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Introduction to Economics (11175.1)

Level: Introductory Unit Level
Credit Points: 3
HECS Bands: 2, 3
Faculty: Faculty of Business, Government & Law
Discipline: School of Government & Policy

Availability

Unit Outlines

To view your Unit Outline, click View to log in to MyUC and access this information, or visit your unit's online teaching site.

  • Semester 2, 2019, ON-CAMPUS, BRUCE (184582) - View
  • UC College Trimester 2, 2019, ON-CAMPUS, UCC-BRUCE (192493) - View
  • UC College Trimester 1, 2019, ON-CAMPUS, UCC-BRUCE (191973) - View
  • Semester 1, 2019, ON-CAMPUS, NSI-SL (191646) - View
  • Semester 1, 2019, ON-CAMPUS, GBCA-MELB (184581) - View
  • Semester 1, 2019, ON-CAMPUS, BRUCE (184579) - View

If a link to your Unit Outline is not displayed, please check back later. Unit Outlines are generally published by Week One of the relevant teaching period.

Syllabus

This is an introductory unit that introduces students to basic concepts of economics and their application to real world phenomena. Students will develop an insight into the economic way of thinking and learn how economics can be used to study every day economic problems and inform policy. The unit covers both microeconomic and macroeconomic topics including demand and supply analysis, market structures, market failure, and economic aggregates such as national output, inflation and unemployment. Students will also get an understanding of how government intervention in the economy will affect individual economic units as well as the working of the macro-economy.

Learning Outcomes

After successful completion of this unit, students will be able to:

1. Demonstrate how businesses can use economic models in their decision making;

2. Identify what determines the demand and supply for goods and services and explain how changes in these factors affect the market equilibrium price and quantity;

3. Analyse efficient production decisions under different types of market structures; and identify when and why markets fail to perform efficiently;

4. Describe macroeconomic aggregates such as GDP, unemployment, and inflation, and their limitations as a measure of the economic performance of a nation;

5. Analyse why and how different branches of government implement policies designed to manage the economy in the short and long-run; and

6. Communicate effectively the outcome of economic research and analysis through written report or oral presentation.

Assessment Items

Contact Hours

One 2 hour lecture and one 1 hour tutorial on-campus per week.

Prerequisites

None.

Corequisites

None.

Assumed Knowledge

None.

Incompatible Units

None.

Equivalent Units

6355 Introduction to Economics.

Referenced Courses



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