Introduces professional accounting & management students to both microeconomics & macroeconomics; highlights practical applicability of economics to analysis of contemporary problems; market trends & government policies.
There is an increasing reliance on micro and macroeconomic theories in government, business and personal decision making to improve resource allocation decisions. Equally, when there is evidence of a misallocation of resources, there is increased reliance on economic theories to explain how and why the problem has emerged. The aim of this course is to introduce students to relevant micro and macroeconomic theories and their applications in real world situations. The assessment is designed to encourage students to familiarise themselves with economic concepts and to test the application of these concepts to understand real world problems.
There is a mathematical requirement for entry into degree programs offered by the Faculty of Business, Economics and Law. The mathematical requirements of this course are modest. However, just as in most knowledge-intensive private and public sector jobs, basic arithmetic and an ability to understand and manipulate simple graphs and equations are required in order to make good progress.
No previous study in the field of economics, micro or macro, is required.
You can't enrol in this course if you've already completed the following:
([ECON1010 or 2400] + 1020) or 1011 or 7000 or 7003 or 7010 or 7011
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to econ7002@uq.edu.au.
The timetable for this course is available on the UQ Public Timetable.
Lectures commence in Week 1.
Tutorials commence in Week 2.
Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.
Important Dates:
· Public Holidays: Fri 18 April (Good Friday), Mon 5 May (Labour Day).
· Mid-Semester Break: 21 April - 25 April. Semester 1 classes recommence on Mon 28 April.
Students should refer to the timetable prior to the commencement of classes to ensure that they have the most up to date information, as from time to time late room changes may occur.
The aim of this course is to provide students with a clear understanding of basic microeconomic and macroeconomicﾠtheories and of how these theories relate to real world economic situations. The first part of the course focusses on understanding key components of the market mechanism, theﾠcircumstances under which it operates to efficiently allocate scarce resources, and some circumstances that lead to market failure. The second part of the course introduces students to a range of macroeconomic phenomena and explanatory models. By the end of the course, students should be able to apply the covered theoretical tools in real world contexts to understand, from an economics perspective, the role of markets and of governments in improving their efficiency when necessary.
After successfully completing this course you should be able to:
LO1.
Understand how economists approach, model and analyse problems. That is, you should be able to "think like an economist".
LO2.
Analyse and explain the principles of consumer behaviour.
LO3.
Analyse and explain the principles of firm behaviour.
LO4.
Differentiate between and understand different types of market structures and sources of market failures.
LO5.
Analyse and explain a range of macroeconomic concepts and models.
LO6.
Apply economic principles to policy questions.
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Participation/ Student contribution, Quiz, Reflection |
Author, Moderate and Answer Questions via RiPPLE
|
15% (3x5%) |
4/04/2025 1:00 pm 9/05/2025 1:00 pm 30/05/2025 1:00 pm
See the description. |
| Essay/ Critique, Project, Reflection |
Markets in Action
|
35% |
30/05/2025 1:00 pm |
| Examination |
Final Examination - On Campus Paper-based Exam
|
50% |
End of Semester Exam Period 7/06/2025 - 21/06/2025 |
4/04/2025 1:00 pm
9/05/2025 1:00 pm
30/05/2025 1:00 pm
See the description.
You are required to author resources, moderate resources, and answer questions authored by your peers and teaching staff.
Three rounds of RiPPLE will run during the semester, with assessable items due on Friday in Weeks 6, 10 and 13 (at 1pm).
Detailed information about RiPPLE will be provided on Learn.UQ (Blackboard) > Assessment > RiPPLE.
This assessment task evaluates students' abilities, skills, and knowledge without the aid of Artificial Intelligence (AI). Students are advised that using AI to develop responses is prohibited and may constitute student misconduct under the Student Code of Conduct.
Ripple accessed through Blackboard
You cannot defer or apply for an extension for this assessment.
Extension is not applicable due to peer evaluation component.
You will receive a mark of 0 if this assessment is submitted late.
A 100% penalty (zero mark) for the relevant assessment round will apply to late submissions. RiPPLE automatically assigns marks, in line with the marking criteria, based on the time you created a resource, moderated a resource or answered a question. If you do not meet the criteria, RiPPLE will award zero marks.
