MACQUARIE UNIVERSITY

ECON1020 - Principles of Economics 1

Final Examination Guide and Notes 2023

Part 01. Revision Notes

Part 02. Sample Final Examination Paper

Part 03. Suggested Solutions to Final Exam Paper

Part 04. Final Examination - Hints and Tips

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Macquarie University - ECON1020: Principles of Economics 1

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ACADEMIC YEAR 2022 - 2023

University	Macquarie University
Study Level	Undergraduate
Unit Code	ECON1020
Unit Name	Principles of Economics 1
Guide Title	Final Examination Guide and Notes
Page Length	120

Reinforce and practise the skills learned with step-by-step support from our best tutors in ECON1020: Principles of Economics 1 at Macquarie University, helping you achieve your maximum potential. This is a complete revision guide that covers everything examinable for the unit, providing a comprehensive evaluation of all examinable topics. Every learning outcome that can be tested is explored in-depth, and diagrams are provided to aid retention. This guide is extremely helpful for you in revising all the topics and preparing for the exam.

This unit provides an introduction to the main ideas and concepts involved in modern economics, and attempts to provide students with an understanding of how the economy works, what type of problems economists attempt to solve, and how they set about trying to solve them. The unit is primarily concerned with the analysis of individual decision-making agents, the behaviour of firms and industries in the economy (microeconomics), and on the economy as a whole (macroeconomics).

Topics:

The Capitalist Revolution
Technology, Population, and Growth
Scarcity, Work, and Choice
Social Interactions
Property and Power: Mutual Gains and Conflict
The Firm: Owners, Managers, and Employees
The Firm and its Customers
Supply and Demand: Price-Taking and Competitive Markets
The Labour Market: Wages, Profits, and Unemployment
Economic Inequality

UNIT CODE	UNIT NAME
ACCG1000	Accounting in Society
ACCG1001	Accounting and Governance
ACCG2000	Management Accounting
ACCG2024	Financial Accounting and Reporting
ACCG2051	Business and Corporations Law
ACCG3008	Corporate Accounting and Business Advisory
ACCG3020	Taxation Law and Practice
ACST1001	Finance 1A
ACST2001	Financial Modelling
AFIN2050	Investments
AFIN3029	Derivative Instruments
AFIN3053	Advanced Corporate Finance
AFIN3052	Applied Portfolio Management
ECON1020	Principles of Economics 1
ECON2003	Microeconomic Analysis and Applications
ECON2004	Macroeconomic Analysis and Applications
ECON2032	Econometric Principles
ECON2041	Introductory Econometrics
ECON3033	Econometric Methods
ECON3061	Economic and Business Forecasting
MGMT1002	Principles of Management
MKTG1001	Marketing Fundamentals
STAT1250	Business Statistics
STAT1371	Statistical Data Analysis
WSTA1250	Business Statistics

Macquarie University - ECON1020: Principles of Economics 1

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