Principles of Economics

Course aim

To introduce students to the meaning and application of fundamental economic principles.

Course content

The economic decisions faced by individuals, households, firms and governments and the role of a mixed market economy in resource allocation decisions in the macroeconomy; analysis of prices and output determination in the context of markets and incentives; market structures, competition policy and its implication for the general economy; the strengths and weaknesses of the market mechanism and the role of public policy; Australia and the fundamental relationships in its macroeconomy; Gross Domestic Product, unemployment and inflation; business cycles; significance of international trade; introductory macroeconomic models; the role of government and economic policy; and economic analysis of contemporary economic issues.

Textbook(s)

Parkin and Bade 2016, Microeconomics: Australia in the Global Environment, 1st edn, Pearson, Australia

Prerequisite(s)

Nil

Corequisite(s)

Nil

Teaching method

Component	Duration
EXTERNAL, CITY WEST, DISTANCE EDUCATION
External	13 weeks x N/A
INTERNAL, OFFSHORE, TAYLOR'S BUSINESS SCHOOL
Lecture	2 hours x 14 weeks
Tutorial	2 hours x 14 weeks
INTERNAL, CITY WEST
Lecture	2 hours x 13 weeks
Tutorial	1 hour x 13 weeks
INTERNAL, MAWSON LAKES
Lecture	2 hours x 13 weeks
Tutorial	1 hour x 12 weeks
INTERNAL, MT GAMBIER
Lecture	2 hours x 13 weeks
Tutorial	1 hour x 12 weeks
INTERNAL, WHYALLA
Lecture	2 hours x 13 weeks
Tutorial	1 hour x 12 weeks
INTERNAL, OFFSHORE, HONG KONG BAPTIST UNIVERSITY
Lecture	2.5 hours x 8 days
Tutorial	10 hours x across 14 weeks

Note: These components may or may not be scheduled in every study period. Please refer to the timetable for further details.

Assessment

Assignment, Test (three online multiple choice tests), Written examination

Fees

EFTSL*: 0.125
Commonwealth Supported program (Band 3)
To determine the fee for this course as part of a Commonwealth Supported program, go to:
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Fee-paying program for domestic and international students
International students and students undertaking this course as part of a postgraduate fee paying program must refer to the relevant program home page to determine the cost for undertaking this course.

Non-award enrolment
Non-award tuition fees are set by the university. To determine the cost of this course, go to:
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Not all courses are available on all of the above bases, and students must check to ensure that they are permitted to enrol in a particular course.

* Equivalent Full Time Study Load. Please note: all EFTSL values are published and calculated at ten decimal places. Values are displayed to three decimal places for ease of interpretation.