Foundation · Business
Introductory Economics
Unit 05 — Elective — Semester 2
Unit 05 — Elective — Semester 2
Covers core microeconomic and macroeconomic principles — supply and demand, elasticity, key macroeconomic indicators, and market structures — with real-world case comparisons.
To give students a working understanding of core economic principles and their application to business decision-making.
| Week | Topic & Activity |
|---|---|
| 2 | Supply and Demand AC1.1 Explain the law of supply and demand. AC1.2 Illustrate market equilibrium using a simple diagram. Workshop: Plotting Supply & Demand Curves. |
| 5 | Elasticity AC2.1 Explain the concept of elastic and inelastic demand. AC2.2 Calculate a simple elasticity ratio. Tutorial: Elasticity in Everyday Products. |
| 8 | Macroeconomic Indicators AC3.1 Explain inflation, unemployment and GDP. AC3.2 Interpret published economic indicators for a chosen country. Seminar: Reading a Central Bank Report. |
| 11 | Market Structures AC4.1 Compare perfect competition and monopoly. AC4.2 Identify examples of each structure in real markets. Case Study: Comparing Airline vs Local Bakery Markets. |
| Final exam week | Final Assessment Submission Final submission of all units of the semester. Report finalisation. |
Assessed by coursework (no written examination) — an assignment, report or portfolio task set at the start of Semester 2. A formative draft is reviewed with tutor feedback as the unit’s midterm assessment during the teaching weeks, and the final version is submitted in the final exam week at the end of the semester. Graded Pass, Merit or Distinction, with plagiarism-checked submissions (Turnitin) and a signed Learner Declaration Form.