| AQF Level |
Level 7 Bachelor Degree |
| CRICOS Code |
001362K |
| Overview and Aims of the Program |
Economics deals with how society allocates scarce resources between alternative ends. A major focus of economics is on the efficiency with which the economy produces and distributes goods and services. It explores how decisions made by producers, consumers and governments affect the allocation of scarce resources, and hence our society.
In the Bachelor of Economics degree you will complete units in macroeconomics and microeconomics, econometrics, economic policy and industrial organisation. A major focus of the degree is on problem solving, critical thinking and the development of high level technical and analytical skills.
Key features of the degree are:
• rigorous training in problem solving, critical thinking and the development of high-level technical and analytical skills
• suitable for students looking for a rewarding career in many areas of business, finance, industry or government
• the degree is flexible enough to enable students to include subjects from other discipline areas such as politics, languages, philosophy or sociology
• by combining theory with application, graduates are able to step straight into the workforce with microeconomic, macroeconomic and econometric skills. |
| Graduate Capabilities |
The Graduate Capabilities Framework articulates the fundamentals that underpin all of Macquarie’s academic programs. It expresses these as follows:
Cognitive capabilities
(K) discipline specific knowledge and skills
(T) critical, analytical and integrative thinking
(P) problem solving and research capability
(I) creative and innovative
Interpersonal or social capabilities
(C) effective communication
(E) engaged and ethical local and global citizens
(A) socially and environmentally active and responsible
Personal capabilities
(J) capable of professional and personal judgement and initiative
(L) commitment to continuous learning |
| Program Learning Outcomes |
By the end of this program it is anticipated you should be able to:
1. demonstrate knowledge of key ideas in contemporary economics and how they apply to the problems faced by key economic decision makers (K)
2. demonstrate knowledge of key econometric ideas (K)
3. demonstrate competence in relation to key econometric skills (K)
4. evaluate established economic knowledge (T, I)
5. critically analyse economic issues (T, I)
6. recommend appropriate solutions to economic problems (P, J)
7. demonstrate communication skills relevant to an appropriate professional environment (C)
8. demonstrate awareness of the international and contemporary challenges facing business and government (E, A)
9. demonstrate an awareness of the ethical dimension of business practice (E). |
| Learning and Teaching Methods |
The Bachelor of Economics utilizes a range of learning and teaching methods to allow students to achieve the program level outcomes. The learning outcomes associated with individual units have been aligned with program outcomes and graduate capabilities.
• Lectures: lectures are oral presentations that are intended to present information or teach students about a particular subject. While lectures in this program are typically delivered in the traditional face-to-face mode, extensive use is also made of the Echo 360 lecture recording system. Many lectures, where technically possible, are also video captured. This means that students can usually access lecture material, in some format, on an 'on demand' basis.
• Tutorials: tutorials are classes in which a tutor facilitates interactive learning with a small group of students. At the 100 level, tutorials tend to focus on ensuring that fundamental concepts and skills are acquired. As students progress to 200 and 300 level, the focus of tutorials shifts towards a more critical engagement with the discipline. Tutorials provide students with the chance to ask questions, seek clarification, resolve problems, practice communication skills and develop their ability to work in a collaborative manner with other people.
• Workshops: the environment in which BEc graduates will work is one requiring high level quantitative skills. The BEc includes specific program objectives relating to this. These quantitative skills are developed, in part, in computer lab workshop sessions. These sessions allow students to acquire and practice quantitative skills that are highly valued in the workplace. In addition to formal workshop sessions under the direct instruction of a lecturer or tutor, students are able to access these computer labs to practice skills and to complete assessment tasks outside formal class time. Students are supported at these times by demonstrators who are in the labs to provide limited assistance with technical issues.
• Peer-Assisted-Learning (PAL): PAL is available in the foundation unit ECON111 Microeconomic Principles. Students undertake PAL on a purely voluntary basis. PAL provides an additional avenue through which students can come to grips with the content of the unit. As the name implies PAL involves students assisting each other with the guidance of a facilitator. PAL facilitators are students who have successfully completed the unit in the recent past. PAL facilitators are carefully chosen and extensively trained. Their work is supervised by the lecturers in ECON111.
• Participation and Community Engagement (PACE). The BEc aims to produce work ready graduates. To this end all students complete a capstone unit, ECON381 Current Issues in Economics, in their final year of study. The capstone draws together the various strands of knowledge that have been developed across the program and emphasizes the application of this knowledge to real world situations. The capstone also includes an emphasis on PACE. This takes the form of sustained serious engagement with industry partners. These industry partners present lectures in which real world projects are posed to students. Students work on these projects in groups, under close supervision from lecturing staff and the industry partners. |
| Assessment |
Assessment in the BEc is carefully aligned with the program's learning outcomes, and is both formative and summative. Formative assessment provides students with feedback on their learning, but which is often not graded, or makes a small contribution to the final grade. Summative assessment gives students a judgement on their learning, for grading purposes.
