Principles of Economics (Previously Microeconomics 1)
ECO11
Overview
Level of study: What does Undergraduate Level 1 mean?
Undergraduate Level 1
EFTSL: What does EFTSL mean?
0.125
Delivery Method: What does delivery method mean?
Web Supplemented
Prerequisites: What are the prerequisites?
No
Duration:
13 weeks
Domestic student fee:
$1,178.00 (AUD)
HECS student fee:
$1,178.00 (AUD)
International student fee:
$1,403.00 (AUD)
Description
This unit provides an overview of the concepts and language of economics. Through your study, you consider the economic decisions faced by individuals, households, firms and governments and the role of a mixed market economy in resource allocation decisions in the macroeconomy; analysis of prices and output determination in the context of markets and incentives; market structures, competitive policy and its implication for the general economy; the strengths and weaknesses of the market mechanism and the role of public policy; Australia and the fundamental relationships in its macroeconomy; Gross Domestic Product, unemployment and inflation; business cycles; significance of international trade; introductory macroeconomic models; the role of government and economic policy; and economic analysis of contemporary economic issues.
Special Requirements
- Other special requirement — To obtain a pass grade overall students will normally need to achieve at least 40% in the final examination.
Assessment
- Assignment 1 — Learning to learn 500 words (5%)
- Assignment 2 — Applied writing 1000 words (25%)
- Assignment 3 — Online test 1000 words (20%)
- Invigilated Exam — 3 hrs (50%)
Learning Outcomes
The aim of this unit is to introduce students to the meaning and application of fundamental economic principles.
At the completion of this unit students will be able to:
- describe and utilise the fundamental tools, methods and language of economics in both a microeconomic and macroeconomic context to analyse resource allocation issues
- explain some of the economic factors underlying both individual markets and the macro economy
- describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
- identify the limitations of the market mechanism and analyse the role of government in affecting markets and the general economy
- apply economic principles and concepts to analyse contemporary issues relating to the macroeconomy both domestically and internationally.
Topics
This unit addresses the following topics.
| Number | Topic |
|---|---|
| 1 | Introduction to the economic perspective |
| 2 | Demand and supply |
| 3 | Elasticity |
| 4 | Market applications |
| 5 | Firm behaviour and costs |
| 6 | Perfect competition |
| 7 | Monopoly, monopolistic competition, oligopoly |
| 8 | Evaluation of the market, market failure and government intervention |
| 9 | Business cycles, macroeconomic goals and measurement |
| 10 | Government policies to influence economic activity |
Study Resources
This unit is delivered using the following methods and materials:
Instructional Methods
- Chat rooms
- Discussion Forum/Discussion Board
- Embedded Multimedia
- Glossary
- Interactive Games
- Online Quizzes/Tests
- Online assignment submission
- Podcasting/Lecture capture
- Streaming Multimedia
- Web links
Print based materials
- Study Guide
- Welcome Letter
Online materials
- Audio/Video - Streaming
- Online Assessment
- Printable format materials
- Quizzes
- Resources and Links
Textbooks are subject to change within the academic year. Students are advised to purchase their books no earlier than one to two months before the start of a unit.
Click on the titles of the listed books below to find out more:
Required textbooks
By:Bajada
ISBN: -
Format:Print
Supplier:Go to Unibooks
Recommended textbooks
By:Bredon George
ISBN: -
Format:Print
Supplier:Go to Unibooks
By:Bajada Chris
ISBN: -
Format:Print
Supplier:Go to Unibooks
Relevant Courses
This unit is a core requirement in the following courses:
- Bachelor of Business (Financial Planning), RMIT University
- Bachelor of Business (Logistics and Supply Chain Management), RMIT University
- Bachelor of Accounting, University of South Australia
- Bachelor of Commerce (Business Law), Curtin University
- Bachelor of Commerce (Sport Management), Curtin University
- Bachelor of Business, Griffith University
This unit is part of a major, minor, stream or specialisation in the following courses:
- Bachelor of Technology (Computing Studies), RMIT University
- Bachelor of Business, Swinburne University of Tnlgy
This unit is an approved elective in the following courses:
This unit may be eligible for credit towards other courses:
- Many undergraduate courses on offer through OUA include 'open elective' where any OUA unit can be credited to the course. You need to check the Award Requirements on the course page for the number of allowed open electives and any level limitations.
- In other cases, the content of this unit might be relevant to a course on offer through OUA or elsewhere. In order to receive credit for this unit in the course you will need to supply the provider institution with a copy of the Unit Profile in the approved format, which you can download here. Note that the Unit Profile is set at the start of the year, and if textbooks change this may not match the Unibooks textbook list.
