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ECO1201 Fundamental Economics

Semester 2, 2023 Toowoomba On-campus
Units : 1
School or Department : School of Business
Grading basis : Graded
Course fee schedule : /current-students/administration/fees/fee-schedules

Staffing

Course Coordinator:

Requisites

Enrolment is not permitted in ECO1201 if either ECO1002 or ECO1000 has been previously completed

Overview

This course provides you with an understanding of the fundamental concepts of microeconomics and macroeconomics. This course develops your ability to apply economic analysis to business problems and policy issues as a business graduate. The course provides technical competency in the economics of market systems, market structures, market failures, and macroeconomic indicators and policies, and professional competency in intellectual, interpersonal and communication skills. This course is a required technical and profession competency component of CPA and CAANZ accreditation and specifically addresses Technical Competency Area 5.

Economics is a social science that studies how society manages its scarce resources. In this course, you will learn how to use resources more efficiently and allocate things in a manner that makes us all better off. You will master the fundamental concepts of microeconomics and macroeconomics and gain the capacity to apply them to real-world issues through case studies. These case studies place you in real-world situations requiring them to apply their theoretical understanding to explain and critically analyse these problems faced by business and economic managers.

Course learning outcomes

On completion of this course students should be able to:

  1. explain how different economic systems function and the implications for resource allocation (TCA5 LO1);
  2. describe and apply the principles of microeconomics and macroeconomics to individual and business decision-making (TCA5 LO2);
  3. explain how businesses and consumers interact in different market structures, and the implications for prices and social welfare (TCA5 LO3);
  4. describe the effects of the changes in macroeconomic indicators on business activities (TCA5 LO4);
  5. recognise regulatory and political environments and their influence on businesses and households (TCA5 LO5).

Topics

Description Weighting(%)
1. Microeconomics - markets, competition and price determination in different market structures     30.00
2. Microeconomics - business and government  20.00
3. Macroeconomic measures, fiscal policy, and business  30.00
4. Banking and financial systems  10.00
5. International trade, globalisation and exchange rates  10.00

Text and materials required to be purchased or accessed

Hubbard, G, Garnett, A, Lewis, P & O'Brien, T. 2021, Essentials of Economics, 5th edn, Pearson, Australia.
(Available as an eBook.)

Student workload expectations

To do well in this subject, students are expected to commit approximately 10 hours per week including class contact hours, independent study, and all assessment tasks. If you are undertaking additional activities, which may include placements and residential schools, the weekly workload hours may vary.

Assessment details

Approach Type Description Group
Assessment
Weighting (%) Course learning outcomes
Assignments Written Quiz No 10 1
Assignments Written Problem Solving No 40 1,2,3
Examinations Invigilated Invigilated examination No 50 2,4,5
Date printed 9 February 2024