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HE Unit Template
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Principles of Economics
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GPECO1509 - Principles of Economics
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20250900
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Course
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Unit
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2.3
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2026-09-10
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2026-09-10
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TAFE & University Pathways
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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/gpeco1509">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 is an introductory unit that provides a comprehensive analysis of the role of economics in business. The course is designed to provide students with a foundation understanding and appreciation of economics and the ability to apply economic analysis to business problems and economic issues. This course has been created to incorporate additional learning hours to support students' academic and study skill development. The content includes an introduction to economics; the price mechanism; how a market system operates; how resources are allocated; macroeconomic management and the role of government and other institutions in the economy.</p>
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<p>This may include:<br>
•Economic methodology, economic analysis and argument, use and function of graphs.<br>
•Supply, demand and the market system.<br>
•The market system and resource allocation. Evaluation of the market system, including the role of government.<br>
•The concept of elasticity and its application.<br>
•The theory of consumer demand.<br>
•Consumer and producer surplus and economic efficiency.<br>
•The organisation of Business in Australia.<br>
•Analysing the costs of production.<br>
•An introduction to market structures.<br>
•Sources of macroeconomic instability, including business cycles, unemployment, and inflation.</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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0200
Year
Year
2027
Current Year
2026
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GPECO1509 - Principles of Economics
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GPECO1509 - Principles of Economics
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Unit
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Semester
Semester 1
Semester 2
Summer Semester
Year
2027
2026
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Overview
Key information
Requisites
Learning outcomes
Assessment
FedTASK
Parent Region
Overview
Unit description
<p>This is an introductory unit that provides a comprehensive analysis of the role of economics in business. The course is designed to provide students with a foundation understanding and appreciation of economics and the ability to apply economic analysis to business problems and economic issues. This course has been created to incorporate additional learning hours to support students' academic and study skill development. The content includes an introduction to economics; the price mechanism; how a market system operates; how resources are allocated; macroeconomic management and the role of government and other institutions in the economy.</p>
Unit content
<p>This may include:<br> •Economic methodology, economic analysis and argument, use and function of graphs.<br> •Supply, demand and the market system.<br> •The market system and resource allocation. Evaluation of the market system, including the role of government.<br> •The concept of elasticity and its application.<br> •The theory of consumer demand.<br> •Consumer and producer surplus and economic efficiency.<br> •The organisation of Business in Australia.<br> •Analysing the costs of production.<br> •An introduction to market structures.<br> •Sources of macroeconomic instability, including business cycles, unemployment, and inflation.</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>Melbourne City Campus (On Campus)</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/gpeco1509">View unit fees</a>
Requisites
Prerequisite
None
Corequisite
None
Exclusion
<p>must not have completed <a href="/ords/r/curriculum/catalogue/course?p6_code=BUECO1300" target="_blank">BUECO1300</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
K1
<p>Explain the fundamental principles of economics. </p>
K2
<p>Explain how principles of economics are relevant in analyzing 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>Explain both social phenomena and public policy issues facing individuals, households, businesses locally, nationally and globally </p>
S2
<p>Compare multiple sources of economic information in order to support conclusions and address issues </p>
S3
<p>Develop the appropriate language and academic skills to study at an undergraduate level </p>
A1
<p>Explain economic data and statistics, and use them to analyze real life situations</p>
A2
<p>Demonstrate critical thinking skills and positive contributions when analyzing real world economic issues</p>
Assessment
Learning Tasks and Assessment
Ref
Learning task
Assessment type
Weighting
Learning outcomes assessed
1
<p>Review of selected topics</p>
<p>Individual test</p>
<p>20-30%</p>
K1, K2, K3, S1, S2, S3, A1, A2
2
<p>Group assignment</p>
<p>Assignment</p>
<p>20-30%</p>
K1, K2, K3, S1, S2, S3, A1, A2
3
<p>Presentation </p>
<p>Presentation </p>
<p>10-20%</p>
K1, K2, K3, S1, S2, S3, A1, A2
4
<p>Final test/assessment</p>
<p>Final summative assessment</p>
<p>20-30%</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.
<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>Level 1 - Students require directions and boundaries from mentor</p>
FedTASK 3: Critical Thinking and Creativity
The ability to work in complexity and ambiguity using imagination to create new ideas.
<p>Level 2 - Student demonstrates some independence within provided guidelines</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 1 - Students require directions and boundaries from mentor</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 1 - Students require directions and boundaries from mentor</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>Melbourne City Campus (On Campus)</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/gpeco1509">View unit fees</a>
Additional information
Add Info Static Text
Internal reference: GPECO1509 - U2.3