Introduction to Markets and the Economy
UndergraduateTAS-BEA1112026
Course information for 2026 intake View information for 2025 course intake
- Study method
- 100% online
- Assessments
- 100% online
- Enrol by
- 15 Feb 2026
- Entry requirements
- Prior study needed
- Duration
- 12 weeks
- Price from
- $2,862
- Upfront cost
- $0
- Loan available
- HECS-HELP and FEE-HELP available
Introduction to Markets and the Economy
About this subject
Upon completion of this subject, the student should be able to:
- Define and interpret key microeconomic and macroeconomic concepts.
- Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, and government policy on markets and the macroeconomy.
- Describe how and why markets work and how and why they fail.
- Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to market failures and identify their welfare implications.
- Scarcity, Choices and Opportunity Costs
- Specialisation and Comparative Advantage
- Supply and Demand in Markets
- Supply and Demand: Equilibrium and the Role of Prices
- Efficiency and Welfare Analysis
- When Markets Fail: Externalities
- Measuring GPD and Growth
- Unemployment and Labour Force Participation
- Inflation and Cost of Living
- Business Cycle, Aggregate Demand and Aggregate Supply
- The RBA, Monetary Policy and Economics Activities
- Fiscal Policy
TAS-BEA111 introduces the key concepts in economics, both microeconomics and macroeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reactions to world events, social and economic change and government policy.
The subject explains why and when markets work and fail. Many of the problems that nations face such as pollution, unemployment, climate change, deflation, inflation, poverty, education and health are market failures. The subject devotes considerable time towards explaining how to develop basic microeconomic and macroeconomic policies for market failures and how to evaluate their welfare consequences for different members of society.
- Assignment 1 - Microeconomics (40%)
- Online Quizzes Weekly (20%)
- Assignment 2 - Macroeconomics (40%)
For textbook details check your university's handbook, website or learning management system (LMS).
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Entry requirements
Others
Students enrolling in TAS-BEA111 are expected to have the following basic skills in mathematics (from high school):
Linear Functions – plotting functions, identifying slope and intercept.
Additional requirements
- Software requirements - Students enrolling in TAS-BEA111 are also expected to be able to use: MS Excel and MS Word – to perform simple calculations and produce professional reports.
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.
Student feedback
5 student respondents between 15 May - 20 June 2025.
100%of students felt the study load was manageable
100%of students felt this subject helped them gain relevant skills
What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
Bachelor of Business (Accounting)
UndergraduateTAS-BAC-DEG
Bachelor of Business (Business Analytics)
UndergraduateTAS-BBA-DEG
Bachelor of Business (Business Economics)
UndergraduateTAS-BBE-DEG
Bachelor of Business (Finance)
UndergraduateTAS-BFI-DEG
Bachelor of Business (Managing People and Organisations)
UndergraduateTAS-MPO-DEG
Bachelor of Business (Marketing)
UndergraduateTAS-BMK-DEG
Bachelor of Business (Hospitality Management)
UndergraduateTAS-BHM-DEG
Bachelor of Business (Tourism Management)
UndergraduateTAS-BTM-DEG
UndergraduateTAS-ECO-DEG
Bachelor of Business and Bachelor of Economics
UndergraduateTAS-BEC-DEG
Bachelor of Psychological Science and Bachelor of Economics
UndergraduateTAS-PEC-DEG
Bachelor of Business and Bachelor of Psychological Science
UndergraduateTAS-BPS-DEG
Bachelor of Business and Bachelor of Science
UndergraduateTAS-BBS-DEG
UndergraduateTAS-BUS-PTH
Diploma of University Studies (Business)
UndergraduateTAS-USB-DIP
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