B2031 Bachelor of Economics

This course comprises four parts: Part A. Foundation commerce knowledge, Part B. Specialist discipline knowledge, Part C Capstone experience, and Part D. 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.

Masters Accelerated Pathway

If you have completed at least 96 credit points and have achieved a high credit (65%) average, you can apply to the Course Coordinator for the Master’s accelerated pathway. If admitted to the accelerated pathway, you will use four of your elective studies (from Part D) to complete 24 credit points of specified units from Master of Economics (B6030) (Part B).

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 credit points): including 96 credit points of study in Parts A, B and C, and 48 credit points of free electives in Part D.

In choosing your units, you must ensure that you complete no more than ten 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.

Units are 6 points unless otherwise specified.

Part A. Foundation commerce knowledge (48 credit points)

You must complete the following units (48 credit points)

• ECC1000 Principles of microeconomics
• ECC1100 Principles of macroeconomics 
• ETC1000 Business and economic statistics 
• ECC1050 Big ideas in economics
• ECC1550 Introductory mathematics for business and economics / MTH1020 Analysis of change / MTH1030 Techniques for modelling / MTH1035 Techniques for modelling (advanced)
• ECC2000 Intermediate microeconomics
• ECC2010 Intermediate macroeconomics
• ETC2410 Introductory econometrics

Part B. Specialist discipline knowledge (42 credit points)

You must complete 42 credit points in one of the specialisations below. You must complete a minimum of 24 credit points at level 3 from the Faculty of Business and Economics.

Economics and economic policy specialisation 

You must complete the following two units (12 credit points):

• ECX2400 Design and evaluation of economic, public, and social programs
• ETC3410 Applied econometrics

You must complete a total of five additional units (30 credit points) from the list of units in the following Clusters. Your choice must be consistent with the overall requirements of the degree.

It is strongly recommended that you focus on one or two of the following clusters, and choose multiple units within your chosen clusters.

Cluster 1: Sustainability

ECX2360 Environmental Economics, ECC2460 Energy markets and policy, ECX2800 Prosperity, poverty and sustainability in a globalised world, ECC3146 Community, market, and government, ECC3640 Economics of climate change, ECC3670 Economics of developing countries, ECC3810 Public finance

Cluster 2: Markets and strategy

ECX2320 Economics for entrepreneurs, ECC2460 Energy markets and policy, ECC2610 Game theory and strategic thinking, ECC3145 The Fourth Industrial Revolution: Technology, work, and society, ECC3600 Experimental economics, ECC3710 Labour economics, ECC3830 Industrial organisation and regulation, ECC3841 Network economics, ECC3890 Internet business and digital economy, ECC3000 Advanced microeconomics.

Cluster 3: Macroeconomic theory and growth

ECX2300 Crashes, crises and macroeconomic policy, ECC2511 Economic growth: Causes and consequences, ECX2800 Prosperity, poverty and sustainability in a globalised world, ECC3660 Business cycle fluctuations and monetary policy, ECC3690 International economics, ECC3740 Economics of financial decision making

Cluster 4: Economics and society
ECC2600 Behavioural economics, ECC3800 History of economic thought , ECC3871 Political economy: Institutions, order, and evidence, ECC3146 Community, market, and government, ECC3144 Economic history: The rise of capitalism, ECC3671 Economic science of diversity and inclusion

Or

Business analytics for economics specialisation

You must complete the following five units (30 credit points)

• ECX2400 Design and evaluation of economic, public and social programs
• ETC1010 Introduction to data analysis
• ETC2420 Statistical thinking
• ETC3250 Introduction to machine learning
• ETC3580 Advanced statistical modelling

You must complete two units (12 credit points) from the following

• BEX2421 Harnessing big data for business and society
• ECC2610 Game theory and strategic thinking
• ECC3000 Advanced microeconomics
• ECC3830 Industrial organisation and regulation
• ECX3750 European economy and global business
• ETC3410 Applied econometrics
• ETC3450 Applied time series econometrics
• ETC3460 Financial econometrics
• ETC3550 Applied forecasting
• ETC3555 Statistical machine learning

Or

Macroeconomics and financial markets specialisation

You must complete the following five units (30 credit points)

• BFC2140 Corporate finance 
• BFC3241 Investments
• ECX2300 Crashes, crisis and macroeconomics policy
• ECC3660 Business cycle fluctuations and monetary policy
• ETC3460 Financial econometrics

You must complete two units (12 credit points) from the following

• BFC2751 Derivatives
• BFC3341 Fixed income analysis
• BFC3540 Modelling in finance
• BFX3301 Treasury and financial markets
• ECC3690 International economics
• ECC3740 Economics of financial decision making
• ETC2430 Actuarial cash flow modelling
• ETC3450 Applied time series econometrics
• ETC3550 Applied forecasting

Or

Mathematical economics and econometrics specialisation

You must complete the following five units (30 credit points)

• ETC2520 Probability and statistical inference for economics and business
• ETC2440 Mathematics for economics and business OR ECC2551 Mathematical Economics
• ECC2610 Game theory and strategic thinking
• ETC3400 Principles of econometrics
• ECC3841 Network economics

You must complete two units (12 credit points) from the following

• ETC3410 Applied econometrics
• ETC3450 Applied time series econometrics
• ETC3460 Financial econometrics
• ETC3550 Applied forecasting
• ETC3555 Statistical machine learning
• MTH2010 Multivariable calculus
• MTH2021 Linear algebra with applications
• MTH2140 Real analysis

Part C. Capstone experience (6 credit points)

You must complete one unit (6 credit points) from the Faculty’s capstone portfolio of units, which includes industry placements, consulting projects and study tours.

Capstone unit

• BEX3500 Current issues in commerce

Or

Consulting project

• BEX3350 Consulting project
• BEX3351 Consulting project

Or

International experience

• BEX3412 Innovation and entrepreneurship in Silicon Valley
• BEX3622 Issues in global business
• BEX3722 Engaging with international business
• BEX3723 Engaging with international business 
• BEX3724 Engaging with international business
• BEX3725 Engaging with international business
• BEX3726 Engaging with international business 
• BEX3727 Engaging with international business 

Or

Internships

• BEX3006/BEX3106 Industry placement

Part D. Free elective study (48 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.

You can enrich your degree to hone your academic and professional skills with a range of Flagship Rich Educational Experiences (FREE), including the Research, Experimentation and Discovery, Monash Innovation Guarantee, Global Immersion Guarantee and Volunteering.These flagship rich educational experience units may be credited utilising your free electives if approved by the faculty. There are both 6 and 12 credit point unit options available.* For information on eligibility please see FREE.

If you have completed at least 96 credit points and have achieved a high credit (65%) average, you can apply to the Course Coordinator for the Master’s accelerated pathway. If admitted to the accelerated pathway, you will use four of your elective studies (from Part D) to complete 24 credit points of specified units from Master of Economics (B6030) (Part B).