James Cook University Subject Handbook - 2023

BU1003 - Principles of Economics

Subject Description

This subject provides students with an introduction to economics. Students cover foundational concepts in microeconomics and macroeconomics. In microeconomics, the subject introduces the economic principles of demand and supply which are fundamental to understanding market outcomes and government intervention in particular markets (for example to provide social services/protection, environmental protection or to stop anti-competitive market behaviour). In macroeconomics, the subject introduces the principles of economic growth and the tools governments use to steer economic growth (both in the short and long run) or make that growth more sustainable and inclusive. Understanding the principles of economics allows students to anticipate the behaviour of market agents (be they individuals, firms or governments), which is an important skill to any student, not the least those pursuing a career in business.

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

• Written > Test/Quiz 1 - (30%) - Individual
• Written > Case notes - (35%) - Individual
• Written > Media article - (35%) - Individual

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

Mandatory attendance requirements apply in this subject. A student who fails to attend at least 8 out of 10 workshops, must meet with the Associate Dean of Learning and Teaching and provide evidence as to why they should be permitted to submit the final assessment task.

Inadmissible Subject Combinations:  EC1001 EC1005 BU1903

Availabilities