ECON 7200 - Economic Principles (M)

North Terrace Campus - Semester 1 - 2017

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.

  • General Course Information
    Course Details
    Course Code ECON 7200
    Course Economic Principles (M)
    Coordinating Unit School of Economics
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week. Intensive in Summer Semester.
    Available for Study Abroad and Exchange Y
    Incompatible Introductory Macroeconomics and Microeconomics. Not available to PGCW Economics programs.
    Course Description 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.
    Course Staff

    Course Coordinator: Dr Mark Dodd

    Semester 1, Summer, Trimester 1 & Trimester 3

    Dr. Mark Dodd
    mark.dodd@adelaide.edu.au
    Room 3.24, Level 3, Nexus 10 Building
    Office phone: 8313 4931


    Semester 2

    Dr. Raul A. Barreto
    raul.barreto@adelaide.edu.au
    Room 4.26, Level 4, Nexus 10 Building
    Office phone: 8313 3240

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    Economics is often divided into two streams: microeconomics and macroeconomics. Microeconomics focuses on the behaviour of the economic units, such as firms, households and individuals. Macroeconomics looks at the economy as a whole, especially the behaviour of aggregate measures such as the rate of unemployment, the rate of inflation, gross domestic product, exchange rates, economic growth and the business cycle. We will be selecting issues from both fields for your attention. Basic theoretical tools are introduced as required to deal with the issues being discussed. In the process, we will introduce you to a large number of economic concepts, analytical tools, the ‘language’ of economists and why it is pertinent that all students including non-economists understand these. The aim of the course is to provide students with an understanding of the key macroeconomic and microeconomic principles in order to make effective business decisions.

    As you study each topic it will be related to a current economic policy question, management or business strategy issue or social issue. By the time you complete this course, you should be able to analyse a business problem from an economic perspective and then be able to effectively communicate economic concepts with economists and non-economists in a variety of contexts.

    On successful completion of this course, students will be able to:

    1. Demonstrate a solid understanding of the core concepts and tools of economics.
    2. Relate basic economic theory and principles to current microeconomic and macroeconomic issues and evaluate related public economic policies.
    3. Apply economic principles and reasoning to solving business problems.
    4. Interpret charts, graphs, and tables and use the information to make informed judgments.
    5. Communicate their knowledge and understanding of economic issues using written, verbal and visual expression.
    6. Critically reflect on the broader social consequences of economic decision 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)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1,2,3
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    2,3,4
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    5
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    5
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • Able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    2,3,6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    2,3
  • Learning Resources
    Required Resources

    Hubbard, R.G., Garnett, A.M., Lewis, P., and O’Brien, A.P. 'Essentials of Economics' 3rd Edition, Pearson.
    Paperback edition ISBN: 9781486022847
    An eBook edition is also available from the publisher.

    Online Learning
    This course makes use of MyUni for the posting of course materials, assessment tasks, and important announcements. It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Teaching sessions are divided into lectures and tutorials. The lecture covers the key concepts of a particular topic to complement the textbook and any other resources provided on MyUni. Tutorials will consolidate your understanding of course material by working through problems and expand your understanding of course material through group discussion. You will have weekly assessment tasks due each week after the tutorials giving you an opportunity to show what you have learnt. The tutorials and weekly assessments follow the week after the lecture, so for example, the lecture content covered in Week 1 will be covered in the tutorial session in Week 2 and the weekly assessments due in Week 2.
    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
    Teaching & Learning Activities Related Learning Outcomes
    Lectures 1,2,3,4,6
    Tutorials 1,2,3,4,5,6

    Note: This schedule is subject to change.

    Week Topic Textbook Reading
    1 Introduction / The Economic Problem Hubbard Ch 1 & 2
    2 Demand & Supply Hubbard Ch 3
    3 Elasticity / Economic Efficiency Hubbard Ch 4 & 5
    4 The Role of Government Hubbard Ch 5 & 11
    5 Firms, Production and Costs Hubbard Ch 6
    6 Perfect Competition and Monopoly Hubbard Ch 7 & 8
    7 Monopolistic Competition and Oligopoly Hubbard Ch 9
    8 GDP, Unemployment and Inflation Hubbard Ch 12 & 13
    9 Aggregate Demand and Aggregate Supply Hubbard Ch 14
    10 Money and Monetary Policy Hubbard Ch 15 & 16
    11 Fiscal Policy Hubbard Ch 17
    12 The Exchange Rate and International Trade Hubbard Ch 18 & 19
  • 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
    Assessment Task Due Date/ Week Weighting Length (word limit) Learning Outcomes
    Weekly Tutorial Assignments Week 2-12 30% N/A 1,2,3,4,5,6
    Weekly Online Quizzes Week 2-12 10% N/A 1,2,3,4,5,6
    Final Exam Exam Period 60% N/A 1,2,3,4,5,6
    Total 100%
    Assessment Related Requirements
    Please note that there is a Hurdle Requirement on this course. In order to secure a Pass grade overall, it is necessary to achieve a mark of at least 40% in the final examination, as well as a mark of at least 50% overall. Should a student's overall marks sum to more than 50%, while they have secured a mark of below 40% in the final examination, they will be awarded a final mark of 49%.
    Assessment Detail
    Weekly tutorial assignments 30%
    There will be 11 assignments, due in each week from Week 2 to Week 12. Each student's best 8 submitted assignment grades will be used to calculate their final result for this portion of assessment. That means that for students who submit all 11 assignments, their worst 3 results will not be counted. 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. See MyUni for further information regarding submission requirements and deadlines.

    Weekly Online Quiz 10%
    Quizzes will be conducted online each week from Week 2 to Week 12. The grade for this component will be based only on the score of the student's best 8 quizzes out of the total 11. Students may attempt the quiz as often as they like before the deadline. Only the BEST score will be kept. Further details on how and when to access these quizzes will be provided on MyUni.

    Final exam 60%
    The final exam will be a 3-hour exam, plus 10 minutes reading time. This exam may assess all topics covered in the course. Details regarding the structure will be posted on MyUni. Please note that this is a closed book exam. Dictionaries of any type will not be allowed in the exam. Calculators will be allowed in the exam, but calculators that can store text, are programmable, or have wireless functions will not be permitted. This means graphics calculators are not permitted, and some particular scientific calculators may not be permitted.

    NOTES ON ASSESSMENT

    Tutorial Mark & Online Assessment

    The assessment addresses University Graduate Attributes to achieve the Course Learning Outcomes as follows.

    Assessment Detail Graduate Attribute  Learning
    Outcome(s)
    Tutorial Discussion Critical thinking and problem solving
    Teamwork and communication skills
    1,2,3,4,5
    Online Tutorial Submission Critical thinking and problem solving
    Career and leadership readiness
    2,3,4,5
    Online Quizes Critical thinking and problem solving
    Career and leadership readiness
    2,3,4,5


    EXAMINATIONS

    It is each student's responsibility to read the examination timetable.
    Submission
    Refer to MyUni for detailed instructions regarding submission.
    Students must retain a copy of all assignments submitted.
    Late submissions will not be accepted.
    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.

    Additional Assessment

    If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.
  • 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.