ECON11026 - Principles of Economics

General Information

Unit Synopsis

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

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the 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).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 2 - 2022

Term 2 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2022 Profile
Brisbane
Melbourne
Online
Term 1 - 2023 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2023 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2023 Profile
Brisbane
Melbourne
Online

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) 20%
2. Written Assessment 30%
3. Online Test 50%

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 Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 2 - 2021 : The overall satisfaction for students in the last offering of this course was 4.4 (on a 5 point Likert scale), based on a 49.28% 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: Student Evaluation Survey
Feedback
Make assignments due on a Monday to allow an extra couple of days to work on them.
Recommendation
Consider changing assessment deadlines to fall on a Monday.
Action Taken
All three assignments in 2021, were due on Monday.
Source: In Class
Feedback
Spend more time on explaining graphs during lecture and review the understanding during tutorial.
Recommendation
Students find graphs difficult to interpret. Therefore considerable amount of time in relevant parts of the lectures and tutorials will be spent on graphical interpretations.
Action Taken
Nil.
Source: Student Evaluation Survey
Feedback
Assessment and resources have been well structured and greatly benefit a student's ability to comprehend what is asked of each task.
Recommendation
Structured Moodle resources and assessment with clear assignment criteria will be provided.
Action Taken
Nil.
Source: Student Evaluation Survey
Feedback
The zoom tutorials were engaging and informative and greatly assisted in my learning and development in this unit.
Recommendation
To discuss real-world examples applying the theory, engaging zoom tutorials and breakout sessions for students interactions in zoom teams were provided.
Action Taken
Nil.
Source: Self Reflection
Feedback
This unit has large number of AF & WF which is of concern to the Unit Coordinator.
Recommendation
This unit underwent a 'Full Review' in the 2nd Term 2021 by the HOC, due to high AF & WF rates. Suggestions were taken on board by the UC to revise the weekly content coverage and assessment task weighting for 2022. Following the unit review process, unit change proposal has been submitted in December 2021.
Action Taken
Nil.
Unit learning Outcomes

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

  1. Describe and illustrate basic economic principles as they relate to consumer and business decisions.
  2. Describe the firm's 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. Explain macroeconomic goals and assess various macroeconomic policies to stabilise the economy.

This Core Unit  meets the  Bachelor of Business (Accounting) professional  outcomes and standards as required by the external  accrediting bodies. 

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Quiz(zes)
2 - Written Assessment
3 - Online Test
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 10