Economics major

The rise and fall of economies, future employment prospects, incomes and living standards are all at the heart of economics. In a number of countries, elections are won or lost on the basis of economic issues such as taxation, debt or deficits. The Economics major prepares you for work in financial institutions, government, international agencies and the private sector as a forecaster, analyst or consultant. The major includes core subjects in both microeconomics and macroeconomics. Microeconomics provides the framework for analysing issues in taxation, trade and the competitive structure of markets, while macroeconomics focuses on the forces that influence long-term economic growth, inflation, unemployment and the balance of payments. Students also develop the capacity to understand the fundamental workings of the economy and markets, and implications of economic policy. The Economics major can be combined with a major in Finance if you are interested in pursuing a career as a financial economist.

Outcomes

Students are able to (1) demonstrate comprehensive theoretical and applied economic knowledge; (2) apply sound economic reasoning to analyse key economic information used to inform effective decision-making; (3) be effective and perceptive communicators of economic information to specialist and non-specialist audiences; (4) be effective team members and work effectively and collaboratively with others; (5) apply reflective and critical thinking skills to economic problems with responsibility and accountability.; and (6) demonstate awareness of ethical, cultural, social and sustainability issues relevant to the discipline.

Broadening guidelines

All students studying towards a Bachelor's Degree at UWA are required to Broaden their studies by completing a minimum of four units (24 points) of study outside their degree specific major. Broadening is your opportunity to explore other areas of interest, investigate new disciplines and knowledge paradigms and to shape your degree to suit your own aspirations and interests. Many of you will be able to undertake more than this minimum amount of broadening study and we encourage you to do so if this suits your aspirations. Over the next few months you will find here some broadening suggestions related to your degree-specific major. While we know that many students value guidance of this sort, these are only suggestions and students should not lose sight of the opportunity to explore that is afforded by your Broadening Choices. Advice can also be sought from your Allocated Student Advising Office.

Economics can be taken as a degree-specific major in the following degree courses:

BP002 Bachelor of Commerce
BH005 Bachelor of Philosophy (Honours)

Overview of unit sequence

Economics is a degree-specific single major comprising:

  • two Level 1 units
  • three Level 2 units
  • three Level 3 units
Key to availability of units:
S1 = Semester 1; S2 = Semester 2; SS = summer teaching period; N/A = not available in 2021

Note: Units that are indicated as N/A may be available in 2022 or 2023.

Bachelor of Commerce students completing a second major in Engineering Science are not required to complete STAT1520 (as MATH1011 and MATH1012 meet this requirement). In addition, students should substitute CITS2401 Computer Analysis and Visualisation as the Level 2 option to meet the requirements of the commerce major. Third-year options must include at least one of ECON3235 International Trade, ECON3236 International Finance or ECON3395 Economic Policy.

Level 1

Degree-specific major units
Take all units (12 points):
Availability Unit code Unit name unit requirements
S1, S2 ECON1101 Microeconomics: Prices and Markets
Prerequisites:
Nil.
Co-requisites:
Nil.
Incompatibility:
ECON1000 Economics for Business
S1, S2 ECON1102 Macroeconomics: Money and Finance
Prerequisites:
Nil
Co-requisites:
Nil
Incompatibility:
Nil
Bridging units
Students who have not achieved a scaled mark of at least 50 in Mathematics Methods ATAR or equivalent or higher are required to complete ECON1111.
Availability Unit code Unit name unit requirements
S1 ECON1111 Quantitative Methods for Business and Economics
Prerequisites:
Mathematics Applications (ATAR)
or
WACE Mathematics 2C/2D
or
TEE Discrete Mathematics
or
MATH0700 Preparatory Mathematics
Co-requisites:
Nil
Incompatibility:
Mathematics Methods (ATAR)
or
higher; WACE Mathematics 3A/3B
or
higher; TEE Applicable Mathematics; TEE Calculus;
or
MATH1701 Introductory Mathematics Foundations

Level 2

Degree-specific major units
Take all units (12 points):
Availability Unit code Unit name unit requirements
S1, SS ECON2233 Microeconomics: Policy and Applications
Prerequisites:
ECON1101 Microeconomics: Prices and Markets
Co-requisites:
Nil.
Incompatibility:
Nil.
S2 ECON2234 Macroeconomics: Policy and Applications
Prerequisites:
ECON1102 Macroeconomics: Money and Finance
Co-requisites:
Nil.
Incompatibility:
Nil.
Degree-specific major units
Take unit(s) to the value of 6 points:
Availability Unit code Unit name unit requirements
S2 ECON2105 Rise of the Global Economy
Prerequisites:
ECON1101 Microeconomics: Prices and Markets
or
ECON1000 Economics for Business
or
BUSN1103 Foundations of Global Business
Co-requisites:
Nil.
Incompatibility:
ECON1105 Rise of the Global Economy
S1 ECON2106 Asia in the World Economy
Prerequisites:
ECON1101 Microeconomics: Prices and Markets
or
12 points Level 1 units in business
Co-requisites:
Nil.
Incompatibility:
ECON3203 Asia in the World Economy; ECON2203 Asia in the World Economy
S2 ECON2245 Business Economics
Prerequisites:
ECON1101 Microeconomics: Prices and Markets
Co-requisites:
Nil.
Incompatibility:
Nil.
S1, SS ECON2271 Introductory Econometrics
Prerequisites:
STAT1520 Economic and Business Statistics
or
equivalent; ECON1111
or
equivalent.
Co-requisites:
Nil.
Incompatibility:
Nil.
S2 ECON2272 Intermediate Mathematics for Economists
Prerequisites:
ECON1111 Quantitative Methods for Business and Economics (ID 215)
or
equivalent
and
STAT1520 Economic and Business Statistics (ID 397)
Co-requisites:
Nil.
Incompatibility:
ECON3272 Intermediate Mathematics for Economists (ID 237)

