Introduction to Economics

Unit Outline (Higher Education)

Level of Unit in Course

AQF Level(s) of Course

Level of Unit in Course

Introductory

Intermediate

Effective Term:

2027/05

Institute / School :

Institute of Innovation, Science & Sustainability

Unit Title:

Introduction to Economics

Unit ID:

BUECO1300

Credit Points:

15.00

Prerequisite(s):

Nil

Co-requisite(s):

Nil

Exclusion(s):

(BUECO1509)

ASCED:

091901

Other Change:

Brief description of the Unit

This unit provides an introduction to the main ideas and concepts involved in modern economics. It provide students with an understanding of how the economy works; how individuals, businesses and governments form and shape their decisions using economic principles; and the role of public policy on outcomes including the trade-offs faced in making policy decisions. It considers both microeconomics - the analysis of choices made by individual decision-making agents (households and businesses) - and macroeconomics - the analysis of the economy as a whole. Students will develop skills to critically analyse real-world issues using the perspective of an economist, and communicate ideas and arguments about economics in a logical, coherent and evidenced based manner.

Grade Scheme:

Graded (HD, D, C, P, MF, F, XF)

Work Experience Indicator:

No work experience

Placement Component:

Supplementary Assessment:Yes

Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment

Course Level:

Learning Outcomes:

Knowledge:

Skills:

Application of knowledge and skills:

Other outcomes:

O1.	Explain fundamental economic principles and concepts.

O2.	Analyse the role of government and public policy in influencing economic outcomes for individuals, businesses, and societies.

O3.	Interpret and apply economic data, statistics, and models to analyse real-world socio-economic issues.

O4.	Evaluate economic information and evidence to draw informed conclusions.

O5.	Communicate economic reasoning, analysis, and conclusions coherently using discipline-appropriate academic and professional conventions.

Unit Content:

Topics may include:

1. Introduction to economics

2. Market demand and supply

3. Elasticity

4. The costs of production

5. Perfection competition

6. Monopoly

7. Measuring the size of the economy

8. Production and growth

9. Money, inflation and unemployment

10. Aggregate demand and supply

11. Monetary and fiscal policy

Graduate Attributes:

	Learning Outcomes Assessed	Assessment Tasks	Assessment Type	Weighting	Professional Standards
1.	1, 2, 4, 5	Actively engage in classes and/or online activities; make informed contributions to unit activities and discussions; complete unit readings; discuss readings and ideas in a clear and coherent manner that relate to the principles of economics	Participation	5%-10%
2.	1, 2, 3, 4	Undertake quizzes assessing all contents covered in both micro- and macro-economics	Quiz	30%-40%
3.	1, 2, 3, 4, 5	A comprehensive review of the unit material as the final assessment to demonstrate an understanding of principles of economics	Written individual assessment	50%-60%

Adopted Reference Style:

APA ()

Professional Standards / Competencies:

Standard / Competency