Major Economics

Economics is the study of social behaviours related to production, distribution and consumption of goods and services through statistical data, modelling and economic theories. From this, Economists seek to understand, assess and explain the mechanisms of markets and economics to increase efficiency and productivity.

Economists have varied employment opportunities in public and private sectors. For example, they can look at how economic welfare, financial markets and government impact income and wealth creation; release economic performance indicators such as the Gross Domestic Product (GDP); or forecast to determine bank interest rate levels.

This field of study is suited for students who have strong mathematical skills or enjoy mathematics as it involves quantitative studies and analysing and interpreting data to find solutions for the commercial world.

Within this major you will focus on three key areas within economics:

• Microeconomics: the behaviour of individual consumers and producers
• Macroeconomics: economies on a regional, national or international level
• Econometrics: using historical data and models to test hypotheses and forecast future performance and indicators.

Economics At Melbourne:

• As a social science, the Economics major can be studied in either the Bachelor of Arts or the Bachelor of Commerce.
• Economics has a long history at the University of Melbourne, having been taught since 1855
• We are ranked #1 in Australia for the quality of teaching and research in the field of economics (QS World University Rankings (by subject) 2020)

You’ll learn to analyse and interpret data with different methodologies and tools while developing your problem-solving skills that are needed in both business and government to make smarter and informed decisions.

Your Major Structure:

This major can be taken in the Bachelor of Arts and the Bachelor of Commerce and requires you to complete quantitative subjects as part of your studies. The standard quantitative subject selection for Economics major students is Quantitative Methods 1 and Econometrics 1.

If you’re considering graduate study in the field of economics, there is a recommended subject course plan which will give you a specialist focus by including first and second-year calculus and statistics.

In your first and second year, you will be introduced to macroeconomics, microeconomics and econometrics.

The Economics major requires 9 subjects (112.5 points). You must complete:

• Three level 1 compulsory subjects
• Two level 2 compulsory subjects and one level 2 elective subject
• Three  level 3 elective subjects, which includes one subject with an ECON prefix, and one subject with an ECOM prefix