Courses & Units
Introduction to Markets and the Economy BEA111
Introduction
BEA111 introduces the key concepts in economics, both microeconomics and macroeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reactions 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 policies for market failures and how to evaluate their welfare consequences for different members of society.
Summary
| Unit name | Introduction to Markets and the Economy |
|---|---|
| Unit code | BEA111 |
| Credit points | 12.5 |
| College/School | College of Business & Economics Tasmanian School of Business and Economics |
| Discipline | Economics |
| Coordinator | Doctor Bao Nguyen |
| Available as an elective? | Yes |
| Delivered By | University of Tasmania and Third Party(ies): ECA|Shanghai Ocean University AEIN Institute|Universal College of Higher Education Hong Kong |
| Level | Introductory |
Availability
| Location | Study period | Attendance options | Available to | ||
|---|---|---|---|---|---|
| Hobart | Semester 1 | On-Campus | International | Domestic | |
| Launceston | Accelerated Study Period 1 | On-Campus | International | Domestic | |
| Cradle Coast | Accelerated Study Period 1 | On-Campus | International | Domestic | |
| Online | Semester 1 | Off-Campus | International | Domestic | |
| Online | Accelerated Study Period 1 | Off-Campus | International | Domestic | |
| Hong Kong Universal Ed | Semester 1 | On-Campus | International | ||
| ECA Melbourne | Semester 1 | On-Campus | International | ||
Key
- On-campus
- Off-Campus
- International students
- Domestic students
Note
Enrolment in units available at ECA Melbourne, Hong Kong Universal Ed, and Shanghai Ocean University is only available to eligible students studying at those corresponding locations.
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Units are offered in attending mode unless otherwise indicated (that is attendance is required at the campus identified). A unit identified as offered by distance, that is there is no requirement for attendance, is identified with a nominal enrolment campus. A unit offered to both attending students and by distance from the same campus is identified as having both modes of study.
Key Dates
| Study Period | Start date | Census date | WW date | End date |
|---|---|---|---|---|
| Semester 1 | 26/2/2024 | 22/3/2024 | 15/4/2024 | 2/6/2024 |
| Accelerated Study Period 1 | 5/2/2024 | 28/2/2024 | 21/3/2024 | 5/5/2024 |
* 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 (refer to How do I withdraw from a unit? for more information).
Unit census dates currently displaying for 2024 are indicative and subject to change. Finalised census dates for 2024 will be available from the 1st October 2023. Note census date cutoff is 11.59pm AEST (AEDT during October to March).
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
The 2024 Commonwealth Supported Place (CSP) rates are still being finalised by the Government and we will update the domestic fee information as soon as we have more details.
Requisites
Mutual Exclusions
You cannot enrol in this unit as well as the following:
BEA110, XPD102, BAA110Teaching
| Assessment | Online Quizzes (20%)|Assignment 1 - Micro economics (40%)|Assignment 2 - Macroeconomics (40%) |
|---|---|
| Timetable | View the lecture timetable | View the full unit timetable |
Textbooks
| Required |
You will need a hard copy or e-text of either: Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2021), Essentials of Economics, (5th edn), Pearson. ISBN 9780655702870, NSW. OR Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2018), Essentials of Economics, (4th edn), Pearson. ISBN 9781488616983, NSW. Second-hand copies of 4th edition of the prescribed text are perfectly acceptable. Paperback copies of the 5th edition can be purchased from Booktopia and other online retailers. Print, eTextbook, MyLab and Revel versions of the text are also available from the publisher's online store at www.pearson.com The MyLab and Revel versions of the text available from Pearson provides additional resources and opportunities to learn using an integrated approach.
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|---|---|
| Recommended | You should read/listen/watch the economics and political sections of major international, national and local media. But be aware that each media outlet has its biases! Try to read/listen/watch from both conservative and progressive media outlets. In addition, try to find the original source or the article and make your own conclusions, rather than accepting someone else’s opinion. Saul Eslake (Vice-Chancellor’s Fellow at the University of Tasmania) produces a lot of presentations and charts weekly at https://www.saul-eslake.com/corinna-economicadvisory/ . You can subscribe to his mailing list and receive much of his commentary and charts for free. | Links | Booktopia textbook finder |
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.