Economic Principles - 2017

Unit summary


  • Level of Study: Undergraduate Level 1
  • Study load: 0.125 EFTSL
  • Delivery method: Fully Online
  • Prerequisites: Yes
  • Duration: 13 weeks
  • Government loans available: FEE-HELP, HECS-HELP
  • Availability for 2017: SP1 , SP3
  • Availability for 2018: SP1 , SP3
  • Assessment: Assessment - Individual (50%) , Invigilated Exam - 3 hour exam (50%)

Unit provided by

2017 Fees
Domestic 2,893.00
Domestic continuing 1,383.00
HECS 1,324.00
International 3,143.00
International continuing 1,633.00

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The aim of this unit is to provide students with an introduction to microeconomic and macroeconomic theory with business and government policy applications. At the conclusion of the subject, students will understand important micro and macroeconomic concepts and how they improve decision making in business and government including:

  • How prices, output and profit are set by firms, and how individuals and firms respond to changes in market conditions;
  • How key macroeconomic economic indicators are constructed and how they respond to different macroeconomic conditions and what this means for economic actors (including individuals, businesses and governments);
  • The various mechanisms available to the government and reserve bank to address market failure (such as monopoly pricing and externalities such as climate change) and adverse changes to macroeconomic conditions.

This knowledge will be used by students to evaluate and communicate business and government policies in the face of current economic issues and opportunities.

Students who successfully complete this Unit should be able to:

  1. Develop and explain economic indicators and models to be critical and reflective learners in economics
  2. Use economic concepts and knowledge to understand, explain and evaluate decision making by individuals, firms and government
  3. Describe economic outcomes in markets and how these are affected by market structure and the macroeconomic environment
  4. Identify appropriate business and government strategies to achieve positive outcomes (such as increase profit or reduce market failure or stabilise macroeconomic fluctuations)
  5. Analyse current economic issues and determine/evaluate responses by the relevant economic actors.
  • Assessment — Individual (50%)
  • Invigilated Exam — 3 hour exam (50%)
For more information on invigilated exams see Exams and results

If you are studying towards a degree, you should be aware that if you have completed both ECO10002 Microeconomics PLUS ECO10003 Marcoeconimcs you can be credited for ECO10004 Economic Principles.

This unit addresses the following topics.

1Economic concepts of opportunity cost and comparative advantage
2Market behaviour
3Market failure
4Macroeconomic indicators
5Business cycle and economic growth
6Government stabilisation policy

Each unit offered through OUA provides students with unit information that includes assessment topics and due dates, policy information and contact numbers for university support and academic staff. Study materials will also clearly outline each week's topic, readings, student activities and the format of all assessment.

This unit is a core requirement in the following courses:

This unit may be eligible for credit towards other courses:

  1. 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.
  2. 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 Co-Op textbook list.

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

  • Essentials of Economics (3e)

    By:Glenn Hubbard

    ISBN: 9781486022847


    Supplier:Go to The Co-op Bookshop

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