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BEA111 Principles of Economics 1 is a compulsory unit in the Bachelor of Economics (BEc) and Bachelor of Business (BBus) degrees. It is also a nominated elective in a wide range of other programs throughout the University of Tasmania and combining this unit with almost any other area of study can add considerable value. By introducing students to a small number of core economic concepts and tools, and by demonstrating their wide ranging application, BEA111 provides students with the opportunity to improve decision making in all domains of their lives and to better understand aspects of the business and policy environments in which they operate, both individually and collectively.

The unit also highlights the use of key economic concepts that can assist people in their role as managers to form successful competitive strategies, and to run more profitable firms. BEA111 Principles of Economics 1 is the first in a sequence of two foundation level economics units offered by the Tasmanian School of Business and Economics. Taken together with BEA121 Principles of Economics 2, BEA111 provides students with a comprehensive introduction to economic theory and policy, and forms a strong foundation for students planning to continue their studies of economics and finance.

Summary 2020

Unit name Introduction to Markets and the Economy
Unit code BEA111
Credit points 12.5
Faculty/School College of Business & Economics
Tasmanian School of Business and Economics
Discipline Economics and Finance

Dr Paul Blacklow and Dr Mala Raghaven (Hobart, Cradle Coast and Distance)

Dr Maria Yanotti (Launceston)

Dr Clinton Levitt (Hong Kong, Shanghai)

Level Introductory
Available as student elective? Yes
Breadth Unit? No



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* 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).

About Census Dates

Learning Outcomes

  • LO1: Define, measure and interpret key microeconomic concepts.
  • LO2: Use economic theory and models to describe markets as well as describe when markets fail and outline solutions to market failures.
  • LO3: Use economic theory and models to describe economic decisions made by individuals, businesses and governments as well as identify ethical and welfare implications.



Mutual Exclusions

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

BEA110 and JNB223 and XPD102


Teaching Pattern

1 x 2 hour lecture per week, 1 x 1 hour tutorial per week.


Internal assessment 40%; Final exam 60%. Please see the unit outline for details.

TimetableView the lecture timetable | View the full unit timetable



Please see the unit outline for details.

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