30/05/2025 1:00 pm
Choose a real-world market and find a real-world company that operates in that market. Students must use the template* provided in the Course Blackboard and write a 1,300** word essay using the tools of economic analysis to describe and explain, and relevant diagrams to illustrate, how a current or upcoming domestic and/or international government policy could affect the company and its competitiveness.
(*) Note 1: essays that do not follow the template will be penalised.
(**) Note 2: 1,300 is the maximum number of words allowed and word counts in excess of 1,300 will be penalised.
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In completing the essay, you need to provide the following sections (as per the template):
1) Introduction
1.1) Briefly describe the nature and characteristics of the chosen company and its operating environment.
1.2) Outline the market structure of the market you have chosen. Also, argue for the price elasticity of demand and the price elasticity of supply of such product.
*Note 1: If the company produces many types of product/ service, choose only one product/ service to analyse.
*Note 2: If the product/ service is sold in more than one country, you must specify a particular geographical area to identify the relevant competitors and to help establish the market structure.
2) Analysis of the government intervention
-Outline the reason(s) why the government wants/wanted to influence the market (e.g. to alter the market price and/or the market quantity sold or demanded).
-Explain the means by which it could achieve this. How would this impact market suppliers and consumers?
-Describe one real-life example of the current or upcoming government intervention in the market. Note that "current or upcoming" in this context means occurring and/or being reported on no earlier than 12 months before the assignment submission date, i.e., 19 May 2022 onwards. A reference for the reported government intervention must be provided. Do not make it up yourself.
-What do you think the intervention was meant to achieve?
-If applicable, how do the price elasticity of demand and the price elasticity of supply affect the magnitude of impact from this market intervention?
-Overall, who is likely to benefit and who is likely to be disadvantaged by the intervention? Is the company you chose likely to benefit or likely to be disadvantaged by the intervention?
3) Cross comparison
-Provide other government intervention, previously engaged in a similar market, that was meant to achieve the similar outcome(s) as in section 2. Compare the outcome(s) to section 2.
4) Critical Reflection
-Critical reflection of the analytical approach, emphasising its strengths and weaknesses for the real world.
5) Reference
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**The assignment must be submitted electronically via Turnitin on the course Blackboard site by the due date and time.**
Please consult the Assessment section of the Blackboard course website for detailed information, including assignment and submission instructions, marking criteria, and recommendations about how to do well.
This assessment task evaluates student's abilities, skills, and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI to develop responses is prohibited and may constitute student misconduct under the Student Code of Conduct.
The essay must be submitted electronically via Blackboard/TurnitIn. The instructions for submission are on the course Blackboard site.
You may be able to apply for an extension.
The maximum extension allowed is 14 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 14 calendar days to ensure timely feedback to other students.
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
End of Semester Exam Period
7/06/2025 - 21/06/2025
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed Book examination - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
You may be able to defer this exam.
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0% - 29% |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30% - 46% |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47% - 49% |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50% - 64% |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65% - 74% |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75% - 84% |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85% - 100% |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
A student’s final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%.
Supplementary assessment is available for this course.
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism. Further information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies and Procedures. Please refer to the Academic Integrity Modules (AIM). It is strongly recommended that you complete the AIM if you have not already done so.
SUBMISSION OF ASSIGNMENTS
All assignments must be submitted by the due date and time stated in the course profile. For this course, students are required to submit the essayﾠelectronically via Turnitin on Blackboard.
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Find the required and recommended resources for this course on the UQ Library website.
Lecture notes and tutorial questions will be made available on Blackboard throughout the semester. Solutions to tutorial questions will be posted after the last tutorial class for the week.
