Covers core microeconomic and macroeconomic principles — supply and demand, elasticity, key macroeconomic indicators, and market structures — with real-world case comparisons.
To give students a working understanding of core economic principles and their application to business decision-making.
| Week | Topic & Activity |
|---|---|
| 14 | Supply and Demand AC1.1 Explain the law of supply and demand. AC1.2 Illustrate market equilibrium using a simple diagram. Workshop: Plotting Supply & Demand Curves. |
| 16 | Elasticity AC2.1 Explain the concept of elastic and inelastic demand. AC2.2 Calculate a simple elasticity ratio. Tutorial: Elasticity in Everyday Products. |
| 18 | Macroeconomic Indicators AC3.1 Explain inflation, unemployment and GDP. AC3.2 Interpret published economic indicators for a chosen country. Seminar: Reading a Central Bank Report. |
| 21 | Market Structures AC4.1 Compare perfect competition and monopoly. AC4.2 Identify examples of each structure in real markets. Case Study: Comparing Airline vs Local Bakery Markets. |
| 24 | Final Assessment Submission Final submission of Units 04 and 05. Report finalisation. |
Assessed by coursework (no written examination) — an assignment, report or portfolio task set at the start of Term 2. A formative draft is reviewed with tutor feedback in Week 20, and the final version is submitted by the end of Week 24. Graded Pass, Merit or Distinction, with plagiarism-checked submissions (Turnitin) and a signed Learner Declaration Form.