Macquarie University
| Overview and Aims of the Program | Economists understand complicated economic and social processes, intervene to make outcomes better, and set policies that have a major effect on society. The Economics major provides an excellent education in the leading theories, concepts and applications of modern microeconomics and macroeconomics. The focus is on the properties of supply and demand networks. Areas covered include banking and finance, consumer sentiment, debt, economic growth, equity, environment, forecasting, free trade, inflation, Keynesian recessions, market failures, natural monopolies, optimality, rates of interest, scarcity, standards of living, uncertainty, unemployment and wage differentials. Key features: • gain the skills to effectively analyse decision-making by individuals, business, government and global organisations • develop a strong understanding of governments and organisations in the global economy • the Economics major can be combined with a Finance major if you are interested in a career in the financial sector. |
| Graduate Capabilities | The Graduate Capabilities Framework articulates the fundamentals that underpin all of Macquarie’s academic programs. It expresses these as follows: Interpersonal or social capabilities |
| Program Learning Outcomes | By the end of this program it is anticipated you should be able to: 1. demonstrate knowledge of key economics concepts and principles (K) 2. display competence in the technical skills required to apply the key concepts and principles of economics (K) 3. critically analyse economics business issues (T, I) 4. evaluate established economics knowledge (T, I) 5. develop solutions to economics business problems (P, J) 6. demonstrate communication skills relevant to an appropriate professional environment (C) 7. develop an awareness of contemporary economics issues (A) 8. demonstrate an awareness of the role of ethical behaviour in businesses (E) 9. apply teamwork knowledge and skills for effective collaboration to achieve diverse purposes in a range of contexts (E). |
| Learning and Teaching Methods | Throughout the Bachelor of Commerce - Economics major program, students will participate in a range of traditional and innovative learning activities designed to develop the knowledge, understanding, skills and techniques required for successful participation in employment or further study. Learning activities are varied and include both formal and informal experiences. All units in the program are supported by an online environment that provides access to resources such as lecture notes and recordings, readings, quizzes, discussion forums and assessment materials, and that facilitates communication between teaching staff and students. The learning outcomes associated with individual units in the Economics major have been aligned with Bachelor of Commerce program level learning outcomes and the Macquarie University graduate capabilities. Students are expected to actively engage in their learning and work with their lecturers, tutors and fellow students to achieve these learning outcomes. Learning styles used in the BCom may include: • Case studies, which provide students with an opportunity to apply their knowledge to real or simulated scenarios in individual or group situations. • Simulations, modelled on real-life situations and providing learning experiences that promote integration of knowledge, skills and critical thinking. • Project work, which may be independent or involve group learning. Projects assist students in developing more in-depth knowledge and skills in conducting research, communication, and in planning, organisation and time management. • Readings taken from textbooks, journals, websites and other sources provide material to further develop concepts and knowledge referred to in individual units in the program. • Reflective activities, such as journals, assist students in integrating the course content and in developing the ability to transfer knowledge and skills from the learning environment into the workplace. • Self-study activities, such as questions with worked examples, (non assessed) online quizzes, and textbook questions and answers. • Online discussion forums, in which students may be required to submit responses to a given question, and/or to participate in a set discussion topic. Learning in the BCom may be facilitated through the following teaching methods: • Lectures: Lectures are presentations designed to communicate a body of knowledge to a group of students, often in a large lecture theatre, and provide insight into key concepts and understanding of the subject matter pertaining to a unit of study. Lectures in this program are typically delivered in the traditional face-to-face mode, although some are interactive and students may be required to participate in a learning activity during the lecture. Extensive use is also made of the Echo 360 lecture audio recording system. Lectures may also be 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. In first year, tutorials tend to focus on ensuring that fundamental concepts and skills are acquired. As students progress on to units at a higher level, the focus shifts towards a more critical engagement with the discipline. Tutorials provide students with the chance to ask questions, seek clarification, resolve problems, enhance their communication skills, and develop their ability to work in a collaborative manner with their peers. • Computer lab workshops or Practicals: The environment in which our graduates will work is one requiring high level quantitative skills. 