Undergraduate USA-ECO11-2020

Principles of Economics

Distinguish economics' fundamental tools and methods. Analyse what we mean by terminology like elasticity, monopoly and oligopoly.

Focus on the core tenets of economics and how they impact the decisions of markets, companies and households.

From

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Your upfront cost: $0

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Duration

13 weeks

Study method

100% online

Available loans

FEE-HELP
HECS-HELP

Assessments

Subjects may require attendance

Prior study

Not required

Study terms

25 Nov 2019
02 Mar 2020
01 Jun 2020
31 Aug 2020
30 Nov 2020

The University of South Australia, UniSA, is ranked in the top 10 universities nationally and amongst the very best young universities in the world. They offer over 200 world-class degrees that are informed by industry and delivered with a highly practical approach to teaching and learning. In fact, they are South Australia’s number one university for graduate careers. They are a valuable partner with Open Universities Australia.

QS RANKING 2020

Times Higher Education Ranking 2020

2020

Subject details

What you'll learn

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

Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues
Explain some of the economic factors underlying individual decision-making, markets and firms
Describe the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
Identify the limitations of the market mechanism and analyse the role of government affecting markets and decision-making in the general economy
Apply economic principle and concepts to analyse contemporary issues relating to individuals, firms and markets in the macroeconomy.

Topics covered

- 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

Entry requirements

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

Description

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.

Assessments

Continuous Assessment (20%)
Applied writing (1350 words) (30%)
Invigilated Exam - 3 Hours (50%)

Textbooks

Current study term (24 Nov 19 to 23 Feb 20)

Microeconomics: Australia in the Global Environment

Michael Parkin and Robyn Bade

ISBN 9781486019625

Required

Next study term (01 Mar 20 to 31 May 20)

Check the learning management system (LMS) of your university for textbook details.

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