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Economics is at the frontline of controversial issues of public policy like economic growth and the entire economy stability, regulating financial institutions, fiscal and monetary policies, in association with the Australian economy, financing education, resource taxation, immigration, retirement income planning, and health insurance markets. Economic principle is an introductory course that provides a thorough analysis of the economics role in business. The students gain the basic understanding, knowledge, and appreciation of economics and also become capable of applying analysis of economics to business and economic issues. 

Students pursuing this course also study the foundational concepts of microeconomics and macroeconomics. Microeconomics involves economic principles of demand and supply that are crucial in understanding market results and government interventions in specific markets. Macroeconomics involves the economic growth principles and the tools that governments utilise to steer the economic growth or make the growth more inclusive and sustainable.

ECO10004 Assessment Answers

Understanding the economics principles allows students to foresee the market agents’ behaviour which is a vital skill for students especially those aspiring to a career in business. Students undertaking this course have to be proficient enough in all the aforementioned theories or concepts so that they can solve the assessment tasks on time to complete the degree. If you get stuck in any of the tasks due to the lack of sufficient knowledge, you can approach Sample Assignment for availing the best guidance with ECO10004 Assessment Answers.

List of Universities Offering Economics Course

  • Monash University
  • University of Western Australia
  • Federation University
  • James Cook University
  • Swinburne University of Technology
  • Melbourne Institute of Technology
  • Victoria University
  • University of Wollongong
  • University of Adelaide
  • Deakin University

The aforementioned universities in Australia are renowned for their quality of teaching and research and they offer distinct inter-related degree courses.

Structure of Course

Students will study the following topics while pursuing the economics course:

  • Fundamental concepts of economics, scarcity, and opportunity cost        
  • Concept of elasticity along with its applications
  • Demand, supply and market system
  • Market system and resource allocation
  • Firms behaviour and cost
  • Economic growth, Gross Domestic Product, living standards and business cycle
  • Market structures
  • Aggregate demands and aggregate supply model
  • Unemployment and inflation
  • Government policies

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Learning Outcomes of Course

After completing the course successfully, students will become capable in:

  • Demonstrating their understanding of fundamental issues of scarcity within an economy.
  • Applying the microeconomic concepts of supply and demand, market failure, price elasticity, cost and revenue concepts and market structures.
  • Applying the conceptual knowledge of macroeconomics like economic growth, business cycle, Gross Domestic Product, inflation, unemployment, aggregate demand, and aggregate supply model or government policies.
  • Explaining the significance of economic models and assumptions in economics.
  • Applying economic models for analysing the situation and media articles related to economic issues.

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Career Opportunities

Economics graduates get prepared to work in government, financial institutions, private sectors, and international agencies as a forecaster, consultants, or analysts. They generally find employment with management consultancies, companies, governmental areas (including Treasury and Reserve Bank), stockbrokers and banks and at institutions including International Monetary Fund. The potential job roles are stated below:

  • Economist
  • Mathematician
  • Finance manager
  • Agricultural consultant
  • Financial dealer
  • Financial broker
  • Financial market dealer
  • Financial investment adviser
  • Financial institution branch manager

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Our Experts Discuss the Approach to Derive Assignment Solution on ECO10004 Economic Principles Assignment

Our highly experienced online tutors are economists, managers, financial dealers or advisers possessing immense knowledge of economics and financing education and are linked with reputed organisations. Thus, they hold a firm grip on the subject. They encourage students to follow the below-mentioned approach to draft a perfect assessment solution:

  • Check the type of assignment (essay, reports, article, case studies, thesis, literature review, etc) and formulate the solution accordingly.
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  • Collect, utilise and store data/information to support the decision-making process.
  • Provide a comprehensive and efficient description of the desired concepts.
  • Include all necessary elements, and methodologies desired in the assignment.
  • After completion of the assignment solution written in a perfect layout format with proper citation of references, read the file at least twice or thrice to rectify any error.

To have a clearer glimpse of the approach our online tutors follow to guide students with the solution, you can register on our website and view and download the ECO10004 Economic Principles Assignment sample online. Few snapshots of the assessment tasks are depicted below for your reference:

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Frequently Asked Questions

The economic principle underpins a broad range of economic laws or theories that states how an economy performs to satisfy an unlimited demand in the marketplace with a definite supply of available resources.

The principles of economics explain the methods by which the world tackles money and deduce which investments are worth and which aren't. The five principles include:

  • opportunity cost
  • law of diminishing returns
  • marginal principle
  • real/nominal principle
  • principle of voluntary returns

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