ECON1008: Principles of Economics

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ECON1008: Principles of Economics
1. Introduction
1.1 Welcome
Economics is an interesting topic that will help you understand a great deal about the way the world works. As an academic discipline, economics uses language, theory and models which, while in some ways familiar, are probably quite different to anything you have studied before. They are fundamental to a good understanding of the world around you and to success in your future careers.

You may find this unit to be demanding. However, you will find the content manageable as long as you adopt a systematic approach to learning. This implies that students will have to devote 9 to 10 hours a week solely on this unit. You should begin by reading this unit outline to become familiar with the nature of the unit and assessment requirements. There is no better time to start than now.

1.2 Contact Details
Lecturer: Siew Kee Chin

Location: Refer to the Information Tile on the Moodle Page for this module

If you have been approved for cross-institutional study, you will be required to check the timetable of the relevant institute to confirm the location of your module.

1.3 Teaching and Learning Arrangements

• This module is taught through four (4) hour weekly classes
• I am available by Thursdays 8.30am – 9.00 am and 1.00pm – 1.30pm each week for student consultations.

1.4 Type of Class

Classes consist of lectures, tutorials, discussions and/or debates.

1.5 Learning Outcomes

Students will be able to:

  1. Describe and utilise the fundamental tools, methods and language of economics to analyse resource allocation issues.
  2. Explain some of the economic factors underlying individual decision-making, markets and firms.
  3. Describe the impact of incentives and use economic models to illustrate how agents and markets respond to incentives.
  4. Identify the limitations of the market mechanism and analyse the role of government in affecting markets and decision-making in the general economy.
  5. Apply economic principles and concepts to analyse business cycles and monetary and fiscal policy in an open macroeconomy, and to demonstrate the significance of trade and globalisation.
  6. Demonstrate self-management and problem-solving skills.
1.6 Prerequisite(s)
None
1.7 Link to student policies
  • Attendance Policy
  • Academic Integrity 
  • Student Grievances and Appeals Policy
Students can access student policies and associated procedures from the following website: https://www.eynesbury.edu.au/current-students/essential-information/policies-procedures

2. Learning Resources

Required: Hubbard, RG, O'Brien, A, Garnett, AM & Lewis, P 2025, Essentials of economics, 6th edn, Pearson, Australia, ISBN-13: 9780655713500.

3. Assessment

3.1 Pass requirements

To pass this module you must achieve a minimum of 50% for the final overall mark and satisfy any additional hurdle requirements.

This module has a minimum exam hurdle of 40%.

For more information about assessments, including eligibility for supplementary examinations or assessments, refer to the HEP Assessment and Moderation Policy: https://www.eynesbury.edu.au/current-students/essential-information/policies-procedures

3.2 Assessment Summary

ASSESSMENT
 WEIGHT
LEARNING OUTCOMES
(SEE SECTION 1.5)
DUE DATE
Continuous Assessment: Tests
 20%
 1, 3, 4, 6
 Week 4, 7, 10, 12
Case Study (Part A and Part B)
 30%
 1, 3, 4, 6
 Week 5, 8
Final Examination
 50%
 1 - 6
 Week 13-14

3.3 Generative Artificial Intelligence

Eynesbury College acknowledges the importance of responsible and ethical use of generative artificial intelligence (genAI). GenAI tools include, but are not limited to, grammar and writing tools, content generators, data analysis tools, and other AI-assisted technologies. The permitted use of genAI may vary between each module and between assessment tasks.

As a result, it is the responsibility of the teacher to provide clear assessment task instructions and the student to ensure that they are aware of the instructions and permissions documented by the teacher for each assessment task they complete. Any use of GenAI tools beyond the stated assessment conditions is considered academic misconduct under the academic integrity standards of the College.

