Overview
This unit introduces basic principles of microeconomic and macroeconomic theory and the methods of economic analysis . You will examine the demand-supply model, market equilibrium, elasticity, and how the prices of goods and services, and the cost and revenue curves are determined. You will compare the key market structures: perfect competition, monopoly, monopolistic competition, 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 key macroeconomic indicators and their role in managing the economy. You will be given the opportunity to explore the dynamics of macroeconomic policies, and their effectiveness in achieving national economic objectives and dynamic efficiency to achieve long term economic growth.
Details
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 - 2026
Attendance Requirements
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).
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure - Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure - International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback - Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
Feedback, Recommendations and Responses
Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.
Feedback from In online zoom tutorial/workshop sessions
Some students find graphs difficult to interpret despite the considerable amount of tutorial time is spent on graphical interpretations, relating theory to real life economic examples.
Investigate ways to assist students to better understand graphical presentation of economic concepts.
Feedback from UC self reflection
The hurdle requirement for the first assessment may be linked to non-submission of subsequent assessments resulting in AF outcomes.
Investigate assessment regime to discourage AF outcomes.
Feedback from Student Evaluation Survey
Learning resources and assessment items have been well structured and greatly benefit a student's ability to comprehend what is asked of each task.
Contnue providing structured Moodle resources and assessment with clear assignment criteria.
Feedback from Teaching teams self-reflection in the meeting and by e-mail
Despite 10 weeks teaching with the same volume of learning for Economics core unit, many students are not coming prepared to class.
Review if workshops should return to be in the 11 or 12-week teaching format.
Feedback from Practice quizzes
Students learning the unit
Review if there should be some weightage to the quizzes as well so that the students are able to understand the concepts.