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Subject details

At the completion of this subject 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.
    • The Economic Problem
    • Demand and supply
    • Elasticity
    • Efficiency and Incidence of Tax
    • Externalities
    • Profit, Opportunity Cost, and Production
    • Production and Cost
    • Perfect competition
    • Monopoly
    • Monopolistic Competition
    • Oligopoly

  • Study resources

    • 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

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

No eligibility requirements

Special requirements

  • OtherDetails -

    To obtain a pass grade overall students will normally need to achieve at least 40% in the final examination

The aim of this subject 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 subject is part of the Business Pathway.

OUA Pathways recommends the best subjects to start your studies, even if you're not sure which degree you want to do. Each pathway includes four subjects based on your area of interest. Once you complete your recommended path you'll be able to choose from a range of degrees in your area of interest. Plus, each of the subjects you complete through OUA Pathways can also be credited towards your chosen degree.

Learn more about OUA Pathways.

  • Continuous Assessment (25%)
  • Applied writing (1250 words) (25%)
  • 3 Hours (50%)

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