Principles of Economics

Qualification: Undergraduate unit
Study mode: Online
Payment options: HECS-HELP may be available
FEE-HELP may be available
Duration: 13 weeks
Start date: Enquire now for upcoming start dates
Awarded by: University of South Australia
Course Unit A course unit is a single subject offered as part of a program of study, but can be completed individually. You may receive Recognition of Prior Learning for studying this unit.

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About this unit

This online Principles of Economics unit is designed to introduce students to the meaning and application of fundamental economic principles, and is a great pathway to further studies in business and commerce.

Delivered by Open Universities Australia in partnership with the University of South Australia, the unit provides students with an overview of the concepts and language of economics.

Students learn about the context of markets and incentives, market structures and how competitive policy affects the general economy, market mechanisms and the role of public policy, and the fundamental relationships in Australia’s macroeconomy.

The unit also covers essential economic factors such as unemployment, inflation, Gross Domestic Product and the significance of international trade.

Eligibility

There are no formal prerequisites for this course, so anyone can apply.

Areas of study

In this economics unit, the topics you will study include:

  • Introduction to the economic perspective
  • Demand and supply
  • Elasticity
  • Market applications
  • Firm behaviour and costs
  • Pure competition
  • Monopoly, monopolistic competition, oligopoly
  • Evaluation of the market, market failure and government intervention
  • Business cycles, macroeconomic goals and measurement
  • Government policies to influence economic activity

Course pathways

This unit is a core requirement in the following courses:

Content may also be relevant to other courses, and could qualify you for Recognition of Prior Learning (RPL) for a course offered by another institution.

Get more information

Want more information about this unit? Fill out the enquiry form to the right and a study consultant will contact you with the details you need.

There's plenty of support on offer for OUA students. Find out more.

How will this unit advance my career?

Studying this economics unit is a comprehensive and convenient way to gain a deeper understanding of economic principles – a body of knowledge that is sure to benefit anyone working in business or commerce.

By completing this unit, you’ll walk away with the ability to:

  • Use the fundamental tools, methods and language of economics in both microeconomic and macroeconomic contexts to analyse resource allocation issues
  • Understand the underlying economic factors in individual markets and the macro economy
  • Understand the impact of incentives and use economic models to illustrate how agents and economies respond to incentives
  • Identify the limitations of the market mechanism and analyse the role of government in affecting markets and the general economy
  • Apply economic principles and concepts to contemporary issues relating to the macroeconomy both domestically and internationally

How else will I benefit from this unit?

  • Upon successful completion of this unit you will receive credit for competencies in the Principles of Economics from the University of South Australia.
  • Studying online means you can study where you want, at your own pace.
  • Gain industry-relevant skills and transferrable knowledge.
  • Government financial support through FEE-HELP or HECS-HELP is available.
  • Studying single units allows you the flexibility to work towards a qualification at your own pace.
  • Receive Recognition of Prior Learning (RPL) for this unit across a number of OUA’s full degree programs.

Get more information

Want more information about the career benefits of this unit? Fill out the enquiry form to the right and a study consultant will contact you with the details you need.

Financial assistance

If you are an Australian citizen you may be eligible to receive HECS-HELP or FEE-HELP for this unit, meaning you can defer payment of your fees.

Get more information

Want more information about financial and student support? Fill out the enquiry form to the right and a study consultant will contact you with the details you need.

You may be eligible to receive HECS-HELP or FEE-HELP for this course!

This course can be paid for through the HECS-HELP or FEE-HELP government loan schemes. If you are an Australian citizen or hold a permanent humanitarian visa, this means you don’t need to pay upfront.

Instead, the Australian government will pay your course fees on your behalf. You’ll begin repaying your loan through the tax system once you start earning more than the minimum threshold of $54,869 (2016-17 income year).

Find out more about government study loans here.
For two decades, Open Universities Australia (OUA) has partnered with leading Australian educators to make tertiary-level courses easier to access for people, no matter their background, their work status or their other life commitments. OUA has built up their reputation by making education more flexible, easier to tailor and available almost entirely online.

OUA's devotion to online education remains to this day, but where they once focused on higher education, today they offer the broadest set of post-secondary education and training programs in Australia.
Open Universities Australia offers a range of administrative and student support options. As a student of OUA you will have access to four hours of free expert tutoring support for each unit undertaken through the tutoring service SMARTHINKING. This on-demand service allows you to get fast, detailed feedback on your assignment drafts and gives you access to your tutor in real time.

The My OUA portal is an online student medium that allows you access to all your course and enrolment information as well as access to student forums and assessment tips.

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Get more information

Want more information about the career benefits of this course?
Fill out the enquiry form to the right and a study consultant will contact you with the details you need.

FREE CALL 1800 063 523

Monday to Friday: 8am - late
Saturday and Sunday: 9am - 5pm

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