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (24 Feb - 02 Mar) |
Lecture |
Topic 1. Introduction & Key Economic Concepts Reading HGLO (Ch. 1-2); OpenStax (Ch. 1-2) |
Week 2 (03 Mar - 09 Mar) |
Tutorial |
Topic 1. Introduction & Key Economic Concepts Reading: HGLO (Ch. 1-2); OpenStax (Ch. 1-2) |
Lecture |
Topic 2. Demand, Supply and Elasticity I Reading: HGLO (Ch. 3-4); OpenStax (Ch. 3, 5) Learning outcomes: L02 |
|
Week 3 (10 Mar - 16 Mar) |
Tutorial |
Topic 2. Demand, Supply and Elasticity I Reading: HGLO (Ch. 3-4); OpenStax (Ch. 3, 5) Learning outcomes: L02 |
Lecture |
Topic 3. Elasticity II & Economic Efficiency Reading: HGLO (Ch. 4-5); OpenStax (Ch. 4-5) |
|
Week 4 (17 Mar - 23 Mar) |
Tutorial |
Topic 3. Elasticity II & Economic Efficiency Reading: HGLO (Ch. 4-5); OpenStax (Ch. 4-5) |
Lecture |
Topic 4. Firm Behaviour & Perfect Competition I Reading: HGLO (Ch. 6-7); OpenStax (Ch. 7-8) Learning outcomes: L03, L04 |
|
Week 5 (24 Mar - 30 Mar) |
Tutorial |
Topic 4. Firm Behaviour & Perfect Competition I Reading: HGLO (Ch. 6-7); OpenStax (Ch. 7-8) Learning outcomes: L03, L04 |
Lecture |
Topic 5. Perfect Competition II & Monopoly Reading: HGLO (Ch. 8); OpenStax (Ch. 9) Learning outcomes: L03, L04, L06 |
|
Week 6 (31 Mar - 06 Apr) |
Tutorial |
Topic 5. Perfect Competition II & Monopoly Reading: HGLO (Ch. 8); OpenStax (Ch. 9) Learning outcomes: L03, L04, L06 |
Lecture |
Topic 6. Government Intervention in Markets Reading: HGLO (Ch. 11); OpenStax (Ch. 12-13) Learning outcomes: L04, L06 |
|
Week 7 (07 Apr - 13 Apr) |
Tutorial |
Topic 6. Government Intervention in Markets Reading: HGLO (Ch. 11); OpenStax (Ch. 12-13) Learning outcomes: L04, L06 |
Lecture |
Topic 7. The Macroeconomic Perspective |
|
Week 8 (14 Apr - 20 Apr) |
No student involvement (Breaks, information) |
No lecture or tutorials this week due to public holiday. |
Mid-sem break (21 Apr - 27 Apr) |
No student involvement (Breaks, information) |
Mid-Semester Break No lecture or tutorials this week. |
Week 9 (28 Apr - 04 May) |
Tutorial |
Topic 7. The Macroeconomic Perspective Reading: HGLO (Ch. 13); OpenStax (Ch. 19-20) |
Lecture |
Topic 8. Inflation and Unemployment I Reading: HGLO (Ch. 14); OpenStax (Ch. 21-22) |
|
Week 10 (05 May - 11 May) |
Tutorial |
Topic 8. Inflation and Unemployment I Monday, May 5th is the Labour Day public holiday. Students with Monday tutorials are advised to attend any other tutorials scheduled for the week. Reading: HGLO (Ch. 14); OpenStax (Ch. 21-22) |
Lecture |
Topic 9. Employment and Inflation II Reading: HGLO (Ch. 15); OpenStax (Ch. 24) Learning outcomes: L05, L06 |
|
Week 11 (12 May - 18 May) |
Tutorial |
Topic 9. Inflation and Employment II Reading: HGLO (Ch. 15); OpenStax (Ch. 24) Learning outcomes: L05, L06 |
Lecture |
Topic 10. AD-AS Model Reading: HGLO (Ch. 15-16); OpenStax (Ch. 24) |
|
Week 12 (19 May - 25 May) |
Tutorial |
Topic 10. AD-AS Model Reading: HGLO (Ch. 15-16); OpenStax (Ch. 24) |
Lecture |
Topic 11. Monetary and Fiscal Policy I Reading: HGLO (Ch. 16 & 17); OpenStax (Ch. 28 & 30) Learning outcomes: L05, L06 |
|
Week 13 (26 May - 01 Jun) |
Tutorial |
Topic 11. Monetary and Fiscal Policy I Reading: HGLO (Ch. 16 & 17); OpenStax (Ch. 28 & 30) Learning outcomes: L05, L06 |
Lecture |
Topic 12. Monetary and Fiscal Policy II and Review Reading: HGLO (Ch. 18); OpenStax (Ch. 28, 30) Learning outcomes: L05, L06 |
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.