Courses & Units

Principles of Economics 1 XPD102



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
Unit code XPD102
Credit points 12.5
College/School Academic Division
Discipline University Pathways
Coordinator Barry Hemmings
Available as student elective? No
Delivered By Third Party (UP Education)
Level Introductory


Location Study period Attendance options Available to
Hobart Semester 2 On-Campus International


International students
Domestic students

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Key Dates

Study Period Start date Census date WW date End date
Semester 2 11/7/2022 9/8/2022 29/8/2022 16/10/2022

* 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.

About Census Dates

Learning Outcomes

  • 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
091901 $1,828.00 $1,432.00 not applicable $2,354.00

1 Please refer here more information on student contribution amounts.
2 Information on eligibility and Approved Pathway courses can be found here
3 Please refer here for eligibility for HECS-HELP
4 Please refer here for eligibility for FEE-HELP

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Mutual Exclusions

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



AssessmentWeekly Workshop Submissions (15%)|Examination (60%)|Assignment (25%)
TimetableView the lecture timetable | View the full unit timetable



Required readings will be listed in the unit outline prior to the start of classes.

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