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This unit introduces basic microeconomic and macroeconomic theory and the methods of economic analysis . You will review case study examples of the application of economic theory. You will examine the theory of demand and supply, elasticity and how prices of goods and services and the cost and revenue curves are determined. You will compare the key market structures: perfect competition, monopoly, monopolistic and oligopoly and examine why government intervention is necessary in order to correct market failure and achieve allocative and productive efficiency. You will be introduced to the macroeconomic perspective, and its methods for managing the economy. You will be given the opportunity to explore the dynamics of macroeconomic policies, and their effectiveness in achieving national economic objectives.
Career Level: Undergraduate
Unit Level: Level 1
Credit Points: 6
Student Contribution Band: 10
Fraction of Full-Time Student Load: 0.125
Pre-requisites or Co-requisites
There are no requisites for this unit.
Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit,
should drop the subsequent unit before the census date or within 10 working days of Fail grade notification.
Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability.
See details in the Assessment Policy and Procedure (Higher Education Coursework).
Offerings For Term 3 - 2022
All on-campus students are expected to attend scheduled classes –
in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory.
International students, on a student visa, must maintain a full time study load and meet
both attendance and academic progress requirements in each study period
(satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).