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ECON11026 - Principles of Economics

General Information

Unit Synopsis

This introductory unit in economics covers basic microeconomic and macroeconomic theory. Examples of the application of the theory within the context of the contemporary Australian economy and the rest of the world economies are provided. The methodology of economic analysis (the scientific method) is explained at the outset. The unit then explains 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. This is followed by the explanation of the goals of macroeconomics, determination of Gross Domestic Product, money, banking, inflation, globalisation, international trade and exchange rate. Finally, macroeconomic policies, and their effectiveness in achieving macroeconomic goals and long term economic growth is critically discussed and analysed.

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 1 - 2017

Term 1 - 2017 Profile
Brisbane
Bundaberg
Cairns
Distance
Gladstone
Mackay
Melbourne
Rockhampton
Sydney
Townsville
Term 2 - 2017 Profile
Brisbane
Bundaberg
Cairns
Distance
Gladstone
Mackay
Melbourne
Perth
Rockhampton
Sydney
Townsville
Term 3 - 2017 Profile
Brisbane
Distance
Melbourne
Sydney
Term 1 - 2018 Profile
Brisbane
Bundaberg
Cairns
Distance
Gladstone
Mackay
Melbourne
Rockhampton
Sydney
Townsville
Term 2 - 2018 Profile
Brisbane
Bundaberg
Cairns
Distance
Gladstone
Mackay
Melbourne
Perth
Rockhampton
Sydney
Townsville
Term 3 - 2018 Profile
Brisbane
Distance
Melbourne
Sydney
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
Term 1 - 2020 Profile
Brisbane
Bundaberg
Cairns
Gladstone
Mackay
Melbourne
Online
Rockhampton
Sydney
Townsville
Term 2 - 2020 Profile
Brisbane
Bundaberg
Cairns
Gladstone
Mackay
Melbourne
Online
Perth
Rockhampton
Sydney
Townsville
Term 3 - 2020 Profile
Brisbane
Melbourne
Online
Sydney
Term 1 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 2 - 2021 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2021 Profile
Brisbane
Melbourne
Online
Term 1 - 2022 Profile
Brisbane
Melbourne
Online
Sydney
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
Term 1 - 2024 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2024 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2024 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) 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 Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 2 - 2022 : The overall satisfaction for students in the last offering of this course was 68.00% (`Agree` and `Strongly Agree` responses), based on a 17.01% 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: 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
As students find graphs difficult to interpret. Therefore considerable amount of tutorial time is spent on graphical interpretations, relating theory to real life economic examples.
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
Structured weekly Moodle resources,practcie quiz, assessment-2 with clear assignment criteria and online test prtatice and protocol is provided.
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
Weekly enegagement activity related to practice quizzes and discussion in breakout sessions for distacce online students were conducted, as well as for face-to-face students in tutorial/ workshops on campus.
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
The recommendations from the review process were incorporated for 2022. The weekly Moodle learning and teaching resources, lectures, tutorial activities, practice quizzes, assessment tasks, theory to practice activities were revised for 2022 offerring.
Source: In online zoom tutorial sessions.
Feedback
Please spend more time on explaining and revising graphs during the tutorial, as lecture is only for one hour.
Recommendation
As students find graphs difficult to interpret. Therefore considerable amount of tutorial time is spent on graphical interpretations, relating theory to real life economic examples.
Action Taken
Nil.
Source: Unit Coordinator's self reflection based on evidence
Feedback
This first year Econ11026 unit in the last three years 2020-2022, has consistently received an overall satisfaction score of 4 (out of 5). Students consistently rated all aspects of the evaluation above 4 (out of 5).
Recommendation
The Unit Coordinators will ensure to deliiver high quality learning resources and assessment tasks to engage and satify the students in their study of first year core Econ11026 unit.
Action Taken
Nil.
Source: by E-mail
Feedback
The zoom tutorials were engaging and informative, followed by consulting time, greatly assisted in my understanding and clarifying the graphs in Econ11026.
Recommendation
Weekly engagement activity in tutorial and consulting time related to graphs and discussion in breakout sessions for students will be continued on Zoom, and for on campus students in the face-to-face tutorial classes, to ensure student engagement with the unit learning activities.
Action Taken
Nil.
Source: Unit Coordinator's Self reflection
Feedback
This unit underwent a 'Full Review' by the faculty in the 2nd Term 2021, due to high AF & WF rates. Suggestions were taken on board by the UC to revise the weekly content coverage and assessment task with an online invigilated test from 2022, as required by the accounting accrediting body.
Recommendation
All the recommendations from the Econ11026 review process were incorporated from 2022.
Action Taken
Nil.
Source: Student T2- 2022 Evaluation Survey
Feedback
"Powerpoint slides and notes were very helpful. The revision quizzes to attempt before the grades quizzes helped me improve lots".
Recommendation
Unit Coordinators will continute to provide qulity information on slides, question bank for weekly topic to prepare for online invigilated test, and revision quizzes.
Action Taken
Nil.
Unit learning Outcomes

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

  1. explain and graphically illustrate the nature and scope of the discipline of microeconomics, theory of demand and supply, elasticity, and how consumers make choices to maximise utility
  2. illustrate graphically and interprete as to how the cost and revenue curves are determined and producers try to maximise profits
  3. distinguish between the four different market structures, and rate each in terms of efficiency in the allocation of resources
  4. demonstrate why government intervention may be necessary in cases of market failure in order to achieve more desirable outcomes for the economy and the society
  5. explain and analyse the contemporary macroeconomic goals of the 21st century and demostrate how Gross Domestic Product (GDP) is calculated
  6. apply the theory to describe how fluctuations in the business cycle can have an impact on GDP growth, unemplyment, inflation, exchange rate, interest rate and the federal budget
  7. critically evaluate and justify how fiscal and monetary policies are used for solving real world macro economic problemsin order to manage aggregate demand, inflation and stabilise the economy.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
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 5 6 7
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
2 - Written Assessment
3 - Written Assessment
1 - Online Quiz(zes)