ECON 7200 - Economic Principles (M)

North Terrace Campus - Semester 1 - 2014

The purpose of this course is to introduce students to the basic principles of macroeconomics and microeconomics so that they can understand economic events and the behaviour of the various economic agents involved, analyse their impact on markets and propose appropriate courses of action. To do this, the student should be able to utilise the tools of economic analysis to perform company and industry competitive analysis and should understand and be conversant with the various economic indicators used.

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Course Details

Course Code	ECON 7200
Course	Economic Principles (M)
Coordinating Unit	Economics
Term	Semester 1
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	3
Contact	Up to 4 hours per week. Intensive in Summer Semester.
Incompatible	Introductory Macroeconomics and Microeconomics. Not available to PGCW Economics programs.
Assessment	Typically assignments, case study analyses, group or individual projects, exam

Course Staff

Course Coordinator: Dr Raul Barreto

Semester 1 & 2
Dr Raul Barreto
Office location: Nexus 10, Level 4, Room 4.26
Telephone: 8313 3240

Course Timetable

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

Course Learning Outcomes

This course aims to develop students’ understanding of the keys principles of macroeconomics and microeconomics in order to make effective business decisions. The course provides a theoretical framework to analyse the markets, government policies, firm’s behaviour and macroeconomic policies.

On the successful completion of the course students will be able to:

1	Explain how scarce resources are allocated in a market system
2	Recognise various forms of market failure and explain how governments might need to intervene
3	Recognise the constraints on government intervention and explain why government policy might fail
4	Relate basic economic theory and principles to current economic issues and evaluate related public policy
5	Use economic models to analyse a situation in terms of economics
6	Interpret charts, graphs, and tables and use the information to make informed judgments
7	Work and learn independently and with others
8	Communicate their knowledge and understanding of economic issues using written, verbal and visual expression
9	Evaluate outcomes based on the costs and benefits involved
10	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.	1-4
The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner.	6
An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems.	5, 9
Skills of a high order in interpersonal understanding, teamwork and communication.	7-8
A proficiency in the appropriate use of contemporary technologies.	8
A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life.	5-10
A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community.	9
An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities.	10

Learning Resources
Required Resources

Garnett, A.M., Lewis, P., Hubbard, R.G. and O’Brien, A.P. (2010) Essentials of Economics, Pearson, Sydney.

Recommended Resources

McTaggart, D., Findlay, C. and Parkin, M. (2010), Economics 6th edition, Pearson, Sydney.

McGraw-Hill, Sydney. Sloman, J. and Norris, K. (2008) Principles of Economics, 2nd edition, Pearson, Sydney

Online Learning
The course makes extensive use of MyUni for the posting of lecture notes, lecture recordings, tutorial exercises, assignments, and important announcements. It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts.
- https://myuni.adelaide.edu.au/webapps/login/
- http://www.adelaide.edu.au/its/webmail/

Learning & Teaching Modes

No information currently available.

Workload

No information currently available.

Learning Activities Summary

LEARNING ACTIVITIES WEEK BY WEEK (INDICATIVE)

Week	Week beginning	Topic	Reading and tutorials
1	Monday 3 March	Introduction, The economic problem	Hubbard Ch 1 & 2
2	Monday 10 Mar	Demand and supply	Hubbard Ch 3
3	Monday 17 Mar	Markets in action	Hubbard Ch 4 & 5
4	Monday 24 Mar	Firms, production and costs	Hubbard Ch 6
5	Monday 31 Mar	Perfect competition and monopoly	Hubbard Ch 7 & 8
6	Monday 7 April	Monopolistic Competition and Oligopoly	Hubbard Ch 9
		Mid-semester break
		Mid-semester break
7	Monday 28 April	Mid Semester test	Mid Semester Test
8	Monday 5 May	The labour market Market failure and resource allocation	Hubbard Ch 10 & 11
9	Monday 12 May	The macroeconomic environment	Hubbard Ch 12 & 13
10	Monday 19 May	Aggregate Demand and Aggregate Supply Model	Hubbard Ch 14
11	Monday 26 May	Monetary policy Fiscal policy	Hubbard Ch 15 16 17
12	Monday 2 June	The exchange rate International trade	Hubbard Ch 18 19
13	Monday 9 June	Optional Teaching Week	To be used as required
14	Monday 17 June	Swot Vac
15	Monday 23 June	First Examinations week Exams start Saturday 22 June
16	Monday 30 June	Second Examinations week Exams finish Saturday 6 July

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

The grading scheme is as follows:

Type	Weight	Due Date
Mid-semester Test	30%	2 May 2014 (in Class)
Group Assignment	20%	11 April 2014 (COB)
Tutorial	10%
Final Exam	40%
* Applies only to IIID students

Assessment Related Requirements

Group Assignment
A 1500 word group assignment will be due on 11 April, 2014. Groups may be comprised of 1, 2, 3 or 4 people. Assignment details will be found on MyUni.

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
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