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

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

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.

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.

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

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. 

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.

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.

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.

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.

Mid-semester test	20%
Weekly workshop groupwork	20%
Final Exam	60%

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 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.

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.

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.