Principles of Economics - 2016

Unit summary


  • Level of Study: Undergraduate Level 1
  • Study load: 0.125 EFTSL
  • Delivery method: Web Dependent
  • Prerequisites: No
  • Duration: 13 weeks
  • Government loans available: FEE-HELP, HECS-HELP
  • Availability for 2016: SP1 , SP2 , SP3 , SP4
  • Availability for 2017: SP1 , SP2 , SP3 , SP4
  • Assessment: Assignment 2 - Applied writing (1250 words) (25%) , Invigilated Exam - 3 hrs (50%) - Learn more

Unit provided by

2016 Fees
Domestic 1,305.00
HECS 1,305.00
International 1,555.00

The aim of this unit is to introduce students to the meaning and application of fundamental economic principles.

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, competition 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.

This unit is part of the Business Pathway.

OUA Pathways recommends the best units to start your studies, even if you're not sure which course you want to do. Each pathway includes four units based on your area of interest, plus the option to study preparatory units for free (PREP03 Preparing for University Learning Intensive and PREP04 Preparing for Academic Writing). Once you complete your recommended path you'll be able to choose from a range of courses in your area of interest. Plus, each of the units you complete through OUA Pathways can also be credited towards your chosen course.

Learn more about OUA Pathways.

At the completion of this unit students will be able to:

  1. describe and utilise the fundamental tools, methods and language of economics in both a microeconomic and macroeconomic context to analyse resource allocation issues
  2. explain some of the economic factors underlying both individual markets and the macro economy
  3. describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
  4. identify the limitations of the market mechanism and analyse the role of government in affecting markets and the general economy
  5. apply economic principles and concepts to analyse contemporary issues relating to the macroeconomy both domestically and internationally.
  • Assignment 2 — Applied writing (1250 words) (25%)
  • Invigilated Exam — 3 hrs (50%)
  • Quiz — Online tests (25%)
For more information on invigilated exams see Exams and results

There are no prerequisites for this unit.

  • Additional materials — Students will require Windows Vista, Windows 7 or higher. UniSA does not support Windows XP.
  • Other special requirement — To obtain a pass grade overall students will normally need to achieve at least 40% in the final examination

This unit addresses the following topics.

1Introduction to the economic perspective
2Demand and supply
4Market applications
5Firm behaviour and costs
6Pure competition
7Monopoly, monopolistic competition, oligopoly
8Evaluation of the market, market failure and government intervention
9Business cycles, macroeconomic goals and measurement
10Government policies to influence economic activity

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

Online materials

  • Audio/Video - Streaming
  • Online Assessment
  • Printable format materials
  • Quizzes
  • Resources and Links

This unit is a core requirement in the following courses:

This unit is part of a major, minor, stream or specialisation 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

  • Value Pack Microeconomics + MyEconLab with eText

    By:Parkin and Bade

    ISBN: 9781488608988


    Supplier:Go to The Co-op Bookshop

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