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This subject provides students with an introduction to both Accounting and Economics. Students begin by gaining an understanding of the business environment and business terminology as well as the need of businesses to create a competitive advantage. They explore introductory accounting concepts such as recording accounting transactions, interest, GST and price setting. They also develop their ICT skills in terms of using Excel.  Students gain an understanding of how a small business accounts for both profit and cash flows as well as the decision making process on how a business can be financed.

 Students move on to studying some fundamental economic concepts, such as relative scarcity, opportunity cost, resource allocation, cost-benefit analyses and the laws of demand and supply. They look at the relationship between consumers, business and the government in a market economy. The insights of behavioural economics are examined. Students also study the indicators of economic performance in order to evaluate Australia’s current economic performance and the consequences for living standards. What are the intended and unintended consequences of economic decisions?

Curriculum focus

• Business environments

• Managing a business

• Financial risk

• Competitive advantage

• Resource allocation

• Cost-benefit analysis

• Demand and supply models

• Markets

• Economic trends

• Behavioural economics

Assessment

Student assessment typically incorporates topic tests and the submission of completed learning activities (including exercises and group work).

There is also an examination at the end of the semester.

Links

Key Resource

In the current absence of a suitable textbook, Business Studies staff have created their own learning resources. These will be made available at the start of the semester.