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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 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 - 2021

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
Melbourne
Online
Term 1 - 2025 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2025 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2025 Profile
Melbourne
Online
Sydney
Term 1 - 2026 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2026 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2026 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

No previous feedback available

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: Instructor
Feedback
Detailed margin feedback is given to the students in for assessment 1 & 2.
Recommendation
After the first assessment, the quiz, each quiz should be discussed in the class for conceptual clarities. And after the release of the grades for the second assessment, further time should be allocated to student feedback.
Action Taken
This semester there were no quizzes. There were just 2 assessments. Students faced more difficulties with the research aspect. Recorded version of the working of assessment 2 was also uploaded in moodle to assist the students. The students were also regularly guided personally by all concerned lecturers and also the were asked to contact ALC.
Source: In online zoom tutorial/workshop sessions
Feedback
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.
Recommendation
Investigate ways to assist students to better understand graphical presentation of economic concepts.
Action Taken
In Progress
Source: UC self reflection
Feedback
The hurdle requirement for the first assessment may be linked to non-submission of subsequent assessments resulting in AF outcomes.
Recommendation
Investigate assessment regime to discourage AF outcomes.
Action Taken
In Progress
Source: Student Evaluation Survey
Feedback
Learning resources and assessment items have been well structured and greatly benefit a student's ability to comprehend what is asked of each task.
Recommendation
Contnue providing structured Moodle resources and assessment with clear assignment criteria.
Action Taken
In Progress
Source: Teaching teams self-reflection in the meeting and by e-mail
Feedback
Despite 10 weeks teaching with the same volume of learning for Economics core unit, many students are not coming prepared to class.
Recommendation
Review if workshops should return to be in the 11 or 12-week teaching format.
Action Taken
In Progress
Source: Practice quizzes
Feedback
Students learning the unit
Recommendation
Review if there should be some weightage to the quizzes as well so that the students are able to understand the concepts.
Action Taken
In Progress
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 10 10
2 - Written Assessment • • • • •
3 - Written Assessment • • • • • • •
1 - Online Quiz(zes) • • • • •