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Unit of study_
ECON1040: Principles of Economics
2025 unit information
This unit of study is designed for students who have an interest in economics and its application to critical issues in everyday life. Students will gain an understanding of how the economy works; how individuals, firms and governments form and shape their decisions using economic principles; and the role of public policy on outcomes including the trade-offs faced in making policy decisions. Students will develop skills to critically analyse real-world issues using the perspective of an economist, and communicate ideas and arguments about economics in a logical, coherent and evidence-based manner.
Unit details and rules
Managing faculty or University school:
Arts and Social Sciences
| Study level | Undergraduate |
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| Academic unit | Economics |
| Credit points | 6 |
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Prerequisites:
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None |
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Corequisites:
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None |
| Prohibitions:
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AGEC1006 or ECON1001 or BUSS1040 |
| Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
- LO1. demonstrate understanding of how aggregate supply and demand result from individual and firm decisions
- LO2. describe the fundamental types of market structures and competition
- LO3. demonstrate understanding of market failures and the roles of government in markets
- LO4. explain how prices and quantities are determined in a market, leading to resource allocation in the economy
- LO5. critically evaluate the assumptions and limitations of economic theories in the unit
- LO6. describe the meaning and measurement of macroeconomic aggregates such as GDP, inflation, and unemployment
- LO7. explain the concept of a business cycle and how stabilisation policies affect economic outcomes.
Unit availability
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Modes of attendance (MoA)
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