ECON 1011 Principles of Economics

Credit Points 10

Legacy Code 200525

Coordinator Neelam Goela Opens in new window

Description This subject 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 subject 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:
  1. Explain and apply key economic concepts appropriately;
  2. Interpret economic data and apply simple economic models to the analysis of relevant economic issues;
  3. Present logical economic arguments in written or oral form;
  4. Interpret and solve economic problems;
  5. 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.

Type Length Percent Threshold Individual/Group Task
Quiz 60 minutes each 20 N Individual
Portfolio 15 minutes each 10 N Group
Short Answer 1,000 words 20 N Individual
Final Exam 2 hours 50 Y Individual

Summer A Online

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.

Type Length Percent Threshold Individual/Group Task
Quiz x 4 60 mins each 20 N Individual
Debate Weeks 3-14 10 N Group
Short answer 1,000 words 20 N Individual
Final examination 2 hours 50 Y Individual

Prescribed Texts

  • Sloman, J, Norris, K & Garrett, D 2014, Principles of economics, 4th edn, Pearson.

Teaching Periods

Summer A (2022)

Parramatta City - Macquarie St

Day

Subject Contact Edward Mariyani-Squire Opens in new window

View timetable Opens in new window

Autumn (2022)

Bankstown

Day

Subject Contact Mamta Chowdhury Opens in new window

View timetable Opens in new window

Campbelltown

Day

Subject Contact Mamta Chowdhury Opens in new window

View timetable Opens in new window

Online

Online

Subject Contact Mamta Chowdhury Opens in new window

View timetable Opens in new window

Parramatta City - Macquarie St

Day

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Evening

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Sydney City Campus - Term 2 (2022)

Sydney City

Day

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Spring (2022)

Online

Online

Subject Contact Mamta Chowdhury Opens in new window

View timetable Opens in new window

Parramatta City - Macquarie St

Day

Subject Contact Mamta Chowdhury Opens in new window

View timetable Opens in new window

Summer (2022)

Parramatta City - Macquarie St

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Autumn (2023)

Bankstown City

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Campbelltown

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Online

Online

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Parramatta City - Macquarie St

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Sydney City Campus - Term 2 (2023)

Sydney City

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Spring (2023)

Online

Online

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window

Parramatta City - Macquarie St

On-site

Subject Contact Neelam Goela Opens in new window

View timetable Opens in new window