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ECON11026 - Principles of Economics

General Information

Unit Synopsis

This introductory course in economics covers basic microeconomic theory, and an introduction to macroeconomic goals and tools. Examples of the application of the theory within the context of the contemporary Australian economy and internationally are provided. The methodology of economic analysis (the scientific method) is explained at the outset. The course then explains the theory of demand and supply, elasticity and how prices of goods and services and the cost and revenue curves are determined. This is followed by the explanation of the four market structures: perfect competition, monopoly, monopolistic and oligopoly and how wages are set and income distributed in the factor market. The course critically examines why government intervention is necessary in order to correct market failure and achieve allocative and productive efficiency. Finally, the goals and tools of macroeconomics are introduced and their application in development of monetary and fiscal policy is discussed.

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 3 - 2014

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

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. Written Assessment 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 1 - 2020 : The overall satisfaction for students in the last offering of this course was 4.5 (on a 5 point Likert scale), based on a 29.86% 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
The best aspect of this unit was the way that information was presented and how it was comprehended through the units' Moodle site.
Recommendation
The Coordinator to maintain a stock of well-structured learning materials and present them with user-friendly Moodle navigation.
Action Taken
The Unit Coordinator maintained a well-structured and uncluttered Moodle page and learning resources.
Source: Student Evaluation Survey
Feedback
The video lectures were quite clear and concise. The Mylab software was a great learning tool although needs some work to fix glitches.
Recommendation
The Coordinator will continue to improve video lectures and to request a customised MyLab platform access for students.
Action Taken
MyLab is an optional resource provided by the textbook publisher and the issues have been resolved.
Source: Student Evaluation Survey
Feedback
The unit coordinator is very helpful in conducting online zoom sessions which are very helpful for me as a fifo worker, I can't always attend the sessions though the recordings helped immensely.
Recommendation
The Coordinator will continue to record the weekly Zoom sessions.
Action Taken
The Unit Coordinator conducted two separate Zoom sessions this Term: one during the regular class hours for on-campus students and the other after work hours targeting the Distance students.
Source: Student Evaluation Survey
Feedback
Assessment 2 needs more clarity and instructions.
Recommendation
The Coordinator to simplify the tasks of Assessment 2 and to provide detailed instructions including exemplars.
Action Taken
The Unit Coordinator simplified Assessment 2 and provided detailed instruction and exemplars to enhance clarity.
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
Nil.
Unit learning Outcomes

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

  1. understand the nature and scope of the discipline of microeconomics in particular and the methodology of economic analysis
  2. explain the nature of the theory of demand and the theory of supply, elasticity of demand and supply, and how consumers make choices and producers try to maximise profits
  3. demonstrate how prices of goods and services and the cost and revenue curves are determined
  4. identify the definitive characteristics of four different market structures, and rate each in terms of efficiency in the allocation of resources
  5. explain how wages are set and income distributed
  6. demonstrate why government intervention may be necessary in cases of market failure in order to achieve more desirable outcomes
  7. explain the concepts of externalities, public goods and common resources
  8. explain the macroeconomic goals and tools and demonstrate their application in the development of monetary and fiscal policies.

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7 8
1 - Written Assessment
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 8
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
1 - Written Assessment
2 - Written Assessment
3 - Written Assessment