ECON 1000 - Principles of Macroeconomics I

North Terrace Campus - Summer - 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.

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Course Details

Course Code	ECON 1000
Course	Principles of Macroeconomics I
Coordinating Unit	Economics
Term	Summer
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
Assessment	Typically, tutorial assignments, weekly test, group assignment & final exam

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.

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 session 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 similar to those in the text and expand your understanding of course material through group discussion on current issues related to the topic.

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 (ie 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 or 24 hours per week for a summer course.

Learning Activities Summary

Lectures
The lectures are designed to provide the framework on which students can build their knowledge and understanding of the key concepts and principles in macroeconomics. As mentioned above the organization of the course parallels the text, and consequently each lecture will explicate the key concept covered in the corresponding chapter of the text.
Tutorials
Tutorials are an important component of your learning in this course. The communication skills developed in tutorials by regularly and actively participating in discussions are considered to be most important by the School and are highly regarded by employers and professional bodies. The tutorials require students to analyse the ideas covered in lectures and then apply them to specific contemporary economic issues. The summative component of the tutorials will relate to current macroeconomic policy in a way that will encourage independent and critical styles of thinking.
Weekly Quiz
Although the weekly quiz contributes towards the final grade it should be considered formative rather than summative. It is designed to provide feedback to students on their recall, analysis, and evaluation skills in economics.
Group Assignment
In the assignment students are expected to apply the theoretical framework of economics developed in the course to the analysis of current macroeconomic policy in Australia. The aim is to develop students’ literacy and problem-solving skills especially as these apply to economics.

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

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

Assessment Summary

Weekly Tutorial Assignments	15%
Weekly Online Quizzes	5%
Group Assignment	20%
Final Exam	60%

Assessment Related Requirements

Students will be assessed on their understanding of the concepts covered in the course and their ability to employ appropriate economic models to critically analyse contemporary issues. This will include their ability to develop a written response using the relevant economic terms and concepts.

Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks may be deducted in the final examination because of poor hand-writing.

It is each student's responsibility to read the examination timetable. Misreading the timetable is not accepted as grounds for granting a supplementary exam. University staff are not permitted to provide examination times to students over the telephone or in response to personal enquiries.
Examinations will be held only at the time and locations stated in the University’s Examination Timetable and so students should not make any arrangements to be absent until after the examination period.

Due to the generous and flexible grading scheme and the optional nature of weekly online quizzes, weekly tutorial assignments, and the group assignment, there will generally not be any special consideration given for illness or compassionate issues, but you are welcome to speak to the Lecturer-in-Charge if you have any personal concerns.

Assessment Detail

Assessment includes a weekly online quiz, tutorial work that will consist of weekly assignments, an optional major group assignment and a final exam. The weekly tutorial assignments and quiz are redeemable by the exam but the group assignment, although optional, is not redeemable.

The weekly quizzes will be conducted online through MyUni every week from week 2.
Each quiz will be available for one week from 5.00pm Friday to 4.00pm the following Friday.
The quizzes will consist of 10 multiple choice questions and the grade will be based on the best 4 out of 5 quizzes. This component of the assessment is both optional and redeemable. This means that if you choose not to do it, the weighting for the exam will become 65% of the assessment. Also, if you do choose to do it but attain a grade that is worse than that of your final exam, the exam becomes 65% of the assessment. So there is no disadvantage to attempting them!

Starting on Thursday in week 1 students will be asked to submit at the beginning of their tutorial, written answers to weekly questions provided in the tutorial exercises that are to be downloaded from MyUni. Comments will be provided on these answers and will be returned to students before the following week's tutorial, along with a score out of 10. The best 4 weekly tutorial assignments will contribute to the assessment of tutorial work, which in total will be 15% of assessment. These tutorial assignments are, like the weekly test, both optional and redeemable.

The group assignment is to be a 1500 word examination of a contemporary economic issue similar to the Reading Between the Lines analysis covered in each chapter of the McTaggart text. Although it is not a requirement, the preferred option is that the assignment is a collaborative effort between three or four students and it will count for 20% of the final assessment. If you decide not to do the assignment the exam will count for 80% of the assessment. The topic and due date will be decided before the mid-semester break.

The final exam is 3 hours plus 10 minutes reading time and may cover any of the topics from the chapters in the text book that have been set as part of the course.
Please note that, following University policy, dictionaries are not allowed in School of Economics exams.

Submission

Students must retain a copy of all assignments submitted.
A Group Assignment Cover Sheet signed and dated by all group members must be attached to the group assignment before submission. All team members are expected to contribute approximately equally to a group assignment.
Assignments will not be accepted after the submission date unless there are exceptional circumstances.

Assessment marks will be displayed on the course website prior to the final exam. Students are encouraged to check their marks and notify the lecturer of any discrepancies.

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.

The policy of the School of Economics is not to return final exam scripts to students. However, they are made available for students to read under the supervision of the course coordinator, at a time and place to be announced.

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
This section contains links to relevant assessment-related policies and guidelines - all university policies.
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.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator