ECON 1000 - Principles of Macroeconomics I

North Terrace Campus - Semester 1 - 2014

This course provides an introduction to macroeconomic theory and policy in Australia. It provides a framework in which the interaction of labour, money, and goods and services markets can be developed, allowing students to understand the process by which the levels of economic activity, employment and rates of interest are jointly determined. The framework is then used to examine how the policies set by the central bank and the government affect the economy.

  • General Course Information
    Course Details
    Course Code ECON 1000
    Course Principles of Macroeconomics I
    Coordinating Unit School of Economics
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week. Intensive in Summer Semester.
    Incompatible WINEMKTG 1063EX
    Quota A quota will apply
    Course Description This course provides an introduction to macroeconomic theory and policy in Australia. It provides a framework in which the interaction of labour, money, and goods and services markets can be developed, allowing students to understand the process by which the levels of economic activity, employment and rates of interest are jointly determined. The framework is then used to examine how the policies set by the central bank and the government affect the economy.
    Course Staff

    Course Coordinator: Dr Mark Dodd

    Summer Semester
    Course Coordinator: Mr John Snelling
    Office location: Nexus 10, Level 3, Room 3.35
    Office hours:
    Contact details:

    Semester 1
    Course Coordinator: Dr Sabiha Akhter Akhter
    Contact details: TBA

    Semester 2
    Course Coordinator: Dr Mark Dodd
    Office location: Nexus 10, Level 3, Room 3.24
    Office hours: TBA

    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

  • Learning Outcomes
    Course Learning Outcomes

    Knowledge and Understanding:
    This course aims to develop an understanding of those social institutions such as property rights, firms and markets, that are the economic framework within which individuals, responding to incentives, make choices in their own self interest and how these choices can also serve the social interest. (Learning outcomes 1-6)

    Communication Skills:
    This course aims to develop students’ abilities to construct and sustain an argument using the phrases and concepts that economists use in their deliberations. A theoretical framework is developed in which students acquire an understanding of how economic agents interact and by doing so develop the literacy and verbal communication skills necessary for presenting arguments of an economic nature. (Learning outcomes 7-12)

    On the successful completion of this course students should be able to:

    1 Explain how competitive markets organise the allocation of scarce resources and the distribution of goods and services
    2 Assess the efficiency of markets and describe the various factors that might impact on efficiency
    3 Distinguish between the various forms of market failure and explain how governments might need to intervene
    4 Describe the various types of markets and compare their efficiency
    5 Recognise government failure and explain why governments might fail
    6 Relate the basic economic theory and principles to current macroeconomic issues and evaluate related public policy
    7 Use economic models to analyse a situation in terms of economics
    8 Interpret charts, graphs, and tables and use the information to make informed judgments
    9 Work and learn independently and with others
    10 Communicate their knowledge and understanding of economic issues using written, verbal and visual expression
    11 Evaluate outcomes based on the costs and benefits involved
    12 Understand the broader social consequences of economic decisions making
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1-5
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 7, 10
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 9, 11
    Skills of a high order in interpersonal understanding, teamwork and communication. 9-10
    A proficiency in the appropriate use of contemporary technologies. 8
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 6
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 12
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 12
  • Learning Resources
    Required Resources
    "Macroeconomics: Principles and Practice (Asia-Pacific Edition, 1st Edition)" by John B. Taylor, Bruce Littleboy and Akila Weerapana
    Recommended Resources
    Any student studying Economics should also make a special effort to read those parts of daily newspapers which relate to the economy, particularly those articles associated with monetary and fiscal policies. The discipline of economics provides a series of simple yet powerful tools with which everyday economic, social and political phenomena may be analysed. While there must be detailed consideration of basic theory in the course, we shall also devote much time to the use of economics in analysing real-world events. It is important, therefore, that you keep abreast of current events - when you read the newspaper, try to see how the economic theories that you have learned can be applied to the events of the day. If you do this, economics can be both relevant and fun! It will also help you in tutorial discussion. Apart from the daily popular press, Australia's top daily source of economic and business information is the Australian Financial Review. You should try to read it. Two magazines with excellent coverage of economic and business matters are Business Review Weekly and The Economist.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Each topic is divided into a lecture component and a tutorial component. The lecture covers the
    key concepts of a particular topic to complement the text. Tutorials will consolidate your
    understanding of course material by working through problems and expand your understanding of course material through group discussion.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a
    total of 48 hours per week to their studies. This translates to 12 hours per week for a semester
    course.
    Learning Activities Summary
    1) Macroeconomics - Getting Started
    2) Production and Income
    3) Long-Term Growth
    4) The Labour Market
    5) Money
    6) Economic Fluctuations: A Model
    7) Topics on Monetary and Fiscal Policy

    * Order of material to be covered in class is tentative and subject to change.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary
    The course grade for each student is made up of:

    Assignments 50%
    Final Exam 50%
    Assignments:

    There will likely be at least 8 assignments.  Each student's best five submitted assignments will count for 10% of each student's overall grade (adding up to a maximum of 50%).  It is expected that every student will complete all assignments and the "best of" rule is to allow for leeway in the event of illness or compassionate issues.  As such there will not generally be any special consideration for these issues. Please contact the course coordinator to discuss any concerns that may arise.  Late assignments will not be accepted and students should keep a copy of all submitted assignments.

    Final Exam:

    The final exam will be 3 hours with 10 minutes of reading time.  This exam may cover all the material covered in the course.  It will be a closed book exam.  Dictionaries will not be permitted.  Calculators are permitted but not calculators that can either store text, are programmable or possess wireless functions. This means that graphic calculators are not permitted and some scientific calculators may also not be permitted.
    Assessment Detail

    No information currently available.

    Submission

    No information currently available.

    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.