Economics (Fundamentals)

Learn the fundamentals of economics, how small and large economies work, and the economic laws and factors that affect every aspect of finance and wealth.

Course Code: BBS111
Fee Code: S2
Duration (approx) Duration (approx) 100 hours
Qualification Statement of Attainment
Get started!

Learn how and why financial conditions keep changing.

Understand factors that cause assets to increase or decrease in value, and costs to change.

Economic laws affect change in financial conditions; and when you know those laws, you have a window into why changes have occurred and what is likely to happen in the future.  Whether an individual trying to manage your own household budget; or a business owner or politician managing something far bigger; economics can be critical for making better financial decisions. 

Economic knowledge gives you a basis for seeing trouble before it comes and averting that trouble. A knowledge of economics helps you to see opportunities ahead of time, and reacting to their advantage.

Anyone can benefit from a greater financial awareness.


This course is for:

Small-business owners
Business Advisory
Entrepreneurial Business Owner
Product Manager
Business Transition Specialist
Accounting personnel
Commercial Asset Managers
Bookkeepers & Finance Administrators
Stakeholder Managers
Legal Assistants
Budget Planners
Investors - individuals

Economics study can be applied across a broad range of sectors and industries.

Learning economics is pivotal in roles in:

Business Ownership
Strategy & Risk
Project Management
Data Analysis
Business Development
Process Engineering
City Growth
Community Development

Lesson Structure

There are 9 lessons in this course:

  1. Scope and Nature of Economics
    • Economics - A Definition
    • Goods
    • Services
    • Supply & Demand
    • Division of Labour
    • Branches of Economics
    • Microeconomics
    • Macroeconomics
    • Economic Resources
    • Value
    • Performance Criteria for An Economy
    • Understanding Basic Economic Principles
  2. Economic Laws
    • Introduction
    • Capitalist Economies
    • Socialist Economic Laws
    • Supply and Demand
    • Economies of Scale
    • Competition
    • International Economic Law
  3. Wants, Needs and Satisfaction
    • Scarcity
    • Wants and Needs
    • Substitutes
    • Satisfaction
    • Identifying Customer Wants and Needs
    • Measuring Satisfaction
    • Developing Ideas - Research and Development
  4. Costs
    • Costs - Definition
    • Types of Economic Costs
    • Opportunity Cost
    • Sunk Cost
    • Fixed and Variable Costs
    • Labour Costs
    • Total Cost
    • Marginal Cost
    • Average Cost
    • Cost of Production
    • Exchange Rates
    • Import and Export Tariffs
    • Land Value
  5. Determining Price and Value
    • Value in Economics
    • Willingness to Pay
    • Economic Value to Customer (EVC)
    • Price in Economics
    • Profit Maximisation
    • Revenue Maximisation
    • Gaining Market Share
    • Price Discrimination
    • Understanding Competition
    • Perfect Competition
    • Monopolistic Competition
    • Uniqueness of a Product or Brand
  6. Income, Investment, Interest Rates and Profit
    • Government, Commercial and International Influence
    • Income
    • Investment
    • Types of Financial Investments
    • Interest Rates
    • Risk Management
  7. Government and International Influences
    • Factors Affecting the Health of An Economy
    • Economic Ownership
    • Social and Economic Factors
    • Factors Affecting Economics Health Internationally
    • The Significance of The Global Economy
    • Micro- and Macroeconomics
    • Financial Policies
    • Monetary Policy
    • Fiscal Policy
    • Pension Funds
    • Trading
    • Types of Financial Markets
    • Ethics, Justice and Morality in Financial Markets
    • Sustainability in Financial Markets
  8. International Economic Systems
    • Economic Systems
    • Public Economic System
    • Private Economic System
    • Traditional Economic System
    • Mixed Economies
    • Trade Across Country Borders
    • Trade Agreements
    • The Organisation of Petroleum Exporting Countries
  9. Problem Based Learning (PBL) Project
    • Project Aim
    • Learning Outcomes
    • Problem Definition
    • Discussion Questions
    • Team Structure and Mode of Interaction
    • Developing a Report
    • Writing a Reflective Journal

Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.


  • Discuss the significance of economics today.
  • Interpret a variety of important economic laws.
  • Differentiate between wants and needs in the context of satisfaction.
  • Explain how costs are determined in a variety of economic contexts.
  • Determine the relationship between value and price in an economic context.
  • Explain wealth with reference to income, investment, profit, and interest rates.
  • Explain what influences economic health locally, nationally and internationally.
  • Explain and compare different economic systems in different countries.
  • Report on a chosen topic which illustrates economic theory and its influences on economic policy.

How the course works:

This is an online course with daily intakes available.

Learning is entirely self-paced and self-directed.

Students work through the lesson notes, complete several tasks to help deepen understanding beyond the course notes, and submit assignments via our secure online learning platform.

