ECON 7200 - Economic Principles (M)

North Terrace Campus - Summer - 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.

  • 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.
    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: Mr Michael Cornish

    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.

    Week Lecture
    Lecture Topics Text Chapter(s) Hubbard
    2nd ed
    1 Jan 7 Introduction
    The economic problem
    1-2
    Demand and supply 3
    2 Jan 14 Markets in action 4-5
    Firms, production, and costs 6
    3 Jan 21 Perfect competition and monopoly 7-8
    Monopolistic competition and oligopoly 9
    4 Jan 28 [Mid-semester test]
    Labour markets
    Market failures
    10-11
    International trade and finance 18-19
    5 Feb 4 The macroeconomic environment 12-13
    Aggregate supply and aggregate demand 14
    6 Feb 11 Monetary policy 15-16
    Fiscal policy 17
  • 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 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 Activities
    Learning & Teaching Modes

    This course is comprised of a lecture component, a workshop 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.  The workshop will be used as a forum for groupwork, and will extend your problem-solving skills, critical thinking skills, and conceptual understanding of economics.

    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
    The lectures 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.

    Workshops
    The workshops are designed to develop groupwork skills and extend students ability to problem-solve, to apply critical thinking, and to develop a deeper conceptual understanding of economics.

    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 4.
    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 workshop groupwork 20%
    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 workshop groupwork, and a final exam.

    Mid-semester Test: 20%
    The test will be conducted at the beginning of lecture in week four and will cover material from the first three weeks. 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 Workshop Groupwork: 20%
    In groups of four, students will be required to work through a series of problems that will be distributed at the beginning of each workshop.  The problems will then be due for submission at the end of the workshop, and will be marked and returned to students in the following week.  The problems that will be set will focus on developing critical thinking skills, problem-solving, and a deeper conceptual understanding of economics.

    Final Exam: 60%
    The final exam is 3 hours plus 10 minutes reading time and may cover any of the topics from the lectures and text book. 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.

    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.