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 the labs to practice skills and to complete assessment tasks in their own time. • PACE unit: PACE (Professional and Community Engagement) is Macquarie University’s way of connecting students with partner organisations to provide a mutually beneficial experience. The Economics major's PACE unit, ECON381 'Current Issues in Economics', takes the form of workshop sessions and engagement with an industry partner throughout the semester. • PAL sessions: The Faculty of Business and Economics also offers PAL (Peer Assisted Learning) workshops in a number of first and second year units. The free, weekly PAL workshops are led by trained students who have excelled in those particular units, and are open to all enrolled students in these units. The purpose of PAL is to promote improved learning and understanding of the unit's content in a group setting. PAL is for all levels of students studying the unit, not just the "I'm barely passing" students, and increases your likelihood of achieving higher grades. • Capstone unit: ECON381 'Current Issues in Economics' is the Economics major's final year Capstone unit, and provides students with opportunities to integrate their knowledge and experiences from the whole program in preparation for their future career. |
| Assessment | Assessment tasks are designed to develop understanding and assess achievement of the program learning outcomes and will require students to integrate and exhibit skills and knowledge acquired. For each unit of study, students will complete between two to four assessment tasks. The unit guide will indicate the relationship between the assessment tasks and program learning outcomes. Assessment tasks across the Economics major may include the following: o Written assessments in traditional academic format ranging from short essays to longer, self-directed research papers, literature reviews and annotated bibliographies. o Case studies or reports, written documents outlining the results of a detailed analysis of a situation using empirical data and research. Case studies are used to assess critical thinking, analytical and research skill. o Assignments, in a variety of formats such as the production of an Excel spreadsheet, the analysis of a mathematical problem or data set, or a brief written response to a topic question. o Online quizzes designed to assess knowledge, skills or capabilities, and typically consisting of a series of questions requiring brief responses. o Class participation, including engagement in tutorial discussions or online discussions. o Written class tests, time limited assessments designed to assess a student's knowledge or skills. o Individual or group oral presentations which may incorporate presentation technologies or be accompanied by handouts. o Final examination, an invigilated assessment conducted at the end of session and designed to assess a student's body of knowledge and critical thinking skills. |
| 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 (see www.mq.edu.au/policy) and its associated Procedures and Guidelines. The RPL pages contain information on how to apply, links to registers, and the approval processes for recognising prior learning for entry or credit. Information can be found at: https://mq.edu.au/rpl |
| 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. |
| 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: • business journalist • business economist • financial analyst • investment analyst • management consultant • market analyst • planning/policy analyst • public administrator • teacher. Employers: • consultancy firms • commercial banks • government • educational institutions • international organisations • investment banks • NGOs. |
| 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. |
Inherent requirements are the essential components of a course or program necessary for a student to successfully achieve the core learning outcomes of a course or program. Students must meet the inherent requirements to complete their Macquarie University course or program.
Inherent requirements for Macquarie University programs fall under the following categories:
Physical: The physical inherent requirement is to have the physical capabilities to safely and effectively perform the activities necessary to undertake the learning activities and achieve the learning outcomes of an award.
Cognition: The inherent requirement for cognition is possessing the intellectual, conceptual, integrative and quantitative capabilities to undertake the learning activities and achieve the learning outcomes of an award.
Communication: The inherent requirement for communication is the capacity to communicate information, thoughts and ideas through a variety of mediums and with a range of audiences.
Behavioural: The behavioural inherent requirement is the capacity to sustain appropriate behaviour over the duration of units of study to engage in activities necessary to undertake the learning activities and achieve the learning outcomes of an award.
For more information see https://students.mq.edu.au/study/my-study-program/inherent-requirements
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