ECON 1011 Principles of Economics

This is an archived copy of the 2021-2022 catalog. To access the most recent version of the catalog, please visit https://hbook.westernsydney.edu.au.

Credit Points 10

Legacy Code 200525

Coordinator Mamta Chowdhury Opens in new window

Description This unit is an introduction to economic concepts and contemporary economic issues. It introduces students to basic concepts such as markets and their operation, the behaviour of firms, the efficiency and potential failings of markets, the role of government, key macroeconomic problems such as recessions, inflation and unemployment, as well as contemporary fiscal and monetary policies. It illuminates concepts via application to contemporary economic issues and debates over different theoretical perspectives. This unit also exposes students to recent developments and policy controversies in economics.

School Business

Discipline Economics

Student Contribution Band HECS Band 4 10cp

Check your HECS Band contribution amount via the Fees page.

Level Undergraduate Level 1 subject

Equivalent Subjects ECON 1007 - Introductory Economics ECON 1009 - Microeconomics ECON 1010 - Principles of Economics ECON 1012 - Principles of Econnomics (WSTC)

Restrictions External offerings for this subject during Autumn and Spring are only available to students who are enrolled in a Property program or field of study.

Learning Outcomes

On successful completion of this subject, students should be able to:

Explain and apply key economic concepts appropriately;
Interpret economic data and apply simple economic models to the analysis of relevant economic issues;
Present logical economic arguments in written or oral form;
Interpret and solve economic problems;
Explain and evaluate the likely effects of government economic policy.

Subject Content

- Foundations of markets: Demand, supply, equilibrium and institutional foundations; elasticities; production and costs
- Market structures: Perfectly competitive markets; monopolies; monopolistic competition; oligopolies and strategic decision-making
- Government intervention: Efficiency and economic welfare; externalities; public goods; market power
- key macroeconomic Variables and problems: GDP, economic growth, unemployment and inflation
- Explaining business cycles, and the unemployment-inflation trade-off; long-term economic growth
- financial sector: banking, money and interest rates
- Domestic macroeconomic policies: Monetary and fiscal policies. Policy stances; debates over policy
- international sector: Balance of payments, international trade and exchange rates

Assessment

The following table summarises the standard assessment tasks for this subject. Please note this is a guide only. Assessment tasks are regularly updated, where there is a difference your Learning Guide takes precedence.