Economists study how people choose to allocate resources. They look at the behaviour of individuals, organisations and governments to understand how markets function. Economics is essential to modern life. It seeks to understand, assess and explain the mechanisms of markets and national economies. A major in economics builds problem-solving skills that are applicable to careers in business and government. It will teach you how to analyse and interpret data and will equip you with the tools to find smart solutions for the numerous problems confronting governments and the commercial world. Three broad areas of study available within the main discipline are: Microeconomics Macroeconomics Econometrics. ECONOMICS AT MELBOURNE Melbourne has trained economists since 1855 Understand how economic welfare, financial markets and government impact income and wealth creation Varied employment opportunities in both the public and private sector You can study this major in either the Bachelor of Arts or the Bachelor of Commerce Students who wish to pursue a major in Economics through the Bachelor of Arts degree are required to meet the mathematics prerequisites as determined by the Faculty of Business and Economics, please view the Bachelor of Commerce to see prerequisites. You will learn how to analyse and interpret data with tools to find smart solutions for the numerous problems confronting economies, governments and the commercial world. You'll put to use problem-solving and data analysis skills needed in both business and government settings and develop the tools to make smarter decisions about real-world scenarios. Your major structure You can complete this major in either the Bachelor of Arts or the Bachelor of Commerce. You must complete quantitative studies as part of your degree. The standard selection of quantitative subjects for Economics students is Quantitative Methods 1 and Econometrics 1. If you're strong in mathematics, you could follow the specialist path recommended for students considering further studies in economics. BACHELOR OF ARTS The Bachelor of Arts requires the successful completion of 24 subjects (300-points), including at least one major. Most students study eight subjects each year (usually four subjects in each semester) for three years full-time, or the part-time equivalent. The economic major through the Bachelor of Arts require 112.5 points of study (usually nine subjects) for attainment. This means out of your 300-point program, you have the opportunity to achieve two majors in your course. You will also complete breadth studies and other complimentary Arts subjects. If you are taking economics as a major, you must complete: Three level 1 compulsory subjects (usually at first year) Two level 2 compulsory subjects (usually at second year) and 12.5 points (usually one subject) of level 2 elective subjects 37.5 points (usually three subjects) of level 3 elective subjects (usually at third year) NOTE: Of the level 3 elective subjects, students must complete at least one subject with an ECON prefix, and one subject with an ECOM prefix If you are taking economics as a minor, you must complete: Two level 1 compulsory subject (usually first year) ECON10004 Introductory Microeconomics, and ECON10003 Introductory Macroeconomics 25 points (usually two subjects) of level 2 compulsory subjects 25 points (usually two subjects) of level 3 elective subjects