ECM1953 Principles of economics
Faculty of Business and Economics
ECM1953 Principles of economics is a level 1, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2027 in Semester 1 and Semester 2 at Malaysia. It has no prerequisites.
- Credit points
- 6
- Offered in 2027
- Semester 1, Semester 2
- Malaysia
- Assessment
- Exam 40%
- and 3 other tasks
- Workload
- 144 hours
- per semester
Reviews
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Requisites
Before ECM1953
Prohibitions
You can't enrol if you have passed any of these.
- ECW1101Introductory microeconomicsNo reviews yet
- ECW1102Introductory macroeconomicsNo reviews yet
- ECB1101Introductory microeconomicsNo reviews yet
- ECF1200MacroeconomicsNo reviews yet
- ECB1102Introductory macroeconomicsNo reviews yet
- ECS1101Introductory microeconomicsNo reviews yet
- ECX1200MacroeconomicsNo reviews yet
- ECX2953EconomicsNo reviews yet
After ECM1953
No unit lists ECM1953 as a prerequisite in the 2027 handbook.
Enrolment rules
You must be enrolled in B0601, B2026, B2027, B2049, B2050, B2051 or B2052 to undertake this unit
Overview
This unit explores:
Microeconomics:
scarcity, economic choice, economic systems, demand and supply analysis, elasticity, costs of production and profit-maximisation, perfect competition, monopoly, monopolistic competition and oligopoly, and government policy-implications on market outcomes.
Macroeconomics:
aggregate demand and aggregate supply, the money market and monetary policy, the government budget deficit and fiscal policy, determination of interest rates, inflation rates, unemployment, foreign currency exchange rates, and the balance of payments.
Offerings in 2027
| Teaching period | Campus | Mode |
|---|---|---|
| First semester | Malaysia | On campus |
| Second semester | Malaysia | On campus |
Assessment
- Artefact10%
- Written35%
- Quiz / Test15%
- Examination40%
Assessment details may change. Please refer to the assessment information in Moodle closer to the start of the teaching period.
Learning outcomes
When you finish this unit, you should be able to:
- 1
employ the principles of demand and supply to determine equilibrium prices, quantities and profits across various market structures
- 2
analyse the effects of changes in exogenous factors on prices and quantities, market efficiency, and international trade
- 3
collect and analyse secondary data on macroeconomics variables to examine the effects of government policy changes on an economy
- 4
examine the determinants of interest rates and foreign currency exchange rates in the global market.
Workload and teaching
- Tutorials24 hours
- Teaching approachActive learning
- Teaching approachProblem-based learning
- Teaching approachCase-based teaching
Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. You are expected to complete all pre-class activities prior to your scheduled class, and post-class activities should be completed after your scheduled class. Learning activities may include a combination of teacher directed, peer directed and online engagement activities.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
This unit includes problem-based learning approaches, where you engage in research, integrate theory and practice and apply knowledge and skills to develop viable solutions in response to a problem or set of problems.
This unit includes case-based teaching, where you apply your knowledge and engage in analytical and reflective thinking to solve complex contextual scenarios. Activities are often designed so that there is not one clear answer, but you need to work together to examine, analyse and make decisions to resolve the situation.
Learning resources
Required resources
AE Principles of Economics, 9th Edition by N. Gregory Mankiw Cengage
ISBN-13: 9789814915342 | ISBN-10: 9814915343
Copyright 2021 | Published 2020
Contacts
- Chief Examiners
- Dr Audrey Siah
Common questions
What are the prerequisites for ECM1953?
ECM1953 has no prerequisites, but enrolment rules apply.
When is ECM1953 offered?
In 2027, ECM1953 runs in Semester 1 and Semester 2 at Malaysia.
How much work is ECM1953?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ECM1953 have an exam?
Yes. The exam is worth 40% of the final mark, alongside 3 other tasks.