Principles of Economics 1 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.
|Unit name||Principles of Economics 1|
|Available as student elective?||No|
|Delivered By||Third Party (UP Education)|
|Location||Study period||Attendance options||Available to|
- International students
- Domestic students
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|Study Period||Start date||Census date||WW date||End date|
* The Final WW Date is the final date from which you can withdraw from the unit without academic penalty, however you will still incur a financial liability (see withdrawal dates explained for more information).
Unit census dates currently displaying for 2022 are indicative and subject to change. Finalised census dates for 2022 will be available from the 1st October 2021.
- Define and interpret basic economic, microeconomic and macroeconomic concepts.
- Apply basic economic, microeconomic and macroeconomic concepts to describe the impact of global events, social change, government policy, changing economic conditions and the problems faced by government, business and individuals.
- Describe when and why markets work and when and why they fail. Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to market failures and identify their welfare implications for different members of society.
|Field of Education||Commencing Student Contribution 1||Grandfathered Student Contribution 1||Approved Pathway Course Student Contribution 2||Domestic Full Fee|
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Please note: international students should refer to this page to get an indicative course cost.
You cannot enrol in this unit as well as the following:BEA111
|Assessment||Weekly Workshop Submissions (15%)|Examination (60%)|Assignment (25%)|
|Timetable||View the lecture timetable | View the full unit timetable|
Required readings will be listed in the unit outline prior to the start of classes.
|Links||Booktopia textbook finder|
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