ECON11026 - Principles of Economics

General Information

Unit Synopsis

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.

Details

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band 3
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the unit.
Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 1 - 2019

Term 1 - 2019 Profile
Brisbane
Bundaberg
Cairns
Gladstone
Mackay
Melbourne
Online
Rockhampton
Sydney
Townsville
Term 2 - 2019 Profile
Brisbane
Bundaberg
Cairns
Gladstone
Mackay
Melbourne
Online
Perth
Rockhampton
Sydney
Townsville
Term 3 - 2019 Profile
Brisbane
Melbourne
Online
Sydney

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).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 30%
2. Written Assessment 30%
3. Written Assessment 40%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University’s Grades and Results Procedures for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 1 - 2018 : The overall satisfaction for students in the last offering of this course was 4.2 (on a 5 point Likert scale), based on a 39.77% response rate.

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.

Source: Survey qualitative feedback
Feedback
"It would be good if all zoom sessions could have been recorded".
Recommendation
In the future terms IT issues will be fixed, so that all zoom sessions will get recorded.
Action Taken
All zoom sessions were recorded.
Source: Survey qualitative feedback and reflective
Feedback
"Study material could be updated, the book is somewhat lacking in a few areas".
Recommendation
Additional resources will be posted on Moodle site for students who want to go more in detail.
Action Taken
Additional resources were posted and UC is in the process of selecting a new textbook for the unit.
Source: Survey qualitative feedback
Feedback
"Sometimes the teacher wasn't able to finish the lecture of the week which affected my understanding of some assessment topics".
Recommendation
The content of the first 3 weeks will be revised to balance the volume of content covered.
Action Taken
All contents were covered during the allocated lecture time.
Source: Student Evaluation Survey
Feedback
Weekly Zoom sessions were helpful.
Recommendation
Continue with the weekly Zoom sessions.
Action Taken
Nil.
Source: Student Evaluation Survey
Feedback
The prescribed textbook was dated.
Recommendation
Update the prescribed textbook.
Action Taken
Nil.
Source: Student Evaluation Survey
Feedback
The Moodle site was easy to navigate and the contents were stimulating.
Recommendation
Continue to provide stimulating learning material in a structured and user-friendly manner.
Action Taken
Nil.
Source: Student Evaluation Survey
Feedback
The application of the DADA framework needs more explanation
Recommendation
Provide a recording explaining how to apply the DADA framework for the benefit of Distance students in particular.
Action Taken
Nil.
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Explain and graphically illustrate with examples various real life economic issues using basic economic theories
  2. Analyse firms production decisions in a range of market structures
  3. Demonstrate how government intervention may be beneficial in cases of market failure in order to achieve more desirable outcomes for the economy and the society
  4. Analyse macroeconomic goals and suggest effective macroeconomic policies to achieve these goals in the real world and stabilise the economy.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Quiz(zes)
2 - Written Assessment
3 - Written Assessment
Alignment of Graduate Attributes to Learning Outcomes
Introductory Level
Intermediate Level
Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4
1 - Communication
2 - Problem Solving
3 - Critical Thinking
4 - Information Literacy
5 - Team Work
6 - Information Technology Competence
7 - Cross Cultural Competence
8 - Ethical practice
Alignment of Assessment Tasks to Graduate Attributes
Introductory Level
Intermediate Level
Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
2 - Written Assessment
3 - Written Assessment
1 - Online Quiz(zes)