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Requisite map

Overview

Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole. Two specialisations provide a professional education in economics: economics and economics policy, and mathematical economics and econometrics. Both specialisations are designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.

SPECIALISATIONS

Economics and economic policy

The specialisation in economics and economic policy provides an advanced knowledge of the theories explaining and analysing the production, distribution, and consumption of goods and services and focuses on how individuals, households, firms and governments interact and how economies work, with an emphasis on economic policy. Microeconomics examines the behaviour of buyers and sellers in the economy, from the microeconomic policy perspective; while macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy, helping to predict economic fundamentals and provide macroeconomic policy advice.

Mathematical economics and econometrics

The economic system is too complex to be analysed descriptively. Most economic decisions require strategic thinking, prediction of expected responses corresponding to each decision and the modelling of complex interactions among multiple economic agents. Mathematical modelling of economic interactions and the use of econometric techniques to evaluate the validity of these models using observed data, have transformed economics into a scientific discipline. This specialisation will be attractive to those with well-developed analytical abilities. You will use mathematics to learn principles of economics, and to develop skills to formulate economic theories in a mathematical form that can be confronted by data. You will also learn econometric methods that enable you to estimate and test these models using empirical evidence and to quantify economic predictions.

Course structure

Course rules144 credit points

In choosing your units, you must ensure that you complete no more than 10 units (60 credit points) at level 1 and at least six units (36 credit points) at level 3, including four units (24 credit points) at level 3 offered by the Faculty of Business and Economics.

Part A. Foundation commerce knowledge24 credit points

You must complete the following units

Part B. Specialist discipline knowledge and Part C. Capstone experience72 credit points

You must complete one of the following specialisations

Economics and economic policy specialisation

72 credit points

Core units

18 credit points

You must complete the following units. Note: ECC3690 is the Capstone unit.

Additional Economics and economic policy units

30 credit points

You must complete three units (18 credit points) from List A below and two units (12 credit points) from List A or List B below

List A

18 credit points

List B

12 credit points

Elective units

24 credit points

You must complete 24 credit points of elective units selected from either the Faculty of Business and Economics or across the University, providing you have met the prerequisites and there are no restrictions on admission to the units.

Mathematical economics and econometrics specialisation

72 credit points

Core units

18 credit points

You must complete the following units. Note: ETC3400 is the capstone unit.

Mathematical units

12 credit points

You must complete one of the following pairs of mathematics units

Pair 1

12 credit points

You must complete the following units

Pair 2

12 credit points

You must complete the following units

Pair 3

12 credit points

You must complete the following units

Pair 4

12 credit points

You must complete MTH1030 and only one of either MTH2010 or MTH2021

Additional Mathematical economics and econometrics units

18 credit points

You must complete 18 credit points from the following units, or any unit not taken in the Mathematical units section, with at least two units at level 3

Electives

24 credit points

You must complete 24 points credit points of elective units selected from either the Faculty of Business and Economics or across the University, providing you have met the prerequisites and there are no restrictions on admission to the units.

Part D. Free elective study48 credit points

You must complete 48 credit points of free elective study. Electives can be chosen from across the University, including to complete a major or minor from another course if you have met the required prerequisites and there are no restrictions on enrolling in the units. Enrolment in Faculty of Business and Economics units at campuses other than the campus of enrolment is subject to there being capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations. No more than two units can contribute towards two majors, or a major and a minor, in the same course (including a double degree course). The same unit is not credited towards two minors. Electives can be identified using the advanced search in the current edition of the Handbook. Majors and minors can be identified using the Handbook advanced search. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3. For students in a double degree course, some units required for the other degree can also be credited as electives towards the Economics degree.

The handbook's description of this structure

The course develops through the four themes of foundation commerce knowledge, specialist discipline knowledge, capstone experience, and elective study.

Part A. Foundation commerce knowledge

These units will provide you with a comprehensive study of economics and econometrics disciplines and the impact they have on multi-discipline decision-making in organisations. The units consider the impact on the business, professional and public policy communities.

Part B. Specialist discipline knowledge

These units will develop your capacity as a critical and creative professional who is able to apply your knowledge of a specialised area to provide discipline based solutions to commerce and economic policy.

Part C. Capstone experience

The capstone unit is designed to consolidate the knowledge and skills acquired throughout the study of your specialisation.

Part D. Free elective study

This will enable you to further develop your knowledge of economics or commerce more broadly, or select any units from across the University in which you are eligible to enrol including to complete a major or minor from another course.

Course progression map

The course progression map provides guidance on unit enrolment for each semester of study.

You must complete units as specified in Parts A, B, C and D (144 points): including 96 points of study in Parts A, B and C, and 48 points of free electives in Part D.

