ECON 7200 - Economic Principles (M)

North Terrace Campus - Semester 2 - 2015

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 2
Level	Postgraduate Coursework
Location/s	North Terrace Campus
Units	3
Contact	Up to 4 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.
Assessment	Typically assignments, case study analyses, group or individual projects, exam

Course Staff

Course Coordinator: Dr Raul Barreto

Summer School

Michael Cornish
www.michaelcornish.org

Room 3.18, Level 3, Nexus 10 Building, 10 Pulteney Street
Consultation times: TBA

Semester 1 & 2

Dr Raul Barreto
raul.barreto@adelaide.edu.au

Office location: Nexus 10, Level 4, Room 4.26
Telephone: 8313 3240
Consultation times: TBA

Course Timetable

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

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 Master of Commerce students understand these. The aim of the course is to provide students with an understanding of the key macroeconomics and microeconomics principles in order to make effective business decisions. That is, the aim of the course is to develop your economic literacy skills.

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 form an economic perspective and then be able to effectively communicate economics concepts with economists and non-economists in a variety of contexts.

In order to develop your economic literacy this course has the following learning objectives;
1. To understand the more important economic principles;
2. To apply economic principles to solving business problems;
3. To develop analytical skills;
4. To develop both independent learning and group work skills
5. To 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
The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner.	2 & 3
An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems.	2 & 4
Skills of a high order in interpersonal understanding, teamwork and communication.	3
A proficiency in the appropriate use of contemporary technologies.	3
A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life.	5
A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community.	5
An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities.	5

Learning Resources

Required Resources

Garnett, A.M., Lewis, P., Hubbard, R.G. and O’Brien, A.P. (2012) Essentials of Economics, 2nd Edition, Pearson, Sydney.

Nb. The 1st edition of the textbook may suffice for diligent students, but be warned that the content may not line up exactly with what is assigned in the course from the 2nd edition textbook.

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/

Lecture recorders are typically made available online. There may be occasions when the recording fails for technical reasons.

Learning & Teaching Modes

The various sources of information available in this course are meant to complement one another. The lectures refer to topics covered by the text. The lectures provide either an insight into what the text will try to convey or reinforce the concepts that you have already read. Again, one complements the other. The tutorials address the material covered in lectures more practically, through problem solving. In addition to a weekly assessment, students are encouraged to engage in discussion in tutorials.

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

LEARNING ACTIVITIES WEEK BY WEEK (INDICATIVE)

Week	Topic	Reading and tutorials
1	Introduction, The economic problem	Hubbard Ch 1 & 2
2	Demand and supply	Hubbard Ch 3
3	Elasticity / Applications of Demand & Supply	Hubbard Ch 4
4	Firms, production and costs	Hubbard Ch 6
5	Perfect competition and monopoly	Hubbard Ch 7 & 8
6	Monopolistic Competition	Hubbard Ch 9
7	The Role of government	Hubbard Ch 11
8	Aggregate Demand & Aggregate Supply	Hubbard Ch 14
	Mid-semester break
	Mid-semester break
9	Labour and Unemployment	Hubbard Ch 13
10	Money and lnflation	Hubbard Ch 13 & 15
11	Monetary Policy and Fiscal Policy	Hubbard Ch 16 17
12	The Exchange Rate and International Trade	Hubbard Ch 18 19
13	Swot Vac
14	First Examinations week
15	Second Examinations week

Small Group Discovery Experience

An integral part of this course is the group assignment. Students will be asked to form themselves in groups of between 1 and 5 students. Each group will be presented with a current event or relevant social issue. Groups will be faced with a series of questions which are to be discussed and ultimately analyzed using the various tools studied in class. The purpose of the exercise is to dicover the uses of and necessary limits of the economists' toolkit as well as give students the forum to practically apply economic theory. Although, group work is encouraged, students are allowed the option to complete the assignment as an individual.

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
Weekly Tutorial Assignment (best 8 out of 11)	20%
Group Assignment	20%
Weekly Online Learning (best 10 out of 12)	10%
Final Exam	50%

Assessment Related Requirements

Group Assignment
A 1500 word group assignment will be due prior to the mid-semester break. Groups may be comprised of 1, 2, 3, 4 or 5 people. Assignment details can be found on MyUni.

Assessment Detail

Weekly tutorial assignments 20%
Students will be asked to submit written answers to the indicated questions on the weekly tutorial exercises, which will be available to download from MyUni on a weekly basis. Only the best 8 weekly tutorial assignments will contribute to the grade for this component of assessment, which in total will be 20% of assessment. Instructions on the submission and return of these weekly assignments will be provided on MyUni.

Weekly Online Learning 10%
Students are expected to participate in an online learning activity each week by answering quiz questions online. If you complete a quiz within the weekly time period, you will get 1 point. There will be 12 online learning weeks (starting in week 2), so if you complete 10 weeks you will get 10/10%. Completing all 12 weeks is recommended for your learning but is not required for this portion of your mark.
Further details on the quizzes will be provided on MyUni.

Group assignment 20%
Students are asked to form in groups of between one and five. Each group is given a news article and asked a series of questions relating the news event to its impact on the economy.

Final exam 50%
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. A past semester's exam is available 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.

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
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