Economics

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We all hear daily of unemployment, inflation, interest rates, productivity and the balance of payments. The state of the economy affects our current and future standard of living and has come to dominate the media. The study of Economics examines these issues, explains the way the economy works and provides the basis to forecast what is likely to happen to the economy in the future. Economics is the discipline that investigates how society can make efficient choices so that we can maximise our living standards.

Within the Bachelor of Economics are majors that lead to careers in many parts of the business world. Economists perform the role of the navigator for these organisations in that their work provides a basis for future planning. This planning may be financial, economic, or even corporate because of the range of analytical skills that students in the Economics programme develop.

The Bachelor of Economics is concerned with the whole economy: all firms and organisations, exports and imports, resources and government finance, as opposed to a Commerce degree which is more concerned with the efficient and profitable running of individual firms.

Course Outline

Economics can be studied as a major in the Bachelor of Arts. If you prefer more indepth study of Economics, you may wish to study the Bachelor of Economics. This includes combined courses which include these degrees. You may be able to study individual Economics units within other degrees.

Bachelor of Arts, majoring in Economics
To complete the major in Economics, you must complete two compulsory level 1 and two compulsory level two units as well as additional Economics units at second and third levels. For more details, read the "Economics" major information below.

Bachelor of Economics
In level 1 of the Bachelor of Economics you will study eight units, of which three (four if you are required to complete an additional mathematics unit) are compulsory for the degree. In levels 2 and 3 you will specialise in your major areas of study.

You must complete at least one of the following majors.

ECONOMICS
The Economics major will equip you with the skills required for work in financial institutions, government and the private sector. The microeconomics courses provide the theoretical and applied framework for the analysis of issues in taxation, resource allocation, microeconomic reform, efficiency of the public sector and market structure. Theories of output, inflation, unemployment and balance-of-payments determination form the basis of the macroeconomics courses. These courses also contain empirical examples and are integrated with three quantitative courses that teach essential, modern mathematical and statistical skills increasingly used in business and government.

ASIAN BUSINESS
Asian Business will introduce you to the economic, commercial, social and cultural skills that are needed as the basis of a business career in the Asian region, or if you intend to work in companies with extensive contact and trading relationships there.

ECONOMIC HISTORY
Economic History will give you an understanding of structural, institutional and cyclical change in an economy over time and how economic theory can be used to assist that understanding. The compulsory units cover the economic history of our own nation and the history of economic thought, as the latter is basic to an understanding of economic change over time. The elective units cover different regions and themes to provide you with a broad perspective encouraging you to think internationally rather than simply nationally.

INDUSTRIAL RELATIONS
Good industrial relations is one of the key issues in making an economy competitive. It affects everyone who is at work. If you study industrial relations you will study the way work is organised, the way employees are managed, the role of unions, how cooperation and negotiation can be developed and how conflict can emerge. Having an understanding of industrial relations will help you to be more effective in whatever job you do but will be particularly important if you get into a management position, work for a union, or get involved in industrial law.

INTERNATIONAL BUSINESS ECONOMICS
International Business Economics will introduce youto basic concepts of financial management, international trade and trade policy, international financial markets, global economic analysis and decision making processes within firms. This core of knowledge can be combined with other majors, such as Money and Banking, Finance, Marketing, or Management to provide a satisfying and exciting career path.

MONEY AND BANKING
The major in Money and Banking can be recommended to all students in Economics and Commerce, particularly those who intend a major in Economics or Finance. It provides an introduction to banking, the Australian financial system, international financial markets and the macroeconomic environment in which financial markets operate. Topics covered include recent developments in the theory of money, bank risk management, bank performance analysis, the international monetary system and foreign exchange markets, including derivative securities.

QUANTITATIVE ECONOMICS
Quantitative Economics is designed to provide you with the specialist mathematical and econometric skills widely used both in economic research and in the application of economic principles to real world problems. Topics covered include the seasonal correction of data using regression techniques, forecasting, model selection and model evaluation. Particular emphasis is placed on the empirical measurement of economic relationships which form the basis of government and business decision making. Computers are used to assist in problem solving.

All students enrolled in the Bachelor of Economics course (except those taking the Industrial Relations major) are required to take one Economic History unit. You will also be required to take second year microeconomics and macroeconomics units. 

Duration

Bachelor of Arts: 3 years full-time, up to 10 years part-time.
Bachelor of Economics:  3 years full-time, up to 10 years part-time.

Career opportunities

As a graduate in Economics you will find a variety of career paths open to you. In the private sector you might work as a stockbroker, investment analyst, personnel officer, economic analyst, economist. You could find yourself in a small retail business, a large multi-national firm, an international bank, international mining company, computer manufacturer, consultancy, or an airline.

You may wish to enter the government sector at either the federal or state level. At the federal level you may work in the Department of Treasury, Department of Foreign Affairs or other major departments. Similar openings are available at the State level. To quote Anne Nolan, the Assistant Under Treasurer at the WA Treasury, “Treasury’s experience is that a Bachelor of Economics degree provides an excellent foundation in analytical and conceptual thinking in a practical and real world discipline.”

Recent employers of UWA Economics graduates include ANZ Bank, Chase Manhattan Bank, Bankwest, Commonwealth Bank, Australian National Audit office, Market Equity, Telstra, Montague Stockbrokers, Reserve Bank, Department of Training, and the Ministry of Premier and Cabinet.