In choosing their units, you must ensure that they complete no more than 10 units (60 points) at level 1 and at least six units (36 points) at level 3, including four units (24 points) at level 3 offered by the Faculty of Business and Economics.

Units are 6 points unless otherwise specified.

Part A. Foundation commerce knowledge (24 points)

You must complete:

ECC1000 Principles of microeconomics
ECC1100 Principles of macroeconomics
ETC1000 Business and economic statistics
ETC2410 Introductory econometrics

Part B. Specialist discipline knowledge and Part C. Capstone experience (72 points)

Economics and economic policy specialisation

You must complete:

a. The following three units (18 points):

ECC2000 Intermediate microeconomics
ECC2010 Intermediate macroeconomics
ECC3690 International economics*

* Capstone unit.

b. Three units (18 points) from List A below and two units (12 points) from List A or List B below:

List A:

ECC3600 Experimental economics
ECC3660 Monetary economics
ECC3670 Economics of developing countries
ECC3710 Labour economics
ECC3810 Public finance
ECC3830 Industrial organisation and regulation
ECC3840 Mathematical economics
ECC3841 Network economics

List B:

ECC2300 Current issues in macroeconomic policy
ECC2360 Environmental economics
ECC2450 Sports economics
ECC2600 Behavioural economics
ECC2610 Game theory and strategic thinking
ECC2800 Prosperity, poverty and sustainability in a globalised world
ECC3640 Economics of climate change
ECC3800 History of economic thought
ECC3870 Political economy - Institutions, order and evidence
ETC3410 Applied econometrics

c. Four elective units (24 points) selected from either the Faculty of Business and Economics or across the University, providing you have met the prerequisites and there are no restrictions on admission to the units.

Mathematical economics and econometrics specialisation

You must complete:

a. The following three units (18 points):

ECC2000 Intermediate microeconomics
ECC3840 Mathematical economics
ETC3400 Principles of econometrics*

* Capstone unit.

b. One of the following pairs of mathematics units (12 points):

ETC2440 Mathematics for economics and business and ETC2520 Probability and statistical inference for economics and business
ETC2440 Mathematics for economics and business and ECC2610 Game theory and strategic thinking
MTH1020 Analysis of change and MTH1030 Techniques for modelling
MTH1030 Techniques for modelling and one of either MTH2010 Multivariate calculus or MTH2021 Linear algebra with applications

c. Three units (18 points) from the following or any unit not taken in (b) with at least two units at level 3

ETC2520 Probability and statistical inference for economics and business
ETC3410 Applied econometrics
ETC3450 Time series analysis for business and economics
ETC3460 Financial econometrics
MTH2032 Differential equations with modelling
MTH3051 Introduction to computational mathematics
MTH3140 Real analysis
MTH3241 Random processes in the sciences and engineering

d. Four units (24 points) selected from either the Faculty of Business and Economics or across the University, providing you have met the prerequisites and there are no restrictions on admission to the units.

Part D. Free elective study (48 points)

Electives can also be chosen from across the University, including to complete a major or minor from another course if you have met the required prerequisites and there are no restrictions on enrolling in the units. Enrolment in Faculty of Business and Economics units at campuses other than the campus of enrolment is subject to there being capacity after students from that campus have enrolled. You should also be aware of travel and timetabling limitations.

No more than two units can contribute towards two majors, or a major and a minor, in the same course (including a double degree course). The same unit is not credited towards two minors.

Electives can be identified using the [[http://www.monash.edu.au/pubs/handbooks/units/search][browse units]] tool and [[http://www.monash.edu.au/pubs/handbooks/units/][indexes of units]] in the current edition of the Handbook. [[http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-major.html][Majors]] and [[http://www.monash.edu.au/pubs/handbooks/aos/index-bydomain_type-minor.html][minors]] can also be identified using the Handbook indexes. The level of the unit is indicated by the first number in the unit code; undergraduate units are those that commence with the numbers 1-3.

For students in a double degree course, some units required for the other degree can also be credited as electives towards the Economics degree.

Learning outcomes

These course outcomes are aligned with the Australian Qualifications Framework and Monash Graduate Attributes.

Upon successful completion of this course it is expected that you will be able to:

1
be critical and creative scholars who
- produce innovative solutions to problems
- apply research skills to business challenges
- communicate effectively and perceptively
2
be responsible and effective global citizens who:
- engage in an internationalised world
- exhibit cross-cultural competence
- demonstrate ethical values
3
demonstrate broad knowledge and technical skills in the area of their specialisation and be able to provide discipline based solutions relevant to the business, professional and public policy communities that we serve, in particular:

a. graduates with the economic and economic policy specialisation will have an extensive knowledge of both economic theories and additional fields of specialisation, including mathematical modelling and/or econometrics, with an emphasis on applying core economic theories and analytical tools to economic policy outcomes

b. graduates with the mathematical economics and econometric specialisation will have acquired the ability to formulate testable economic propositions in diverse and complex economic settings and to evaluate the empirical validity of such propositions
4
construct conceptual frameworks and use these to analyse complex issues in the corporate sector, government and the professions.

