ECON 7200 - Economic Principles (M)

North Terrace Campus - Summer - 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.

  • General Course Information
    Course Details
    Course Code ECON 7200
    Course Economic Principles (M)
    Coordinating Unit School of Economics
    Term Summer
    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.
    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 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.

    Week Lecture and Workshop dates Lecture Topics Text Chapter(s) Hubbard
    2nd ed
    1 Jan 8 Introduction
    The economic problem
    1-2
    Jan 10 Demand and Supply 3
    2 Jan 15 Markets in Action 4-5
    Jan 17 Firms, Production, and Costs 6
    3 Jan 22 Perfect Competition and Monopoly 7-8
    Jan 24 Monopolistic Competition and Oligopoly 9
    4 Jan 29 Market Failures 10-11
    Jan 31 International Trade and Finance 18-19
    5 Feb 5 The Macroeconomic Environment 12-13
    Feb 7 Aggregate Supply and Aggregate Demand 14
    6 Feb 12 Monetary Policy 15-16
    Feb 14 Fiscal Policy 17
  • Learning Outcomes
    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.
  • Learning & Teaching Activities
    Learning & Teaching Modes

    This course is comprised of 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 standard coursework workload for a full-time student is 48 hours per week which equates to 12 hours per week for a 3 unit course over a standard teaching semester.  Note that this course is delivered intensively during the summer semester, and this means that workload for this course is 24 hours per week.

    Learning Activities Summary
    Lectures and Workshops
    The lectures and workshops are designed to provide the framework on which students can build their knowledge and understanding of the key concepts and economic principles. The organisation of the course parallels the text, and consequently each lecture will explain 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.

    Mid-Semester Test
    The test is designed to provide feedback to students on their recall, analysis, and evaluation skills in economics. This will be conducted at the beginning of the lecture in Week 3.

    Weekly Online Test
    The test is designed to provide weekly feedback to students on their recall, analysis, and evaluation skills in economics. This will be conducted every weekend starting in Week 1.

    Specific Course Requirements

    There are no specific course requirements for this course. You are however advised to make the best use of the teaching and learning environment provided by the School of Economics and attend all lectures and tutorials and to maintain regular contact with your lecturer and tutors.

  • 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
    Mid-semester test 20%
    Weekly online test 5%
    Class presentation 15%
    Final Exam 60%
    Assessment Related Requirements
    Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process. Marks cannot be awarded for students’ work if the markers are unable to read it because of poor handwriting.
    Assessment Detail

    Assessment includes a mid-semester test, weekly online test, class presentation, and a final exam.

    Mid-semester Test 20%
    The test will be conducted at the beginning of lecture in week three. The test will consist of 20 multiple choice questions. If students cannot take the mid-semester test due to medical reasons, compassionate grounds, or any other grounds that the Course Coordinator considers to be reasonable, a make-up test will be arranged.

    Weekly Online Test 5%
    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 5 multiple choice questions.


    Class Presentation 15%
    Starting in week two, each student will be invited to give a presentation to the class and submit their PowerPoint slides to the tutor. The presentation schedule will be assigned during the first tutorial. The newspaper articles that you will analyse are available on MyUni. The presentation must not be longer than 15 minutes. If students are unable to present on the date and time agreed with their tutor due to medical reasons, compassionate grounds or any other grounds that the tutor considers to be reasonable, then student presentations will be either re-scheduled for later in the semester or during the Swot Vac week.

    Final Exam 60%
    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. Advice relating to the time and venue of the final examination will be posted on Access Adelaide. It is your responsibility to determine the time and location of the final examination.

    Please note that, following University policy, dictionaries are not allowed in School of Economics exams.

    Submission

    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.

  • 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.

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