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HE Unit Template
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Principles of Economics
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BUECO1509 - Principles of Economics
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20240200
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1.1
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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/bueco1509">View unit fees</a>
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Graded (e.g. HD, D, C, etc)
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Bachelor Degree
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<p>This unit provides an introduction to the main ideas and concepts involved in modern economics, and attempts to 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>•Introduction to Economics<br>
•Market demand and supply<br>
•Elasticity<br>
•The costs of production<br>
•Perfection competition<br>
•Monopoly<br>
•Measuring the size of the economy<br>
•Production and Growth<br>
•Money, inflation and unemployment<br>
•Aggregate demand and supply<br>
•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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2027
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2026
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BUECO1509 - Principles of Economics
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BUECO1509 - Principles of Economics
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Semester 1
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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, and attempts to 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>•Introduction to Economics<br> •Market demand and supply<br> •Elasticity<br> •The costs of production<br> •Perfection competition<br> •Monopoly<br> •Measuring the size of the economy<br> •Production and Growth<br> •Money, inflation and unemployment<br> •Aggregate demand and supply<br> •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
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/bueco1509">View unit fees</a>
Requisites
Prerequisite
None
Corequisite
None
Exclusion
None
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
K1
<p>Explain the fundamental principles of economics</p>
K2
<p>Explain how principles of economics are relevant in analysing and describing decision-making by individuals, households, businesses and government</p>
K3
<p>Describe the role and impact of government (policy) in the economy</p>
S1
<p>Critically examine both social phenomena and public policy issues facing individuals, households, businesses locally, nationally and globally</p>
S2
<p>Critically analyse and synthesise multiple sources of economic information in order to support conclusions and address issues</p>
S3
<p>Produce presentations and reports using academic standard, style and structure appropriate to purpose and audience</p>
A1
<p>Interpret economic data and statistics, and use them to analyse real life situations</p>
A2
<p>Demonstrate critical thinking skills and positive contributions when analysing real world economic issues</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Complete quizzes which test their knowledge of the unit content.</p>
<p>Quizzes</p>
<p>10-30%</p>
K1, K2, K3, S1, S2
2
<p>Undertake individual or group assignment. It may be a combination of multiple-choice questions, short answer questions, presentations or other application questions.</p>
<p>Assignment</p>
<p>50-70%</p>
K1, K2, K3, S1, S2, S3, A1, A2
3
<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, demonstrating an understanding of principles of economics</p>
<p>Participation</p>
<p>10-20%</p>
K1, K2, K3, S1, S2, S3, A1, A2
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.
FedTASK 2: Leadership
The ability to apply professional skills and behaviours in leading others.
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
FedTASK 4: Digital Literacy
The ability to work fluently across a range of tools and applications to achieve a range of skills.
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.
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
Grade scheme:
Graded (e.g. HD, D, C, etc)
Placement component:
No
Fee information:
<a href="http://www.federation.edu.au/locate/unit/bueco1509">View unit fees</a>
Additional information
Add Info Static Text
Internal reference: BUECO1509 - U1.1