WESTERN SYDNEY UNIVERSITY

ECON 1011: Principles of Economics

* Final Examination Guide and Notes 2024

- Part A: Revision Notes

- Part B: Sample Final Examination Paper

- Part C: Suggested Solutions to Final Exam Paper

- Part D: Final Examination - Hints and Tips

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Western Sydney University - ECON 1011: Principles of Economics (Solutions)

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ACADEMIC YEAR 2023 - 2024

University	Western Sydney University
Study Level	Undergraduate
Subject Code	ECON 1011
Subject Name	Principles of Economics
Notes Title	Final Examination Guide and Notes
Format	PDF
Page Length	116

* Struggling with the extensive study material for ECON 1011: Principles of Economics at Western Sydney University? This guide is your solution. Divided into four sections, it’s a comprehensive resource designed to bolster your understanding and performance in assessments and the final exam. The guide offers detailed revision notes, sample exam questions with thorough solutions, and invaluable advice for the final exam. It’s your secret tool for mastering the subject, saving study time, and boosting your confidence, enabling you to perform at your peak on the day of the exam.

This subject is an introduction to economic concepts and contemporary economic issues. It introduces students to basic concepts such as markets and their operation, the behaviour of firms, the efficiency and potential failings of markets, the role of government, key macroeconomic problems such as recessions, inflation and unemployment, as well as contemporary fiscal and monetary policies. It illuminates concepts via application to contemporary economic issues and debates over different theoretical perspectives. This subject also exposes students to recent developments and policy controversies in economics. ECON 1011: Principles of Economics is equivalent to the following subjects: ECON 1007 - Introductory Economics, ECON 1009 - Microeconomics, and ECON 1010 - Principles of Economics.

✔ Subject Content

Foundations of markets: Demand, supply, equilibrium and institutional foundations; elasticities; production and costs
Market structures: Perfectly competitive markets; monopolies; monopolistic competition; oligopolies and strategic decision-making
Government intervention: Efficiency and economic welfare; externalities; public goods; market power
Key macroeconomic Variables and problems: GDP, economic growth, unemployment and inflation
Explaining business cycles, and the unemployment-inflation trade-off; long-term economic growth
Financial sector: banking, money and interest rates
Domestic macroeconomic policies: Monetary and fiscal policies. Policy stances; debates over policy
International sector: Balance of payments, international trade and exchange rates

SUBJECT CODE	SUBJECT NAME
ACCT 1005	Accounting in Context
ACCT 1010	Management Accounting Fundamentals
ACCT 2005	Techniques in Financial Accounting
ACCT 3003	Accounting Standards and Governance
BUSM 1027	Organisational Behaviour
ECON 1003	Financial Institutions and Markets
ECON 1006	Introduction to Economic Methods
ECON 1011	Principles of Economics
ECON 1013	The Australian Macroeconomy
ECON 1014	Consumers, Firms and Markets
ECON 2002	Corporate Financial Management
ECON 2007	Macroeconomic Theory
ECON 3001	Applied Econometrics
ECON 3003	Derivatives
ECON 3006	Economic and Financial Modelling
FINC 3008	Investment Management
FINC 3015	Security Analysis and Business Valuation
LAWS 1001	Enterprise Law
LAWS 3070	Taxation Law
MATH 1030	Statistics for Business
MKTG 1006	Marketing Principles

Western Sydney University - ECON 1011: Principles of Economics (Solutions)

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