| Effective Term: | 2025/27 |
| Institute / School : | Institute of Innovation, Science & Sustainability |
| Unit Title: | Principles of Economics |
| Unit ID: | GPECO1509 |
| Credit Points: | 15.00 |
| Prerequisite(s): | Nil |
| Co-requisite(s): | Nil |
| Exclusion(s): | Nil |
| ASCED: | 091901 |
| Other Change: | |
| Brief description of the Unit |
This is an introductory unit that provides a comprehensive analysis of the role of economics in business. The course is designed to provide students with a foundation understanding and appreciation of economics and the ability to apply economic analysis to business problems and economic issues. This course has been created to incorporate additional learning hours to support students' academic and study skill development. The content includes an introduction to economics; the price mechanism; how a market system operates; how resources are allocated; macroeconomic management and the role of government and other institutions in the economy. |
| 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: |
| Level of Unit in Course | AQF Level(s) of Course | | 5 | 6 | 7 | 8 | 9 | 10 | | Introductory |  | | | | | | | Intermediate | | | | | | | | Advanced | | | | | | |
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| Learning Outcomes: |
| Knowledge: |
| K1. | Explain the fundamental principles of economics. |
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| K2. | Explain how principles of economics are relevant in analyzing and describing decision-making by individuals, households, businesses and government. |
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| K3. | Describe the role and impact of government (policy) in the economy |
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| Skills: |
| S1. | Explain both social phenomena and public policy issues facing individuals, households, businesses locally, nationally and globally |
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| S2. | Compare multiple sources of economic information in order to support conclusions and address issues |
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| S3. | Develop the appropriate language and academic skills to study at an undergraduate level |
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| Application of knowledge and skills: |
| A1. | Explain economic data and statistics, and use them to analyze real life situations |
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| A2. | Demonstrate critical thinking skills and positive contributions when analyzing real world economic issues |
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| Unit Content: |
This may include:
•Economic methodology, economic analysis and argument, use and function of graphs.
•Supply, demand and the market system.
•The market system and resource allocation. Evaluation of the market system, including the role of government.
•The concept of elasticity and its application.
•The theory of consumer demand.
•Consumer and producer surplus and economic efficiency.
•The organisation of Business in Australia.
•Analysing the costs of production.
•An introduction to market structures.
•Sources of macroeconomic instability, including business cycles, unemployment, and inflation. |
| Graduate Attributes: |
| | Learning Outcomes Assessed | Assessment Tasks | Assessment Type | Weighting | | 1. | K1, K2, K3, S1, S2, S3, A1, A2 | Review of selected topics | Individual test | 20-30% | | 2. | K1, K2, K3, S1, S2, S3, A1, A2 | Group assignment | Assignment | 20-30% | | 3. | K1, K2, K3, S1, S2, S3, A1, A2 | Presentation | Presentation | 10-20% | | 4. | K1, K2, K3, S1, S2, S3, A1, A2 | Final test/assessment | Final summative assessment | 20-30% |
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