You can study where you choose and at times that are most convenient for you.  If you have any questions or need assistance, we have a friendly student services team who are always ready to help. Or a tutor will provide further guidance and support - as much or as little as you need.


Economics is a social science. It focuses on the production, distribution and consumption of goods and services. It also analyses the way that people, governments, businesses, countries, and states allocate resources.

There are two branches of economics:

  1. Microeconomics
  2. Macroeconomics 


Microeconomics is a branch of economics that looks at the behaviour of decision makers in an economy. Decision makers can be individuals, households, and firms. In economics, “firm” is generally used to refer to any type of business.  
Much of microeconomics looks at the Price Mechanism.

In the past, a market would be a physical place where consumers and producers would come together. For example, in a traditional market or shops. Today, consumers and producers do not necessarily have to meet each other. We can buy by post and online. This interaction between consumers and producers creates a price mechanism.  

Markets are essential to produce the services and goods that people need, such as clothes, food, or shelter.  From early times, communities learned that exchange benefits one another. In the past, this could have been in the form of barter (one gives fish, the other returns bread). Today, it is usually different, and we use cash to tender.   

But when we do, how do we know what to charge for our goods and services, and how much we should pay? As we become more remote from our markets, buying, and selling online, it can be harder to determine the price of products to charge. The price mechanism is therefore a process that helps producers determine how much to sell their goods and products for, and for consumers to determine how much they are willing to pay.


Macroeconomics studies the economy. Macroeconomics look at the overall economy – governments, businesses, markets and consumers – and how they behave.  It does this by looking at the economy, including:

  • inflation
  • price levels
  • rate of economic growth
  • national income
  • GDP (gross domestic product)
  • changes in unemployment levels

The aim is to look at how an economy is performing and use that information to improve performance.
Macroeconomics also aims to answer questions such as:

  • What causes inflation or unemployment?
  • What creates economic growth?

Macroeconomic research tends to look at two main areas:
1. Long-term economic growth
2. Shorter-term economic growth

By carrying out this research and developing models based on the research, macroeconomists can provide governments and other organisations with information to help construct monetary and fiscal policy.  Businesses can also use the models to develop strategies to sell their goods and services.


  • To better understand money markets and financial institutions
  • To make better decisions about handling money - at home or work
  • To improve your ability to build wealth
  • To make better decisions about buying and selling - not just what, but also when.


How can I start this course?

You can enrol at anytime and start the course when you are ready. Enrolments are accepted all year - students can commence study at any time. All study is self paced and ACS does not set assignment deadlines.

Please note that if a student is being assisted by someone else (e.g. an employer or government subsidy), the body offering the assistance may set deadlines. Students in such situations are advised to check with their sponsor prior to enrolling. The nominal duration of a course is approximately how long a course takes to complete. A course with a nominal duration of 100 hours is expected to take roughly 100 hours of study time to complete. However, this will vary from student to student. Short courses (eg. 100 hrs duration) should be completed within 12 months of enrolment. Certificates, Advanced Certificates and Awards (eg. over 500 hours duration) would normally be completed within 3 -5 years of enrolment. Additional fees may apply if a student requires an extended period to complete.
If a student cannot submit their assignments for 6 months to ACS, they should advise the school to avoid cancellation of their student
registration. Recommencement fees may apply.

Simply click on the ENROL OPTIONS button at the top of this screen and follow the prompts.

You can see the course price at the top of this page. Click 'enrolment options' to see any payment options available.

You can pay by Credit Card, PayPal, Afterpay or bank transfer.

Yes! We have payment plans for most courses. Click 'enrolment options' to see the available payment plans.
We also have Afterpay that will allow you to pay for your course or payment plans in four instalments (if you are in Australia).

What do I need to know before I enrol?

There are no entry requirements that you need to meet to enrol in our courses, our courses are for everyone.
If you are under 18, we need written permission from your parent/ guardian for your enrolment to continue, we can arrange that after you have enrolled.

You don’t need to purchase any additional resources to complete our courses.

We aim to teach you the essentials without you having to purchase any specific computer program.
We recommend that you have access to a word processing program, such as Microsoft Word or Google Docs, so that you can easily complete and submit your assignments.

You sure can. We are here to help you learn whatever your abilities.

Yes, if you are enrolling in a Certificate or Advanced Certificate, you might be eligible for credits if you have evidence of your previous studies or relevant experience. More information is here.

We recommend that you are able to browse websites, send emails and conduct online research. You will need to be able to type and submit your assignments.
If you have limited computer skills, we can make special arrangements for you.

This is possible, it depends on the institution. We recommend that if you would like to use our courses that you contact the institution first. Our Course Handbook is a good resource for this.

Our courses are written in English and we only have English speaking academic staff. If you can read and complete your assignments in English, our courses are ideal for you.

Our courses are designed to build knowledge, hands on skills and industry connections to help prepare you to work in the area, running your own business, professional development or as a base for further study.

