Introduction to Markets and the Economy
UndergraduateTAS-BEA1112024
Course information for 2024 intake View information for 2025 course intake
Enrolments for this course are closed, but you may have other options to start studying now. Book a consultation to learn more.
- Study method
- 100% online
- Assessments
- 100% online
- Entry requirements
- Prior study needed
- Duration
- 14 weeks
- Loan available
- HECS-HELP and FEE-HELP available
Introduction to Markets and the Economy
About this subject
Upon completion of this subject, the student should be able to:
- Define and interpret key microeconomic and macroeconomic concepts.
- Apply basic microeconomic and macroeconomic concepts to describe the impact of global events, social change, and government policy on markets and the macroeconomy.
- Describe how and why markets work and how and why they fail.
- Develop and critically evaluate basic microeconomic and macroeconomic policy solutions to market failures and identify their welfare implications.
- Topic 1: Economic Foundations
- Topic 2: Choice, Trade and Markets
- Topic 3: Supply and Demand
- Topic 4: Elasticity
- Topic 5: Efficiency and Intervention
- Topic 6: Market Failures
- Topic 7: Measuring GDP and Economic Growth
- Topic 8: Labour Market: Inflation and Cost of Living
- Topic 9: Economic Indicators and Business Cycle / Aggregate Demand vs Aggregate Supply
- Topic 10: Financial Markets
- Topic 11: Economic Shocks, Business Cycle and Monetary Policy
- Topic 12: Fiscal Policy
TAS-BEA111 introduces the key concepts in economics, both microeconomics and macroeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reactions to world events, social and economic change and government policy. The subject explains why and when markets work and fail. Many of the problems that nations face such as pollution, unemployment, climate change, deflation, inflation, poverty, education and health are market failures. The subject devotes considerable time towards explaining how to develop basic microeconomic and macroeconomic policies for market failures and how to evaluate their welfare consequences for different members of society.
- Assignment 1 - Microeconomics (40%)
- Online Quizzes x 12 (20%)
- Assignment 2 - Macroeconomics (40%)
For textbook details check your university's handbook, website or learning management system (LMS).
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- 19
Entry requirements
Others
Students enrolling in TAS-BEA111 are expected to have the following basic skills in mathematics (from high school): Linear Functions – plotting functions, identifying slope and intercept.
Additional requirements
- Software requirements - Students enrolling in TAS-BEA111 are also expected to be able to use: MS Excel and MS Word – to perform simple calculations and produce professional reports.
Study load
- 0.125 EFTSL
- This is in the range of 10 to 12 hours of study each week.
Equivalent full time study load (EFTSL) is one way to calculate your study load. One (1.0) EFTSL is equivalent to a full-time study load for one year.
Find out more information on Commonwealth Loans to understand what this means to your eligibility for financial support.
What to study next?
Once you’ve completed this subject it can be credited towards one of the following courses
Bachelor of Business and Bachelor of Psychological Science
UndergraduateTAS-BPS-DEG
Bachelor of Business and Bachelor of Science
UndergraduateTAS-BBS-DEG
Bachelor of Business and Bachelor of Economics
UndergraduateTAS-BEC-DEG
Bachelor of Psychological Science and Bachelor of Economics
UndergraduateTAS-PEC-DEG
Bachelor of Business (Business Analytics)
UndergraduateTAS-BBA-DEG
Bachelor of Business (Managing People and Organisations)
UndergraduateTAS-MPO-DEG
Bachelor of Business (Hospitality Management)
UndergraduateTAS-BHM-DEG
Bachelor of Business (Tourism Management)
UndergraduateTAS-BTM-DEG
UndergraduateTAS-ECO-DEG
Bachelor of Business (Marketing)
UndergraduateTAS-BMK-DEG
Bachelor of Business (Finance)
UndergraduateTAS-BFI-DEG
Bachelor of Business (Business Economics)
UndergraduateTAS-BBE-DEG
Bachelor of Business (Accounting)
UndergraduateTAS-BAC-DEG
Diploma of University Studies (Business)
UndergraduateTAS-USB-DIP
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