Entry requirements

Guaranteed ATAR and selection rank

88; International: UERT Year 12/Foundation Band 5 (90-92.49); UERT Post-Secondary Band 3 (Distinction)

Other applicants

All applicants must satisfy the equivalence of the VCE subject prerequisites.

VET Certificate IV, Diploma or Advanced Diploma graduates:
Applicants will require a minimum 70% average to be considered for selection. Preference will be given to applicants whose prior studies are related to the course. Programs that involve competency-based assessment without grades or marks will not be sufficient to meet admission requirements.

Monash College entry requirements:
Diploma of Business (Commerce stream) Part 2 average: 70%
Monash University Foundation Year average: 76.25%

Higher education studies:
Applicants will be require a minimum 70% average to be considered for selection. Preference will be given to applicants whose prior studies are related to the course. A minimum of two single units must be completed in order to meet minimum admission requirements.

English language

Monash Minimum: Level A, that is: IELTS: 6.5 overall (no band lower than 6.0); or TOEFL Paper-based test: 550 with a TWE of 4.5; or TOEFL Internet-based test: score of 79 overall with minimum scores: Writing: 21, Listening: 12, Reading: 13 and Speaking: 18; or Equivalent approved English test

Pathways

Monash College - Diploma of Commerce
Monash College - Diploma of Business

More information

Progression to further studies

Successful completion of this course may provide a pathway to the one year honours program B3701 Bachelor of Commerce (Honours). To be eligible to apply for the Bachelor of Commerce (Honours), you must have achieved a distinction grade average (70%) or above in 24 credit points of studies at level 3. In addition, some particular units may need to be taken for admission to honours.

Professional accreditation

Some specific or additional units may be required for professional recognition. Refer to the professional recognition webpage for more information.

Other information

Economics is the science of allocating scarce resources to maximise people's welfare. Economists study both the microeconomic decisions of individuals, business and government, and the macroeconomic behaviour of the economy as a whole. Two specialisations provide a professional education in economics: economics and economics policy, and mathematical economics and econometrics. Both specialisations are designed to encourage logical thought and detailed analysis of economic issues that can be adapted to a range of careers.

SPECIALISATIONS

Economics and economic policy

The specialisation in economics and economic policy provides an advanced knowledge of the theories explaining and analysing the production, distribution, and consumption of goods and services and focuses on how individuals, households, firms and governments interact and how economies work, with an emphasis on economic policy. Microeconomics examines the behaviour of buyers and sellers in the economy, from the microeconomic policy perspective; while macroeconomics analyses the entire economy and issues affecting it, including unemployment, inflation, economic growth, and monetary and fiscal policy, helping to predict economic fundamentals and provide macroeconomic policy advice.

Mathematical economics and econometrics

The economic system is too complex to be analysed descriptively. Most economic decisions require strategic thinking, prediction of expected responses corresponding to each decision and the modelling of complex interactions among multiple economic agents. Mathematical modelling of economic interactions and the use of econometric techniques to evaluate the validity of these models using observed data, have transformed economics into a scientific discipline. This specialisation will be attractive to those with well-developed analytical abilities. You will use mathematics to learn principles of economics, and to develop skills to formulate economic theories in a mathematical form that can be confronted by data. You will also learn econometric methods that enable you to estimate and test these models using empirical evidence and to quantify economic predictions.

Common questions

How long is Bachelor of Economics?

3 years full time, 144 credit points. At 24 credit points a semester, that is 6 semesters of full-time study.

What ATAR do I need for Bachelor of Economics?

The guaranteed ATAR listed for 2020 entry is 88.

Where can I study Bachelor of Economics?

At Clayton.

How do I plan my Bachelor of Economics units?

Open the course in the MonMap planner. It lays out your semesters, checks prerequisites as you drag units in, and tracks the credit points each requirement still needs.

Course details

Qualification: Bachelor Degree
AQF level: Level 7
Credit points: 144
Full time: 3 Years
Part time: 6 Years
Maximum time: 8 years

Faculty: Faculty of Business and Economics
CRICOS code: 001447E
Abbreviation: BEc
Award title: Bachelor of Economics
Handbook years: 20202021 2022 2023 2024 2025 2026 2027