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BU1003 - Principles of Economics

Credit points: 3
Year: 2022
Student Contribution Band: Band 4
Administered by: College of Business, Law & Governance

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.

Special Assessment Requirements

Mandatory attendance requirements apply in this subject. Students must attend the weekly workshops. A student who fails to attend at least 8 out of 10 workshops must meet with the Associate Dean, 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
Cairns, Trimester 1, Internal
Census Date 10-Mar-2022
Coordinator: Dr Diane Jarvis
Lecturers: Mrs Diana Sheedy, Miss Rachel Saunders, Dr Diane Jarvis, Mrs Tracey Cockburn.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

Cairns, Trimester 3, Internal
Census Date 06-Oct-2022
Coordinator: Mrs Diana Sheedy
Lecturer: Mrs Monique Holland.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Brisbane, Trimester 1, Internal
Census Date 10-Mar-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Brisbane, Trimester 2, Internal
Census Date 23-Jun-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Brisbane, Trimester 3, Internal
Census Date 06-Oct-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Singapore, Study Period 51, Internal
Census Date 07-Apr-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Singapore, Study Period 52, Internal
Census Date 04-Aug-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

JCU Singapore, Study Period 53, Internal
Census Date 01-Dec-2022
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

Townsville, Trimester 1, Internal
Census Date 10-Mar-2022
Coordinator: Dr Diane Jarvis
Lecturers: Mr Dave Gleeson, Assoc. Professor Riccardo Welters, Miss Rachel Saunders.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

Townsville, Trimester 3, Internal
Census Date 06-Oct-2022
Coordinator: Mrs Diana Sheedy
Lecturer: Miss Rachel Saunders.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 38 hours - Combined Lectures; Tutorials/Workshops; Lecturer directed activities.
  • assessment and self-directed study

Trimester 1, External
Census Date 10-Mar-2022
Coordinator: Dr Diane Jarvis
Lecturers: Mrs Diana Sheedy, Mrs Natasha Garvey, Miss Rachel Saunders.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 0 hours
  • assessment and self-directed study
Method of Delivery: WWW - LearnJCU

Trimester 3, External
Census Date 06-Oct-2022
Coordinator: Mrs Diana Sheedy
Lecturer: Miss Rachel Saunders.
Workload expectations:

The student workload for this 3 credit point subject is approximately 130 hours.

  • 0 hours
  • assessment and self-directed study
Method of Delivery: WWW - LearnJCU

Note: 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.