PRINCIPLES OF ECONOMICS

Course overview

Principles of Economics introduces the choices made by consumers, firms and economies when resources are limited. You will use economic reasoning and calculations to examine markets, costs and the effects of macroeconomic conditions on organisations.

What you will study

Scarcity and resource allocation; demand, supply and prices; consumer behaviour; production and factor combinations; costs; profit maximisation in different market structures; macroeconomic influences on organisations.

How to study

Work through the course sections in order and check which resources are available. Read the relevant material before attempting practice activities. Keep a record of difficult topics and questions to discuss with your instructor.

Preparing for assessments

Before attempting an assessment, read its instructions, time limit and mark allocation. Show your reasoning or workings clearly, check your answers, and use feedback to guide your revision.