Principles of Economics - 2017

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 1 - Applied writing (1250 words) (25%) , Invigilated Exam - 3 Hours (50%) - Learn more

Unit provided by

2017 Fees
Domestic 1,324.00
HECS 1,324.00
International 1,575.00

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, 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; and economic analysis of contemporary economic issues in the macroeconomy.

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 to analyse resource allocation issues
  2. Explain some of the economic factors underlying individual decision-making, markets and firms
  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 affecting markets and decision-making in the general economy
  5. Apply economic principle and concepts to analyse contemporary issues relating to individuals, firms and markets in the macroeconomy.
  • Assignment 1 — Applied writing (1250 words) (25%)
  • Invigilated Exam — 3 Hours (50%)
  • Quizzes — Continuous Assessment (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.

1The Economic Problem
2Demand and supply
3Elasticities of Demand and Supply
4Government Actions in Markets
5Production and Cost
6Perfect competition
8Monopolistic Competition
10Market Efficiency and Public Policy - (a) Externalities (b) Public Goods

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
  • Virtual Classroom
  • 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.

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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