The types of assessment tasks employed in the BEc are diverse.
• Essays: an essay requires the systematic investigation of a topic and the development of a written argument. In addition to assessing the acquisition of discipline specific knowledge and skills, essays are also used to assess other program objectives relating to cognitive, communication and research skills. This form of assessment tends to be used at the 200 and 300 level. Essays in the BEc tend to be between 1500 and 3000 words in length.
• Assignments: An assignment may take a variety of formats ranging from the production of an Excel spreadsheet, the analysis of data, a written response to a topic question, or presenting a solution to an analytical problem.
• Quizzes: a quiz is an online assessment. In the BEc, quizzes are typically used to assess discipline specific knowledge and skills. Quizzes usually consist of a short series of questions requiring a brief response. They also commonly take the form of multiple choice questions. Quizzes are used widely across the program. They provide timely formative feedback to students.
• Presentations: presentations may be conducted on an individual or group basis. They involve the oral description of an area of investigation and may utilise a range of presentation technologies and supplementary materials such as handouts. Presentations typically provide the audience with the opportunity to ask questions. The presenter(s) is expected to provide an informative response. This form of assessment is crucial in the development of the important program objectives relating to communication. Feedback is typically provided verbally and in writing. Feedback from peers is also sometimes provided.
• Class participation: class participation is assessed by a student's engagement in discussions facilitated by a lecturer, contributions to online discussion forums, or general questions asked during lectures and tutorials. Participation is expected to be well considered and relevant to the topic.
• Final examination: a final examination is designed to assess a student's body of knowledge and critical thinking skills. Examinations consist of questions requiring written responses. These questions may be in a multiple choice format, or require short answers or short essay responses. Most units in the BEc have a final examination. The final examination is typically given the heaviest weighting in the assessment scheme. |
| Recognition of Prior Learning |
Macquarie University may recognise prior formal, informal and non-formal learning for the purpose of granting credit towards, or admission into, a program. The recognition of these forms of learning is enabled by the University’s Recognition of Prior Learning (RPL) Policy and its associated Procedures and Guidelines. For recognition of prior informal and non-formal learning, please refer to the relevant RPL Plan, which describes the evidential requirements and approval processes for recognising prior learning for entry or credit in this program.
For undergraduate RPL plans visit www.goto.mq.edu.au/nonschoolrpl
For postgraduate RPL plans visit www.goto.mq.edu.au/pgrpl |
| Support for Learning |
Macquarie University aspires to be an inclusive and supportive community of learners where all students are given the opportunity to meet their academic and personal goals. The University offers a comprehensive range of free and accessible student support services which include academic advice, counselling and psychological services, advocacy services and welfare advice, careers and employment, disability services and academic skills workshops amongst others. There is also a bulk billing medical service located on campus.
Further information can be found at www.students.mq.edu.au/support/
Campus Wellbeing contact details:
Phone: +61 2 9850 7497
Email: campuswellbeing@mq.edu.au
www.students.mq.edu.au/support/health_and_wellbeing/contact_us Additionally, students in the BEc have access to peer assisted learning in the foundation unit ECON111. |
| Program Standards and Quality |
The program is subject to an ongoing comprehensive process of quality review in accordance with a pre-determined schedule that complies with the Higher Education Standards Framework. The review is overseen by Macquarie University's peak academic governance body, the Academic Senate and takes into account feedback received from students, staff and external stakeholders. |
| Graduate Destinations and Employability |
Career opportunities are many and varied, and include such careers as:
• economist
• business journalist
• financial analyst
• investment analyst
• management consultant
• market analyst
• planning / policy analyst
• public administrator
• researcher
• statistician
• stockbroker
• teacher.
Employers:
• consultancy firms (such as Accenture, Price Waterhouse)
• commercial banks (such as Commonwealth Bank, AMP)
• government (Treasury, Reserve Bank, Productivity Commission)
• educational institutions schools and universities)
• international organisations (such as IMF, World Bank, OECD)
• investment banks (such as Macquarie Bank, Goldman Sachs)
• NGOs (such as Greenpeace, World Health Organisation)
• research organisations (such as NERA, Access Economics, CHERE). |
| Assessment Regulations |
This program is subject to Macquarie University regulations, including but not limited to those specified in the Assessment Policy, Academic Honesty Policy, the Final Examination Policy and relevant University Rules. For all approved University policies, procedures, guidelines and schedules visit www.mq.edu.au/policy. |
| External Benchmarks |
The BEc is benchmarked against the Economic Learning Standards. These learning standards were commissioned by the Australian Government under the auspices of an Office of Learning and Teaching fellowship. The development of these learning standards was supported by the Australian Business Deans Council and the Economic Society of Australia. More information about the economic learning standards is available at (http://www.economicslearningstandards.com).
The BEc also benefits from regular input from the economics department's Industry Advisory Board. This board consists of senior industry professionals who provide feedback on the BEc. |
| Accreditation |
This is an Australian Qualifications Framework (AQF) accredited qualification. |
