Introduction to Markets and the Economy unit (XPD102)

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

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

Field of Education	Commencing Student Contribution 1,3	Grandfathered Student Contribution 1,3	Approved Pathway Course Student Contribution 2,3	Domestic Full Fee 4
			not applicable

¹ Please refer to more information on student contribution amounts.
² Please refer to more information on eligibility and Approved Pathway courses.
³ Please refer to more information on eligibility for HECS-HELP.
⁴ Please refer to more information on eligibility for FEE-HELP.

If you have any questions in relation to the fees, please contact UniConnect or more information is available on StudyAssist.

Please note: international students should refer to What is an indicative Fee? to get an indicative course cost.

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.
Assessment	Principles (10%)|Quiz (20%)|Assignment 1 - Micro topics (35%)|Assignment 2 - Macro Topics (35%)
Timetable	View 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.