This unit is my first taste of the subject of economics, and it is quite interesting. Not as dry a topic as I first thought it might be. It is a study of human behaviour – always fascinating. Specifically, economics is the study of the choices made to satisfy infinite wants, given our finite resources. Resources include money, time, knowledge. The choices are made by people, businesses, societies, governments.

Economics looks at why and how choices are made, and the consequences of those choices on both the micro and macro levels. It makes various assumptions, such as people generally make rational decisions based on information and logic. The consequences of a particular choice include making trade-offs against opportunities offered by alternative choices.

Understanding how incentives can drive different choices – link1 link2 link3.

This week there are four short lectures with study notes, and a chapter reading from the textbook. Based on these are some exercises, which will be discussed at the workshop next week.

I’m in week one of my first unit of study towards a Bachelor of Business. Final exam for this unit is in June, and there are 24 units in the degree, so there is a long road ahead. I am planning to apply for credits from my Diploma of Accounting, and may eventually take on two units per semester, but for now it is about getting my brain back into gear for critical thinking and essay writing.

I enrolled through Open Universities Australia and selected the University of Tasmania program because it includes Accounting and Management. At this stage I’m leaning toward a Major in Management, and hope to use some Accounting credits toward my elective subjects.

Here is the recommended study pattern from the OUA site. I’m currently enrolled in the BEA111 Introduction to Markets and the Economy.

Recommended Study Pattern

Students will complete a total of 24 subjects, with a combination of eight core subjects, eight major subjects, and eight electives.

Core subjects

• BEA111 – Introduction to Markets and the Economy
• BAA111 – People and Organisations
• BEA140 – Quantitative Methods
• BFA103 – Accountability and Accounting
• BAA211 – Entrepreneurship
• BAA215 – Business and Corporate Law
• BAA310 – Managerial Social Responsibility
• BAA311 – Business Strategy

Award Requirements

Completion of 24 subjects, including eight core subjects, eight major subjects, and eight elective subjects as outlined in the recommended study pattern.

Choose your subjects

Majors

Students can select from the following majors:

Accounting

• BFA107 – Financial Management
• BFA104 – Accounting Context and Method
• BFA201 – Financial Accounting
• BFA221 – Accounting Information Systems
• BFA301 – Advanced Financial Accounting
• BFA303 – Auditing
• BFA312 – Management Accounting
• BFA391 – Taxation

Finance

• BFA107 – Financial Management
• BEA112 – Principles of Finance
• BEA286 – Investment Analysis
• BFA204 – Financial Planning
• BEA343 – Corporate Finance
• BEA380 – Derivative Securities
• BEA309 – International Finance
• BEA321 – Banking and Financial Institutions

Human Resource Management

• BMA101 – Introduction to Management
• BMA121 – Foundations of Human Resource Management
• BMA219 – Applied Human Resource Management
• BMA220 – Human Resource Management in Action
• BMA314 – Organisational Change and Development
• BMA335 – Human Resource Project
• BMA336 – The Future of Human Resource Management
• BMA341 – Employment Relations

Management

• BMA101 – Introduction to management
• BMA121 – Foundations of Human Resource Management
• BMA217 – Theories of Work and Organisation
• BMA251 – Principles of Marketing
• BMA314 – Organisational Change and Development
• BMA328 – Leadership in Organsations
• BMA341 – Employment Relations
• BMA357 – Small Business Management

Marketing

• BMA101 – Introduction to Management
• BMA151 – Principles of Marketing
• BMA258 – Services Marketing
• BMA262 – Consumer Behaviour
• BMA351 – Marketing Management
• BMA349 – Advertising and Promotion
• BMA329 – Retail Marketing
• BMA331 – Marketing Research

Electives

You can complete eight student electives of your choice from either within or outside of the Tasmanian School of Business and Economics. You can also use this space in your degree to complete an optional second major or enrol in breadth subjects or overseas exchange subjects.