Principles of Economics
UndergraduateUSA-ECO112021
Course information for 2021 intake
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.
Enrolments for this course are closed, but you may have other options to start studying now. Book a consultation to learn more.
- Study method
- 100% online
- Assessments
- Subject may require attendance
- Entry requirements
- No ATAR needed, No prior study
- Duration
- 13 weeks
- Loan available
- HECS-HELP and FEE-HELP available
Principles of Economics
About this subject
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.
- 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
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.
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- Continuous Assessment (20%)
- Applied writing (1350 words) (30%)
- Invigilated Exam - 3 Hours (50%)
For textbook details check your university's handbook, website or learning management system (LMS).
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Entry requirements
No entry requirements
Additional requirements
- Other requirements -
To obtain a pass grade overall students will normally need to achieve at least 40% in the final examination
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
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