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The current and official versions of the course specifications are available on the web at https://www.usq.edu.au/course/specification/current.
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ECO1000 Economics

Semester 1, 2022 Toowoomba On-campus
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Business
Grading basis : Graded
Course fee schedule : https://www.unisq.edu.au/current-students/administration/fees/fee-schedules


Examiner: Jeffrey Gow


Economics is a social science that studies how society manages its scarce resources. In this course, students will learn how to use resources more efficiently and how to allocate things in a manner that makes us all better off. All politicians and business people today use the language and ideas of economics. Economics is all around us and has become part of our everyday life. An understanding of the economic way of thinking and the principles of economics are essential for those who want to participate in a modern society.

Economic concepts and ideas are used in both business and government as the basis for much decision-making. This course introduces students to the main economic concepts and provides them with the opportunity to explore some of the key contemporary business and economic issues. Students not only learn the basic tenets of the discipline, but also able to relate these concepts to understand real-world problems through case studies. These case studies place students in real world situations requiring them to apply their theoretical understanding to explain and critically analyse these problems faced by business and economic managers in the 21st century. It covers both micro and macro economics.

Course learning outcomes

On completion of this course students should be able to:

  1. identify and interpret patterns evident in economic data presented in graphs and tables;
  2. explain and apply key economic concepts to business and economic decision-making;
  3. explain major problems faced by economic and business managers in the 21st Century;
  4. evaluate selected instruments of microeconomic and macroeconomic policy;
  5. apply academic research and writing, and critical analysis and thinking skills.


Description Weighting(%)
1. Introduction to economic ideas 2.00
2. How the market works 32.00
3. Firms and market structures 16.00
4. Macroeconomic foundation 16.00
5. Monetary and fiscal policy 32.00
6. Conclusion 2.00

Text and materials required to be purchased or accessed

Hubbard, G, Garnett, A, Lewis, P & O'Brien, T 2022, Essentials of Economics, 5th edn, Pearson, Australia.
Students doing this course should regularly access the ECO1000 course to practise the quizzes and tests.

Student workload expectations

To do well in this subject, students are expected to commit approximately 10 hours per week including class contact hours, independent study, and all assessment tasks. If you are undertaking additional activities, which may include placements and residential schools, the weekly workload hours may vary.

Assessment details

Approach Type Description Group
Weighting (%)
Assignments Written Quiz No 10
Assignments Written Problem Solving No 40
Examinations Invigilated Invigilated examination No 50
Date printed 10 February 2023