This course has been designed to cover the fundamentals of the topic. It will take around 100 hours to complete, which includes your course reading, assignment work, research, practical tasks, watching videos and anything else that is contained in the course. Our short courses are a great way to do some professional development or to learn a new skill.

It’s up to you. The study hours listed in the course are a rough guide, however if you were to study a short course (100 hours) at 10 hours per week, you could finish the course in 10 weeks (just an example). Our courses are self-paced, so you can work through the courses in your own time. We recommend that you wait for your tutor to mark and return your assignment before your start your next one, so you get the benefits of their feedback.

The course consists of course notes, videos, set tasks for your practical work, online quizzes, an assignment for each lesson (that you receive feedback from your tutor from) and ends in an exam (which is optional, if would like to receive the formal award at the end), using our custom built Learning Management System - Login.Training.

Our courses are designed for adults to gain professional development and skills to further their careers and start businesses.

Our custom online learning portal allows you to conduct your learning online. There may be practical tasks that you can do offline. You have the option of downloading your course notes or print them to read later.

There is also the option to pay an additional fee for printed course notes and or USB (availability limited to location and deliverability).

Yes, if you don’t have access to the internet, you can receive the course as paper notes or on a USB stick for an additional fee. We can also make alternative arrangements for you to send your assignments to us.

We offer printed notes for an additional fee. Also, you can request your course notes on a USB stick for an additional fee.

Yes, your tutor is here to help you. Simply post any questions you have in your portal or contact the office and we can pass on a message to your tutor.

We are more learning focussed, rather than assessment focussed. You have online quizzes to test your learning, written assignments and can complete an exam at the end of the course (if you want to receive your certificate). You will not receive a pass/ fail on your course work. If you need to add more details on your assignment, we will ask you to resubmit and direct you where you need to focus. If you need help, you can ask your tutor for advice in the student room.

Each module (short course) is completed with one exam.

Exams are optional, however you must sit an exam if you would like to receive a formal award. You will need to find someone who can supervise that you are sitting the exams under exams conditions. There is an additional cost of $60 incl. GST for each exam.
More information is here

There are practical components built into the course that have been designed to be achieved by anyone, anywhere. If you are unable to complete a task for any reason, you can ask your tutor for an alternative.

When you complete the course work and the exam and you will be able receive your course certificate- a Statement of Attainment. Otherwise, you can receive a Letter of Completion.

You can bundle the short courses to create your own customised learning bundle, Certificates or Advanced Certificates. More information is on this page.

Yes, our courses are built to be applicable for people living anywhere in any situation. We provide the fundamentals, and each student can apply their own unique flair for their own interests, region and circumstances with the one-on-one guidance of a tutor. There is also a bit of student directed research involved.

Employers value candidates with industry skills, knowledge, practical skills and formal learning. Our courses arm you with all of these things to help prepare you for a job or start your own business. The longer you study the more you will learn.

ACS has an arrangement with OAMPS (formerly AMP) who can arrange Professional Indemnity from Australian and New Zealand graduates across all disciplines. Ph: 1800 222 012 or email

Who are ACS Distance Education?

ACS Distance Education have been educating people for over 40 years.

We are established and safe- we have been in education for over 40 years.
We are focused on developing innovative courses that are relevant to you now and what you will need to know in the future.
We are focused on helping you learn and make the most of your experience.
You can enrol at any time, you can work on your course when it suits you and at your own pace.
We are connected to many industry bodies and our staff participate in continuous improvement and learning activities to ensure that we are ahead of what learning is needed for the future.

Our courses are not accredited by the Australian Government. However many of our courses are recognised and held in high regard by many industry bodies.

Our courses are written by our staff, who all have many years experience and have qualifications in their speciality area. We have lots of academic staff who write and update our courses regularly.

How do I enrol my staff/ sponsored students?

Yes, you can do a request for a bulk enrolment and request an invoice on our Invoice Request Form

We can prepare an invoice, quote or proforma invoice. Simply complete your details on our Invoice Request form

We can arrange bulk discounts for your course enrolment, please get in touch with us to discuss your needs.

Yes, we have many students who are in locked facilities, such as prisons or hospitals. We can cater by also offering paper notes at an additional cost.

What if I have any more questions or need more information?

We can assist you to find the right course for your needs. Get in touch with us via email ( call on +61 7 5562 1088 or complete our course advice form.

What if I change my mind?

Please get in touch with if you would like to be removed from our mail list.

If you would like ACS Distance Education to delete your information at any time (whether you are a customer or a prospective customer), please contact our privacy officer and we will process this ( ).

Course Contributors

The following academics were involved in the development and/or updating of this course.

Need Help?

Take advantage of our personalised, expert course counselling service to ensure you're making the best course choices for your situation.

I agree for ACS Distance Education to contact me and store my information until I revoke my approval. For more info, view our privacy policy.