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Unit outline_

ECON1040: Principles of Economics

Semester 1, 2022 [Normal day] - Camperdown/Darlington, Sydney

This unit of study is designed for students who have an interest in economics and its application to critical issues in everyday life. Students will gain an understanding of how the economy works; how individuals, firms and governments form and shape their decisions using economic principles; and the role of public policy on outcomes including the trade-offs faced in making policy decisions. Students will develop skills to critically analyse real-world issues using the perspective of an economist, and communicate ideas and arguments about economics in a logical, coherent and evidenced based manner.

Unit details and rules

Academic unit Economics
Credit points 6
AGEC1006 or ECON1001 or BUSS1040
Assumed knowledge


Available to study abroad and exchange students


Teaching staff

Coordinator Juliana Silva Goncalves,
Lecturer(s) Juliana Silva Goncalves,
Type Description Weight Due Length
Final exam (Open book) Type C final exam Final exam
Final written exam
50% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
In-semester test (Open book) Type C in-semester exam Midterm test
Written exam
25% Week 07
Due date: 08 Apr 2022 at 10:00
1 hour
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Assignment Essay
Essay applying principles of economics to a concrete issue.
25% Week 12
Due date: 20 May 2022 at 09:59
1000 words
Outcomes assessed: LO1 LO3 LO4 LO5 LO6
Type C final exam = Type C final exam ?
Type C in-semester exam = Type C in-semester exam ?

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a High Distinction indicates work of an exceptional standard, a Distinction a very high standard, a Credit a good standard, and a Pass an acceptable standard.

Result name

Mark range


High distinction

85 - 100



75 - 84



65 - 74



50 - 64



0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.


For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 Introduction; Scarcity, Work & Choice Lecture (2 hr)  
Week 02 Social interactions, Power & Property Lecture (2 hr)  
Tutorial 1 Tutorial (1 hr)  
Week 03 The firm and its costumers Lecture (2 hr)  
Tutorial 2 Tutorial (1 hr)  
Week 04 Supply & Demand: price taking & competitive markets Lecture (2 hr)  
Tutorial 3 Tutorial (1 hr)  
Week 05 The labour market, Banks, Money & Credit market Lecture (2 hr)  
Tutorial 4 Tutorial (1 hr)  
Week 06 Markets, Efficiency & Public policy Lecture (2 hr)  
Tutorial 5 Tutorial (1 hr)  
Week 07 In-semester test Lecture (2 hr)  
Tutorial 6 Tutorial (1 hr)  
Week 09 Unemployment & Fiscal Policy Lecture (2 hr)  
Tutorial 7 Tutorial (1 hr)  
Week 10 Inflation, Unemployment & Monetary policy Lecture (2 hr)  
Tutorial 8 Tutorial (1 hr)  
Week 11 Economic inequality & Social policy Lecture (2 hr)  
Tutorial 9 Tutorial (1 hr)  
Week 12 Economics of the environment Lecture (2 hr)  
Tutorial 10 Tutorial (1 hr)  
Week 13 Summary & Revision Lecture (2 hr)  
Tutorial 11 Tutorial (1 hr)  

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
  • Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed online through the University Library site.

The CORE Team (2018), The Economy. Oxford University Press is available online (free of charge) at . Alternatively students may wish to purchase a hard copy of the text – details are available online at the CORE site.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. apply economic concepts to examine real world problems from both an individual’s and policymaker’s perspective
  • LO2. develop problem solving skills
  • LO3. critically evaluate the assumptions and limitations of the theories and arguments presented in class
  • LO4. develop written communication skills
  • LO5. employ technologies effectively in gathering information from written, oral, and electronic sources
  • LO6. demonstrate the ability to manage, analyse, evaluate and use information efficiently and effectively.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities

This section outlines changes made to this unit following staff and student reviews.

The quantity of the materials covered in class will be adjusted to reflect feedback about the overall volume of learning.


The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.