4. Module Calendar

WEEK

DATE
MODULE TOPICS AND READINGS
 ASSESSMENT
1
23 February 2026
The Economic Problem and Gains from Trade
Chapter 2
2.1 Use a production possibility frontier to analyse opportunity cost and trade-offs
2.2 Understand comparative advantage and explain how it is the basis for trade

2
2 March 2026
Demand, Supply and Market Equilibrium
Chapter 3
3.1 The demand side of the Market
3.2 The supply side of the market
3.3 Market Equilibrium

3
9 March 2026
*Public Holiday 9 March
Market Equilibrium and Price Elasticity of Demand
Chapter 3
3.4 The effect of demand and supply shifts on equilibrium
Chapter 4
4.1 Price Elasticity of Demand
4.2 The determinants of Price Elasticity of Demand

4
16 March 2026
Elasticity of Demand and Total revenue;
Incidence of tax
Chapter 4
4.3 The relationship between price elasticity of demand and total revenue
Chapter 5
5.4 The economic impact of taxes
Test 1 (5%) (Chapters 2,3)

5
23 March 2026
Production and Cost
Chapter 6
6.2 Short run and Long run in Economics
6.3 Understanding the relationship between TP, MP and AP
6.4 Understanding Costs in short run
6.6 Cost in long run
Case Study Part A (12%)

6



30 March 2026
*Public Holiday 3 April
Perfect Competition
Chapter 7
7.1 Structure of the market
7.2 How firm maximises profit
7.3 Profit or Loss in the short run
7.5 Profit or loss in the long run
7.6 Explain how Perfect Competition leads to economic efficiency

7
6 April 2026
*Public Holiday 6 April
Monopoly; Monopolistic Competition
Chapter 8
8.1 Define monopoly
8.2 Explain the four main reasons why monopolies arise
8.3 Explain how a monopoly chooses price and output
8.5 Discuss government policies towards monopolies
Chapter 9
9.1 Demand and marginal revenue for a firm in monopolistic competitive market
9.2 Explain output, price and profit of a monopolistic competitive firm in short run
9.3 Explain output, price and profit of a monopolistic competitive firm in long run
9.4 Discuss the comparison between Perfect Competition and Monopolistic Competition
Test 2 (5%) (Chapters 4, 5,6)

8
13 April 2026
Oligopoly; Market Failure
Chapter 9
9.5 Oligopoly and barriers to entry
Chapter 11
11.3 Externality
11.4 Government Policies to deal with externality
Case Study Part BDue (18%)

9
20 April 2026
Introduction to Open Macroeconomy
Chapter 13
13.1 Measuring GDP
13.3 Real vs Nominal GDP
Chapter 14
14.1 Define the unemployment rate and the labour force participation rate, and understand how they are calculated
14.3 Types of unemployment
14.5 Define price level and inflation rate
14.7 Inflation and its cost on the economy

10


27 April 2026
Aggregate Demand and Aggregate Supply Analysis
Chapter 15
15.1 The Business Cycle
15.2 Aggregate Demand (AD)
15.3 Aggregate Supply (SRAS and LRAS)
15.4 Macroeconomic equilibrium in the long run and the short run
Test 3 (5%) (Chapters 7, 8, 9)

11
4 May 2026
Monetary Policy; Fiscal Policy
Chapter 17
17.1 Define and describe the main goals of monetary policy
17.2 Describe how Reserve Bank of Australia (RBA) affects interest rates
17.3 Use the basic AD-AS model to show the effects of Monetary Policy on real GDP and price evel
Chapter 18
18.1 Define and describe the main goals of Fiscal Policy
18.2 Explain how fiscal policy affects AD and how government can use fiscal policy to stabilise the economy

12
11 May 2026
 Revision (in class)
Test 4 (5%)
(Chapters 11,
13, 14, 15 ,17)
13
18 May 2026
 Exam Week 1
Final
Examination
(50%)
14
25 May 2026
 Exam Week 2
15
1 June 2028
Trimester Break (no classes)
*Friday: Supplementary & Deferred Exams notification sent to students

16

8 June 2026

*Public Holiday 8 June

Supplementary & Deferred Exams (applicable to eligible students only)

Trimester 2 starts 15 June 2026








2026-03-16