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
  • Assessment: Assessment - Individual (50%) , Invigilated Exam - Individual (35%) - Learn more

Unit provided by

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

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 — Individual (35%)
  • Mid-study period test — Individual (15%)
For more information on invigilated exams see Exams and results

Mutually exclusive units

If you are studying towards a degree, you should be aware that this unit is mutually exclusive with the following unit(s):

Please note that if you have already studied any of the mutually exclusive unit(s) listed above, you should check the Course Structure of your degree to see whether you will be able to get credit for this unit, as well as the unit(s) previously studied, towards that qualification.

  • Broadband access

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.

Textbook information for this unit is currently being updated and will be available soon. Please check back regularly for updates. Alternatively, visit the The Co-op website and enter the unit details to search for available textbooks.

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