Monash University Handbook 2010 Undergraduate - Course

Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole.

The Monash Bachelor of Economics provides a professional education in the disciplines of economics or econometrics and business statistics and is designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.

The Bachelor of Economics aims to produce graduates who will:

(a.) be critical and creative scholars who:

• produce innovative solutions to problems
• apply research skills to business challenges
• communicate effectively and perceptively

(b.) be responsible and effective global citizens who:

• engage in an internationalised world
• exhibit cross cultural competence
• demonstrate ethical values

(c.) have a comprehensive understanding of their discipline and be able to provide discipline based solutions relevant to the business, professional and public policy communities that we serve

(d.) be able to construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.

The course structure has three main components:

• a set of core units which provide an introduction to the key areas of economics and econometrics and business statistics
• an eight unit major in either economics or econometrics and business statistics
• eight open electives which may be taken from any Faculty of Business and Economics programs and campuses, or from disciplines offered by another faculty. These open electives can, in some cases, form a second major
• four additional electives from approved complementary discipline areas.

The degree requires completion of 24 units (144 points) over a maximum of 10 years as follows:

(a.) 12 units (72 points) from the faculty in the Bachelor of Economics at the Clayton campus as follows:

(i.) six core units (36 points):

• ECC1000 Principles of microeconomics
• ECC1100 Principles of macroeconomics
• ETC1000 Business and economic statistics
• ETC1010 Data modelling and computing
• ECC2000/ETC2000 Intermediate microeconomics
• ECC2010/ETC2110 Intermediate macroeconomics

(ii.) a further four units (24 points) in either economics or econometrics and business statistics, which combined with the core units complete an eight-unit major.

Economics

Four units (24 points) from the following list, with at least two units (12 points) completed at third-year level:

• ECC2300 Current issues in macroeconomic policy
• ECC2360 Environmental economics
• ECC2400 Current issues in applied microeconomics
• ECC2410 Introductory econometrics
• ECC2440 Mathematics for economics and business
• ECC2450 Sports economics
• ECC2600 Behaviour, rationality and organisation
• ECC2700 Economic issues in health and health care
• ECC2800 Prosperity, poverty and sustainability in a globalised world
• ECC2840 Australian economic institutions and policy
• ECC2890 Economic development of East Asia
• ECC3410 Applied econometrics
• ECC3570 The international economy since 1945
• ECC3640 Economics of climate change
• ECC3650 Applied general equilibrium economics
• ECC3660 Monetary economics
• ECC3670 Economics of developing countries
• ECC3690 International economics
• ECC3710 Labour economics
• ECC3800 History of economic thought
• ECC3810 Public finance
• ECC3830 Competition and regulation
• ECC3840 Mathematical economics
• ECC3860 Integrated economic modelling

Econometrics and business statistics

Four units (24 points) from the following list, with at least two units (12 points) completed at third-year level:

• ETC2410 Introductory econometrics
• ETC2430 Actuarial statistics
• ETC2440 Mathematics for economics and business
• ETC2450 Applied forecasting for business and economics
• ETC2470 Applied business modelling
• ETC2480 Business modelling methods
• ETC2500 Marketing research analysis
• ETC2520 Probability and statistical inference for economics and business
• ETC3400 Principles of econometrics
• ETC3410 Applied econometrics
• ETC3420 Bayesian modelling and risk analysis
• ETC3440 Introductory econometrics
• ETC3450 Time series analysis for business and economics
• ETC3460 Financial econometrics
• ETC3490 Business simulation
• ETC3500 Survey data analysis
• ETC3510 Modelling in finance and insurance
• ETC3530 Contingencies in insurance and pensions
• ETC3840 Mathematical economics
• ETC3860 Integrated economic modelling

(iii.) an additional two units (12 points) from the faculty in the Bachelor of Economics at the Clayton campus to reach the required minimum of 12 units

(b.) 12 electives (72 points) as follows:

(i.) eight open electives (48 points):

• may be taken from disciplines offered by another faculty
• may be taken from any Faculty of Business and Economics programs and campuses*

(ii.) an additional four electives (24 points) may be taken from any Faculty of Business and Economics programs and campuses,* or from the following complementary disciplines from the Faculty of Arts and Faculty of Science:

• geography and environmental science
• history
• politics
• mathematics
• sociology
• philosophy
• languages (selected from offerings at the Clayton campus).

* Note: Enrolment in units at another campus is subject to there being capacity after students from that campus have enrolled.

Additional degree requirements:

• a maximum of 10 first-year level units (60 points)
• a minimum of six third-year level units (36 points), of which at least four units (24 points) must be from those offered by the faculty at the Clayton campus
• in addition to specific unit prerequisites, second-year level units require the successful completion of three first-year level units and third-year level units require the successful completion of two second-year level units.

Bachelor of Economics