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.

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Duration

13 weeks

Student rating

Study method

Online and other materials

Available loans

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Assessments

Subjects may require attendance

Prior study

Not required

Study terms

26 Feb 2018
28 May 2018
27 Aug 2018
26 Nov 2018

With its aspirational and international reach, the University of South Australia offers modern and flexible study programs designed to meet the changing needs of the workplace. In consultation with industry and business experts, the university produces tailored degrees that mean students graduate ready to work anywhere in the world. They are a valuable provider with Open Universities Australia.

2018

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

Topics
- 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
  - Disscusion forum/Discussion Board
  - Embedded Multimedia
  - Glossary
  - GAME
  - Online Quizzes/Tests
  - Online assignment submission
  - Podcasting/Leacture 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

Assignment 1 - Continuous Assessment (25%)
Assignment 2 - Applied writing (1250 words) (25%)
Assignment 3 - 3 Hours (50%)

Textbooks

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 subject.

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