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 | BES111 |
| Credit points | 12.5 |
| College/School | Tasmanian School of Business and Economics |
| Discipline | Economics |
| Coordinator | Doctor Bao Nguyen |
| Available as an elective? | No |
| Delivered By | University of Tasmania and Third Party(ies): Shanghai Ocean University AEIN Institute |
| 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
Specific information on 2027 unit availability will be available in August
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
2027 fee information will be available in August.
Requisites
Mutual Exclusions
You cannot enrol in this unit as well as the following:
BEA110, XPD102, BAA110, BEA111Teaching
| 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. |
The University reserves the right to amend or remove courses and unit availabilities, as appropriate.