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Introduction to Markets and the Economy unit (XPD102)

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Unit year 2027

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Quick Help

Self-enrolment is not available. Enrolment will occur only after attending an orientation or unit counselling session to ensure that you are taking the correct units to fulfill your pathway requirements.

Introduction

Introduction to Markets and the Economy introduces the key concepts in economics, microeconomics and macroeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reaction to world events, social and economic change and government policy. The unit explains why and when markets work and fail. Many of the problems that nations face such as pollution, unemployment, climate change, deflation, inflation, poverty, education and health, are market failures. The unit devotes considerable time towards explaining how to develop basic microeconomic and macroeconomic policy for market failures and how evaluate their welfare consequences for different members of society.

Summary

Unit name Introduction to Markets and the Economy
Unit code XPD102
Credit points 12.5
College/School Academic Division
Learning Teaching Performance
Discipline University Pathways
Coordinator Mr Mustajab Ahmed Soomro
Available as an elective? No
Delivered By University of Tasmania
Level Introductory

Sustainable Development Goals

The Unit Coordinator has identified that this unit aligns with the following UN Sustainable Development Goals. We welcome your thoughts and feedback on the alignment of the unit with these goals.

Availability

Specific information on 2027 unit availability will be available in August

Learning Outcomes

  • Define and interpret key microeconomic and macroeconomic concepts.
  • Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, and government policy on markets and the macroeconomy.
  • Describe how and why markets work, and how and why they fail. Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to market failures and identify their welfare implications.

Fee Information

2027 fee information will be available in August.

Requisites

Mutual Exclusions

You cannot enrol in this unit as well as the following:

BEA111

Teaching

Teaching Pattern

5 hours of face-to-face classes per week over 13 weeks.

AssessmentPrinciples (10%)|Quiz (20%)|Assignment 1 - Micro topics (35%)|Assignment 2 - Macro Topics (35%)
TimetableView the lecture timetable | View the full unit timetable

Textbooks

Required

Frank, R.H., Jennings, S.M. and Bernanke, B.S. (2012), Principles of Microeconomics, (3rd edn), McGraw Hill, North Ryde, NSW.

You will need a hard copy of e-text of the following text book:

Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2018), Essentials of Economics, (4th edn), Pearson. ISBN 9781488616983, NSW

 

Hard copies of the book are available for purchase from the Co-op Bookshop in person, or on line at www.coop.com.au/essentials-of-economics.

Hard copies and e-text versions of the book are available from the publisher Pearson at https://www.pearson.com/en-au

You may also wish to purchase MyLab for Hubbard et. al from Pearson that provides additional resources and opportunities to learn. 
Recommended
  • Australian Bureau of Statistics: www.abs.gov.au
  • Reserve Bank of Australia: www.rba.gov.au
  • Gapminder: www.gapminder.org
  • Core Econ: www.core-econ.org
  • OECD Statistics: www.stats.oecd.org
  • The World Bank: www.worldbank.org
  • The IMF: www.imf.org
     

The University reserves the right to amend or remove courses and unit availabilities, as appropriate.