That circuit is wrong, the transistor is configured as an emitter follower with no gain so there'll be no oscillation. Here's a link to the correct version, with a better explanation:
http://users.silenceisdefeat.net/~lgtngstk/Sites/Circuits/Buzzer/Buzzer.html
It can be made louder by replacing the collector resistor with an inductor:
http://homemadecircuitsandschematics.blogspot.co.uk/2011/12/how-to-make-simple-piezo-buzzer-circuit.html