Level 3

Degree-specific major units
Take unit(s) to the value of 18 points:

Including at least one of ECON3235 International Trade, ECON3236 International Finance or ECON3395 Economic Policy

Availability Unit code Unit name unit requirements
S2 ECON3205 Health Economics
Prerequisites:
ECON2233 Microeconomics: Policy and Applications
Co-requisites:
Nil.
Incompatibility:
Nil.
N/A ECON3210 Monetary Economics
Prerequisites:
ECON2234 Macroeconomics: Policy and Applications
or
any level 2 Finance unit;
for pre-2012 courses: none; for the Philosophy, Politics and Economics major, ECON2105 Rise of the Global Economy
Co-requisites:
Nil.
Incompatibility:
ECON2210 Monetary Economics
S1 ECON3220 Development Economics
Prerequisites:
Completion of at least two Level 2 units in the Economics
or
Professional Economics majors.
Co-requisites:
Nil.
Incompatibility:
Nil.
S2 ECON3235 International Trade
Prerequisites:
Any two Level 2 economics units in the Economics
or
Professional Economics majors.
Co-requisites:
Nil.
Incompatibility:
ECON2235 International Trade
S1 ECON3236 International Finance
Prerequisites:
ECON2234 Macroeconomics: Policy and Applications
or
any Level 2 Finance unit;
for pre-2012 courses: none
Co-requisites:
Nil.
Incompatibility:
ECON2236 International Finance
S2 ECON3301 Game Theory and Strategic Thinking
Prerequisites:
ECON2233 Microeconomics: Policy and Applications
Co-requisites:
Nil
Incompatibility:
Nil
S1 ECON3302 Applied Microeconomics
Prerequisites:
ECON2233 Microeconomics: Policy and Applications
or
equivalent
Co-requisites:
Nil.
Incompatibility:
ECON3364 Microeconomic Theory
S2 ECON3303 Applied Macroeconomics
Prerequisites:
ECON2234 Macroeconomics: Policy and Applications
Co-requisites:
Nil.
Incompatibility:
ECON3365 Macroeconomic Theory
S1 ECON3310 History of Economic Ideas
Prerequisites:
ECON2233 Microeconomics: Policy and Applications;
for pre-2012 courses: none
Co-requisites:
Nil
Incompatibility:
Nil
S2 ECON3350 Money, Banking and Financial Markets
Prerequisites:
ECON2234 Macroeconomics: Policy and Applications (
or
equivalent)
or
any Level 2 Finance unit;
for pre-2012 courses: ECON1102 Macroeconomics: Money and Finance (
or
equivalent)
Co-requisites:
Nil.
Incompatibility:
Nil.
S1 ECON3371 Econometrics
Prerequisites:
ECON2271 Introductory Econometrics
Co-requisites:
Nil
Incompatibility:
Nil.
S2 ECON3395 Economic Policy
Prerequisites:
ECON2233 Microeconomics: Policy and Applications
Co-requisites:
Nil.
Incompatibility:
Nil.

Choosing your degree-specific major

General degrees

You must satisfy the requirements of a degree-specific major before you complete your course. The flexible structure of an undergraduate course allows you to try out a number of different subjects to see what interests you before nominating your degree-specific major. You have the choice to either nominate your degree-specific major when you first enrol in the course or delay nominating it until your second year.

To plan the first year of your study without nominating a degree-specific major, you are advised to choose units that will pave the way to two or more degree-specific majors that are of interest to you. For examples of the choice of units available in first year, search the first-year study plans .

To fully understand the structure of an undergraduate course, read the course structure information and the Undergraduate Degree Course Rules.

The following example illustrates how the Economics degree-specific major can be included in the Bachelor of Commerce course.

Example: Course Study Plan: CSP002-ECNSM

There are more choices open to you. For more examples, search the study plans .

Specialised degrees – Bachelor of Advanced Computer Science (Honours), Bachelor of Automation and Robotics, Bachelor of Environmental Design, Bachelor of Music

You must satisfy the requirements of the degree-specific major in your degree before you complete your course.

Bachelor of Philosophy, Politics and Economics

This comprehensive degree does not require you to choose a degree-specific major.

Choosing a second major

You also have the option to choose a second major from those available in the Bachelor of Arts, Bachelor of Biomedical Science, Bachelor of Commerce, Bachelor of Design Only available to re-enrolling students. and Bachelor of Science courses, giving you the opportunity to pursue your interests no matter how different they are.

The following example illustrates how the Economics degree-specific major can be combined with a second major in the Bachelor of Commerce course.

Example: Course Study Plan: CSP002-ECNSM-Generic

For more examples of combinations of majors, search the study plans .