challenges.
Relates to: Report, End of Semester Exam - Communicate knowledge, ideas and creative solutions in diverse modes, for a range of contexts and diverse audiences.
Relates to: Report
BS05 Bachelor of Business
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: Report - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO3, Report
BS08 Bachelor of Business - International
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
UD05 Bachelor of Property Economics
- Identify theoretical and technical knowledge of economic, legal, social, cultural, global, physical, technological and sustainable contexts required to value, manage and develop property assets and investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Apply theoretical and technical knowledge and skills, methods, calculations, property technologies, and sustainability strategies to evaluate the feasibility of property development opportunities, to identify finance options for property investments, and to enhance the performance of assets or investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Collect and analyse data using industry-standard proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: ULO1, Report - Communicate and negotiate with diverse, real-world audiences
Relates to: ULO3, Report
Unit Outline: Semester 2 2027, Online
| Unit code: | EFB231 |
|---|---|
| Credit points: | 12 |
| Equivalent: | BSB113, BSX113, BSD113 |
| Anti-requisite: | EFB228 and EFB229 |
Overview
Economics studies the efficient use and distribution of scarce resources. It is concerned with how people make decisions and interact in markets. Economics examines the role of government in either obstructing or improving market outcomes and the effect of those decisions on the well-being of society. Economics also studies the economy as a whole and key issues explored in this unit include economic growth, inflation, unemployment and international trade. In studying these issues economists can understand how to manage the economy for the good of its citizens. In this unit you develop an understanding of the key principles and tools that economists use to interpret and critically analyse economic policies that impact on Australia and the global economy.
Learning Outcomes
On successful completion of this unit you will be able to:
- Explain the aims and purpose of economics including key concepts, terminologies and tools of economic analysis; and interpret, present and apply economic data correctly and effectively to support analysis of contemporary economic issues. [KS 1.1, 1.2]
- Describe and effectively use economic theories and thinking to explain and analyse economic issues and policies that affect Australia and the global economy. [HO 2.1]
- Use professional written communication and information literacy skills, including the use of scholarly resources, to present and support economic thinking. [PC 3.1]
Content
In this unit you will cover key elements of both microeconomic and macroeconomic theory. In microeconomics, the unit will focus on understanding how competitive markets allocate resources through the interaction of demand and supply; what happens when markets fail and why and how governments intervene in markets (for better and worse); and firm and industry organisation. In macroeconomics, the unit will examine key macroeconomic variables (economic growth, inflation and unemployment), the importance of international trade and the role of macroeconomic policy tools (fiscal and monetary policy) in the management of a stable economy and future economic prosperity of the nation. Throughout the unit, you broader economic understanding of Australian and global economic issues will be developed through the use of contemporary real world examples and issues.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit adopts a structured approach to guide you to success in acquiring the economic way of thinking, and applying economic concepts and theories to better understand real world issues.
Lectures and tutorials provide an opportunity to explore concepts and interact with the teaching team and peers. You can engage this unit in person (on campus) and online for both lecture and tutorial. You are expected to complete readings from the prescribed text. Engagement with the additional resources and learning activities on the Canvas site are designed to further develop understanding and provide opportunities for formative assessment.
Feedback on Learning and Assessment
You will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation, review quizzes
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the learning objectives for both subject knowledge and other graduate capabilities. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Report
Acting as an economist, you will apply economic theory, interpretations of data and appropriate supporting evidence to analyse contemporary economic issues.
This assignment is eligible for the 48 hour late submission period and assignment extensions.
The ethical and responsible use of generative artificial intelligence (GenAI) tools is authorised in this assessment. See the relevant assessment details in Canvas for specific guidelines.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1, 1.2), HO (2.1), PC (3.1)
Assessment: End of Semester Exam
The examination will focus on both micro- and macro-economics material delivered from week 5 to week 12 of the unit. It will consist of both theoretical and applied economic questions.
The use of generative artificial intelligence (GenAI) tools is prohibited during this assessment.
This assessment item is Verified Identity Assessment. Requirements are provided on the Unit Canvas site.
This invigilated examination requires attendance on campus or at an assessment centre, regardless of your attendance mode for the unit.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.2), HO (2.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
The resources in this unit include a prescribed text and additional resource added to the Canvas site.
Resource Materials
Prescribed text(s)
Parkin, M. 2022. Economics, Global edition, 14th edition. Pearson.
Other
Additional references and resources, including lecture overheads, tutorial notes, assignments can be found at the unit's Canvas site: https://Canvas.qut.edu.au.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with learning and teachng activities in this unit.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
Engineers Australia Stage 1 Competency Standard for Professional Engineer
3: Professional and Personal Attributes
Relates to: Report
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.AB01 Bachelor of Built Environment (Honours)
- Apply theoretical, practical and cultural knowledge and skills across a range of disciplines and specialist knowledge and skills in one built environment area.
Relates to: Report, End of Semester Exam - Design and critically evaluate sustainable and creative solutions to social, economic, technological and environmental challenges.
Relates to: Report, End of Semester Exam - Communicate knowledge, ideas and creative solutions in diverse modes, for a range of contexts and diverse audiences.
Relates to: Report
BS05 Bachelor of Business
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
BS06 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: Report - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO3, Report
BS08 Bachelor of Business - International
- Demonstrate and apply integrated business knowledge, combining disciplinary depth and interdisciplinary insight, to address complex and evolving business challenges.
Relates to: ULO1, Report, End of Semester Exam - Apply technical and digital capabilities, including emerging technologies such as AI, and data analytics, to solve real-world business problems and drive innovation and transformation.
Relates to: Report - Investigate complex business issues by critically analysing, evaluating, and synthesising theory and practice to generate evidence-based insights.
Relates to: ULO1, ULO2, Report, End of Semester Exam - Communicate effectively and professionally in written forms, demonstrating information literacy and the ability to craft clear, purposeful, and audience-appropriate messages using suitable media and formats across diverse business contexts.
Relates to: ULO3, Report
UD05 Bachelor of Property Economics
- Identify theoretical and technical knowledge of economic, legal, social, cultural, global, physical, technological and sustainable contexts required to value, manage and develop property assets and investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Apply theoretical and technical knowledge and skills, methods, calculations, property technologies, and sustainability strategies to evaluate the feasibility of property development opportunities, to identify finance options for property investments, and to enhance the performance of assets or investment portfolios
Relates to: ULO1, ULO2, Report, End of Semester Exam - Collect and analyse data using industry-standard proprietary software and strategies to evaluate financial and property market trends to inform current and future property decisions.
Relates to: ULO1, Report - Communicate and negotiate with diverse, real-world audiences
Relates to: ULO3, Report