Important Information
Programs
Courses
Residential Schools
International Students
Current Handbook
Glossary
By Course Code:
ACCT AINV ALLH AQUA ARTH ARTS AUDV AVAT BIOH BIOL BIOT BLAR BLCN BLOC BLSV BMED BMSC BOTN BUSN CHEM CHIR CNSL COIS COIT COMM COMT CQUN CREA CULT DGTL DNCE DRMA ECOM ECON EDCU EDEC EDED EDEL EDFE EDHE EDSE EDVT ENAC ENAE ENAG ENAM ENAR ENCO ENEA ENEC ENEE ENEG ENEM ENEP ENEV ENIM ENMG ENML ENMM ENPG ENPO ENRG ENSD ENSE ENTA ENTC ENTE ENTG ENTI ENTM ENTZ ENVH ENVR ESSC EVST FAHE FARM FILM FINC FSEH GENE GEOG GEOH GOVP HIST HLPB HLTH HLTP HMGT HMSC HRMT HUMT IEXC INDG JALC JAPN JAZZ JOUR LAWS LITR LNGC LNGE LOTE MARN MATH MBIO MDWF MEDI MEDS MGMT MMST MNTR MQPR MRKT MUSC NHLT NHPE NURS NUTR OCCT OCHS OLTC ORAL PERF PHRM PHYG PHYS PMSC PODI PPMP PROP PSIO PSYC RAIL RELG SAFE SCIE SKIL SOCL SOWK SPCH SREC STAT SWHS THTR TOUR VART WELF WRIT ZOOLECON11026 Principles of Economics
Course details
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.
Course at a glance
| Career: | Undergraduate |
| Credit points: | 6 |
| Requisites: | This course has no pre/co-requisites |
| Student Contribution Band: | 2 |
| EFTSL: | 0.12500 |
Course availability
PRINT WARNING - Printed copies of this document or part thereof should not be relied upon as a current reference document. ALWAYS refer to the electronic copy for the latest version.