James Cook University Subject Handbook - 2020

BU1903 - Principles of Economics

Available to Diploma of Higher Education students only.

Subject Description

This subject is an introductory subject in Economics. It covers concepts in Macroeconomics and Microeconomics and provides students with an understanding of the various economic interrelationships, both domestic and international, which will help them to reach informed business decisions in the highly dynamic world of business. The microeconomics part of the subject introduces the economic principles of demand and supply which build a foundation to understanding topics such as market forces, externalities, the environment, competition, the role of governments in markets, price and output determination under different market structures, and trade. The macroeconomics part of the subject explains existing theories of economic growth with extensive policy applications; it also provides discussions on economic (eg inflation) and social (eg employment) goals to be pursued at national and global level in order to achieve economic development and environmental sustainability.

Learning Outcomes

• explain the basic principles of economics
• identify and apply the characteristics of economic thought and theory
• examine the practical relevance of economics and apply to current microeconomic and macroeconomic contexts

Subject Assessment

• Invigilated > End of semester exam - (40%)
• Online quizzes - (30%)
• Case Study Report - (30%)

Note that minor variations might occur due to the continuous subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.

Special Assessment Requirements

Tutorial attendance is mandatory in this subject. A student who fails to attend at least 70% must meet with the Associate Dean of Learning and Teaching and provide evidence as to why he or she should be permitted to sit the final exam or submit the final assessment task.

Inadmissible Subject Combinations:  EC1001 AND EC1005 AND BU1003

Availabilities