ECON11026 - Principles of Economics

General Information

Unit Synopsis

This unit introduces basic principles of microeconomic and macroeconomic theory and the methods of economic analysis . You will examine the demand-supply model, market equilibrium, elasticity, and how the prices of goods and services, and the cost and revenue curves are determined. You will compare the key market structures: perfect competition, monopoly, monopolistic competition, and oligopoly and examine why government intervention is necessary in order to correct market failure and achieve allocative and productive efficiency. You will be introduced to the key macroeconomic indicators and their role in managing the economy. You will be given the opportunity to explore the dynamics of macroeconomic policies, and their effectiveness in achieving national economic objectives and dynamic efficiency to achieve long term economic growth.

Details

Level Undergraduate
Unit Level 1
Credit Points 6
Student Contribution Band SCA Band 4
Fraction of Full-Time Student Load 0.125
Pre-requisites or Co-requisites There are no pre-requisites for the unit.

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Class Timetable View Unit Timetable
Residential School No Residential School

Unit Availabilities from Term 3 - 2024

Term 3 - 2024 Profile
Melbourne
Online
Term 1 - 2025 Profile
Brisbane
Melbourne
Online
Rockhampton
Sydney
Term 2 - 2025 Profile
Brisbane
Melbourne
Online
Sydney
Term 3 - 2025 Profile
Brisbane
Melbourne
Online

Attendance Requirements

All on-campus students are expected to attend scheduled classes - in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Assessment Overview

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Assessment Tasks

Assessment Task Weighting
1. Online Quiz(zes) 20%
2. Written Assessment 30%
3. Written Assessment 50%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%).

Consult the University's Grades and Results Policy for more details of interim results and final grades

Past Exams

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Previous Feedback

Term 2 - 2023 : The overall satisfaction for students in the last offering of this course was 64.00% (`Agree` and `Strongly Agree` responses), based on a 16.67% response rate.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Source: In online zoom tutorial sessions.
Feedback
Please spend more time on explaining and revising graphs during the tutorial, as lecture is only for one hour.
Recommendation
As students find graphs difficult to interpret. Therefore considerable amount of tutorial time is spent on graphical interpretations, relating theory to real life economic examples.
Action Taken
Unit coordinator has informed the campus lecturers to devote tutorial time to explain graphical concepts, relating theory to real life economic examples.
Source: Unit Coordinator's self reflection based on evidence
Feedback
This first year Econ11026 unit in the last three years 2020-2022, has consistently received an overall satisfaction score of 4 (out of 5). Students consistently rated all aspects of the evaluation above 4 (out of 5).
Recommendation
The Unit Coordinators will ensure to deliiver high quality learning resources and assessment tasks to engage and satify the students in their study of first year core Econ11026 unit.
Action Taken
Econ11026 unit is contineously undergoing improvement, meeting minimum standards, updating moodle learning resources and assessment tasks, to enhance students engagement and learning outcomes.
Source: by E-mail
Feedback
The zoom tutorials were engaging and informative, followed by consulting time, greatly assisted in my understanding and clarifying the graphs in Econ11026.
Recommendation
Weekly engagement activity in tutorial and consulting time related to graphs and discussion in breakout sessions for students will be continued on Zoom, and for on campus students in the face-to-face tutorial classes, to ensure student engagement with the unit learning activities.
Action Taken
Unit coordinator continues to communicate high expectations and provide consulting time for the students, to ensure engagement and positive learning outcomes.
Source: Unit Coordinator's Self reflection
Feedback
This unit underwent a 'Full Review' by the faculty in the 2nd Term 2021, due to high AF & WF rates. Suggestions were taken on board by the UC to revise the weekly content coverage and assessment task with an online invigilated test from 2022, as required by the accounting accrediting body.
Recommendation
All the recommendations from the Econ11026 review process were incorporated from 2022.
Action Taken
Econ11026 unit is contineously undergoing improvement in updating learning material, assessments, and meeting more than minimum moodle standards required for the unit.
Source: Student T2- 2022 Evaluation Survey
Feedback
"Powerpoint slides and notes were very helpful. The revision quizzes to attempt before the grades quizzes helped me improve lots".
Recommendation
Unit Coordinators will continute to provide qulity information on slides, question bank for weekly topic to prepare for online invigilated test, and revision quizzes.
Action Taken
From Term 3-2023 onwards lecture and tutorial slides have been revised & incorporated with H5P interactive activities. Editable lecture and tutorial word doc. have also been provided to meet diverse learning style of the students and enhance students engagement. revision Quizzes and the Question Bank for the invigilated on-campus exam has been updated.
Source: Through Moodle Site
Feedback
More explanation and interpretations of graphs required.
Recommendation
Unit Coordinator and the campus lecturers will spend more time on explaining graphs during lectures and review the understanding during the tutorial sessions.
Action Taken
In Progress
Source: Through Moodle Site
Feedback
I have a much broader understanding of economics through examples, and how it affects every area of our lives in ways we never knew!
Recommendation
Unit Coordinator and the campus lecturers will continue to provide theory to practice examples relating micro-economics and macro-economics to everyday life.
Action Taken
In Progress
Source: In Class and Unit Evaluation Comments
Feedback
The theory to practice exercises and revision quizzes helped to score high marks in the quiz test and assignment. But I feel a more interactive approach would help with this unit.
Recommendation
Unit Coordinator will continue to provide revision quizzes and other H5P inter-active activities to suit diverse learning style of the students, to increase moodle engagement, learning from all types of diverse resources and assignment task.
Action Taken
In Progress
Source: Unit Evaluation Comment
Feedback
Having a zoom tutorial session from 5 to 7pm is great especially for distance students.But having the option where distance students who work can attend the tutorial session is a really nice thing
Recommendation
Timetabling will consider to continue to have evening zoom tutorial session from 5pm-7pm for distance ad offshore students.
Action Taken
In Progress
Unit learning Outcomes

On successful completion of this unit, you will be able to:

  1. Describe the scope of the discipline of microeconomics and macroeconomics and the methodology of economic analysis and interpretation of tables and graphs, applying theory to practice.
  2. Describe the definitive characteristics of four different market structures, and rate each in terms of efficiency and the firm’s production decisions.
  3. Demonstrate how government intervention may be beneficial in cases of market failure in order to achieve more desirable outcomes for the economy and the society.
  4. Explain macroeconomic goals and assess various macroeconomic policies to stabilise the economy.
  5. Demonstrate why countries gain from international trade, globalisation, and exchange rate determination.

This Core Unit meets the Bachelor of Business (Accounting) professional outcomes, standards and assessment tasks as required by the external accounting accrediting bodies. 

Alignment of Assessment Tasks to Learning Outcomes
Assessment Tasks Learning Outcomes
1 2 3 4 5
1 - Online Quiz(zes) • •
2 - Written Assessment • • •
3 - Written Assessment • • •
Alignment of Graduate Attributes to Learning Outcomes
• Introductory Level
• Intermediate Level
• Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5
1 - Communication • • • • •
2 - Problem Solving • • • • •
3 - Critical Thinking • • • • •
4 - Information Literacy • • • • •
5 - Team Work • • • • •
6 - Information Technology Competence • •
7 - Cross Cultural Competence • •
8 - Ethical practice • • •
Alignment of Assessment Tasks to Graduate Attributes
• Introductory Level
• Intermediate Level
• Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9 10