Introduction to Economics (11175.1)

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.

Graduate attributes

1. UC graduates are professional - communicate effectively
1. UC graduates are professional - display initiative and drive, and use their organisation skills to plan and manage their workload
1. UC graduates are professional - employ up-to-date and relevant knowledge and skills
2. UC graduates are global citizens - behave ethically and sustainably in their professional and personal lives
2. UC graduates are global citizens - communicate effectively in diverse cultural and social settings
2. UC graduates are global citizens - make creative use of technology in their learning and professional lives
2. UC graduates are global citizens - think globally about issues in their profession
3. UC graduates are lifelong learners - adapt to complexity, ambiguity and change by being flexible and keen to engage with new ideas
3. UC graduates are lifelong learners - be self-aware
3. UC graduates are lifelong learners - reflect on their own practice, updating and adapting their knowledge and skills for continual professional and academic development

Prerequisites

None.

Corequisites

None.

Incompatible units

None.

Equivalent units

6355 Introduction to Economics

Assumed knowledge

None.