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HE Unit Template
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Introduction to Economics
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BUECO1300 - Introduction to Economics
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20270200
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Course
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Unit
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3.0
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2026-09-10
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2026-09-10
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Business
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Institute of Innovation, Science & Sustainability
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Business
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Undergraduate
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15
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.125
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091901
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Economics
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091901 - Economics
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<a href="http://www.federation.edu.au/locate/unit/bueco1300">View unit fees</a>
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Graded (e.g. HD, D, C, etc)
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5
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Diploma, Undergraduate Certificate
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Introductory
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1
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<p>This unit provides an introduction to the main ideas and concepts involved in modern economics. It provide students with an understanding of how the economy works; how individuals, businesses 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. It considers both microeconomics - the analysis of choices made by individual decision-making agents (households and businesses) - and macroeconomics - the analysis of the economy as a whole. 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 evidenced based manner.</p>
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<p>Topics may include:</p><p> 1. Introduction to economics</p><p> 2. Market demand and supply</p><p> 3. Elasticity</p><p> 4. The costs of production</p><p> 5. Perfection competition</p><p> 6. Monopoly</p><p> 7. Measuring the size of the economy</p><p> 8. Production and growth</p><p> 9. Money, inflation and unemployment</p><p> 10. Aggregate demand and supply</p><p> 11. Monetary and fiscal policy</p>
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<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
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Year
2027
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2026
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BUECO1300 - Introduction to Economics
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BUECO1300 - Introduction to Economics
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Semester
Semester 1
Semester 2
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Year
2027
2026
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Overview
Key information
Requisites
Learning outcomes
Assessment
FedTASK
Parent Region
Overview
Unit description
<p>This unit provides an introduction to the main ideas and concepts involved in modern economics. It provide students with an understanding of how the economy works; how individuals, businesses 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. It considers both microeconomics - the analysis of choices made by individual decision-making agents (households and businesses) - and macroeconomics - the analysis of the economy as a whole. 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 evidenced based manner.</p>
Unit content
<p>Topics may include:</p><p> 1. Introduction to economics</p><p> 2. Market demand and supply</p><p> 3. Elasticity</p><p> 4. The costs of production</p><p> 5. Perfection competition</p><p> 6. Monopoly</p><p> 7. Measuring the size of the economy</p><p> 8. Production and growth</p><p> 9. Money, inflation and unemployment</p><p> 10. Aggregate demand and supply</p><p> 11. Monetary and fiscal policy</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
091901 - Economics
Offering:
<p><strong>Semester 1</strong><p>Ballarat - Mt Helen (On Campus)</p><p>Berwick (On Campus)</p><p>Melbourne City Campus (On Campus)</p><p>On-line Learning</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/bueco1300">View unit fees</a>
Requisites
Prerequisite
None
Corequisite
None
Exclusion
<p>must not have completed "<a href="/ords/r/curriculum/catalogue/course?p6_code=BUECO1509" target="_blank">BUECO1509</a>"</p>
Learning outcomes
Learning outcomes
<p>On successful completion of this unit, students are expected to gain the following [K]nowledge, [S]kills and [A]pplication of knowledge & skills</p>
Learning Outcomes
Ref
Outcome
1
<p>Explain fundamental economic principles and concepts.</p>
2
<p>Analyse the role of government and public policy in influencing economic outcomes for individuals, businesses, and societies.</p>
3
<p>Interpret and apply economic data, statistics, and models to analyse real-world socio-economic issues.</p>
4
<p>Evaluate economic information and evidence to draw informed conclusions.</p>
5
<p>Communicate economic reasoning, analysis, and conclusions coherently using discipline-appropriate academic and professional conventions.</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Actively engage in classes and/or online activities; make informed contributions to unit activities and discussions; complete unit readings; discuss readings and ideas in a clear and coherent manner that relate to the principles of economics</p>
<p>Participation</p>
<p>5%-10%</p>
1, 2, 4, 5
2
<p>Undertake quizzes assessing all contents covered in both micro- and macro-economics </p>
<p>Quiz</p>
<p>30%-40%</p>
1, 2, 3, 4
3
<p>A comprehensive review of the unit material as the final assessment to demonstrate an understanding of principles of economics</p>
<p>Written individual assessment</p>
<p>50%-60%</p>
1, 2, 3, 4, 5
Supplementary assessment available:
Yes
Supplementary assessment information:
<p>Where supplementary assessment is available a student must have failed overall in the Unit but gained a final mark of 45 per cent or above, has completed all major assessment tasks (including all sub-components where a task has multiple parts) as specified in the Unit Description and is not eligible for any other form of supplementary assessment.</p>
FedTASK
FedTASK
Description of FedTASK outcome
Level
FedTASK 1: Interpersonal
The ability to effectively communicate, interact and work with others both individually and in groups.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 2: Leadership
The ability to apply professional skills and behaviours in leading others.
<p> </p><p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
<p>Level 3 - Student works independently with limited guidance or works within self-determined guidelines appropriate to context</p>
FedTASK 4: Digital Literacy
The ability to work fluently across a range of tools and applications to achieve a range of skills.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK 5: Sustainable and Ethical Mindset
The ability to consider and assess the consequences and impact of ideas and actions in enacting ethical and sustainable decisions.
<p>Level 2 - Student demonstrates some independence within provided guidelines</p>
FedTASK
<p>Federation University recognises that students require key transferable employability skills to prepare them for their future workplace and society. FedTASKs (<strong>T</strong>ransferable <strong>A</strong>ttributes <strong>S</strong>kills and <strong>K</strong>nowledge) provide a targeted focus on five key, transferable Attributes, Skills, and Knowledge that are embedded within curriculum, developed gradually towards successful measures and interlinked with cross-discipline and co-operative learning opportunities.</p>
Key information
Institute / school:
Institute of Innovation, Science & Sustainability
Discipline:
Business
Study level:
Undergraduate
Credit points:
15
EFTSL:
0.125
Field of education:
091901 - Economics
Offering:
<p><strong>Semester 1</strong><p>Ballarat - Mt Helen (On Campus)</p><p>Berwick (On Campus)</p><p>Melbourne City Campus (On Campus)</p><p>On-line Learning</p></p>
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/bueco1300">View unit fees</a>
Additional information
Add Info Static Text
Internal reference: BUECO1300 - U3.0