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Introduction to Markets and the Economy unit (BEA111)

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Location: Cradle Coast, Melbourne Study Centre, Hobart, Hong Kong Universal Ed, Launceston, Online, Shanghai Ocean University

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 Tasmanian School of Business and Economics
Discipline Economics
Coordinator Doctor Maria Yanotti
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

Sustainable Development Goals

The Unit Coordinator has identified that this unit aligns with the following UN Sustainable Development Goals. We welcome your thoughts and feedback on the alignment of the unit with these goals.

Availability

Location Study period Attendance options Available to
Cradle Coast Semester 1 This unit is available through on-campus delivery Available to International Students Available to Domestic Students
Melbourne Study Centre Semester 1 This unit is available through on-campus delivery Available to International Students
Hobart Semester 1 This unit is available through on-campus delivery Available to International Students Available to Domestic Students
Hong Kong Universal Ed Semester 1 This unit is available through on-campus delivery Available to International Students
Launceston Semester 1 This unit is available through on-campus delivery Available to International Students Available to Domestic Students
Online Semester 1 This unit is available through off-campus delivery Available to International Students Available to Domestic Students
Shanghai Ocean University Shanghai Semester 2 This unit is available through on-campus delivery Available to International Students
  • Key:
  • This unit is available through on-campus delivery On-campus
  • This unit is available through off-campus delivery Off-Campus
  • Available to International Students International students
  • Available to Domestic 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 22/2/2026 16/3/2026 19/4/2026 13/6/2026
Shanghai Semester 2 1/3/2026 6/4/2026 18/4/2026 4/6/2026

* 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 2026 are indicative and subject to change. Finalised census dates for 2026 will be available from the 1st October 2025. Note census date cutoff is 11.59pm AEST (AEDT during October to March).

About Census Dates

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
091901 $2,174.00 $1,703.00 not applicable $2,862.00
  • Available as a Commonwealth Supported Place
  • HECS-HELP is available on this unit, depending on your eligibility3
  • FEE-HELP is available on this unit, depending on your eligibility4

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:

BEA110, XPD102, BAA110

Teaching

AssessmentOnline Quizzes (20%)|Assignment 1 - Micro economics (40%)|Assignment 2 - Macroeconomics (40%)
TimetableView 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.

 
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.

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