ECON 7200 - Economic Principles (M)
North Terrace Campus - Summer - 2017
General Course Information
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 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 Coordinator: Dr Mark Dodd
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesEconomics 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:
- Demonstrate a solid understanding of the core concepts and tools of economics.
- Relate basic economic theory and principles to current microeconomic and macroeconomic issues and evaluate related public economic policies.
- Apply economic principles and reasoning to solving business problems.
- Interpret charts, graphs, and tables and use the information to make informed judgments.
- Communicate their knowledge and understanding of economic issues using written, verbal and visual expression.
- 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
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 LearningThis 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
Each week will include a lecture, a workshop, a tutorial, and an online quiz.
This is an intensive course, so you should expect a commensurate workload, and plan to study intensively between the sessions.
In a usual week, at the Monday lecture we will cover some of the content for the week's topics, but you must also refer to the textbook and other resources made available on MyUni.
At the tutorial session, you will go through additional exercises that are not for marks. These sessions will give you further practice on the same topic. You will not be provided with written answers for these exercises, so it is important to attend the class to go through those answers. Due to the fact that the final exam has a relatively heavy weighting in assessment and that this is an intensive course, it is important to make sure that you are well practiced on each topic as we go through them each week.
At the Friday workshop, you will undertake tasks in groups that are for marks. It is important that you come to these classes prepared.
(Note that Week 1 is an unusual week where due to a public holiday, the only class will be the Friday 'Workshop', but this session will be run as a standard lecture for that week.)
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
Teaching & Learning Activities Related Learning Outcomes Core Concept Videos 1,2,3,4,6 Lectures 1,2,3,4,6 Tutorials 1,2,3,4,5,6 Workshops 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
Elasticity / Economic Efficiency
Hubbard Ch 3, 4 & 5 3 The Role of Government
Firms, Production and Costs
Hubbard Ch 5, 6 & 11 4 Perfect Competition and Monopoly
Monopolistic Competition and Oligopoly
Hubbard Ch 7, 8 & 9
5 GDP, Unemployment and Inflation
Aggregate Demand and Aggregate Supply
Hubbard Ch 12, 13 & 14 6 Money and Monetary Policy
Hubbard Ch 15, 16 & 17
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 Task Due Date/ Week Weighting Length (word limit) Learning Outcomes Workshop Group Assignments Week 2-6 20% N/A 1,2,3,4,5,6 Weekly Online Quizzes (individual) Week 2-6 10% N/A 1,2,3,4,6 Final Exam
70% N/A 1,2,3,4,5,6 Total 100%
Assessment Related RequirementsPlease 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%.
Students must attend the full workshop session on Fridays and actively take part in the group task to be eligible for the workshop group assignment marks for that week. If you will have difficulty attending the workshop due to medical or other circumstances, please contact the lecturer in advance of the session to discuss your situation.
Workshop Group Assignments 20%
At the Friday workshop session, students will be randomly allocated to a group, and in that group students will work through a series of problems provided at the class. The problems will be due for submission at the end of the workshop, either electronically or on paper, depending on how the group has chosen to produce the assignment. All students in the group will receive the same mark. Students will be randomly allocated to different groups each week. Students must be in attendance at the workshop and actively participating for the entire time to receive the marks. Workshops will be held in Weeks 2-6, making a total of 5 sessions. Each student's final marks will be calculated based only on their best 4 marks out of 5.
Weekly Online Quiz 10%
Quizzes will be conducted online each week from Week 2 to Week 6. The grade for this component will be based only on the score of the student's best 4 quizzes out of the total 5. Further details on how and when to access these quizzes will be provided on MyUni.
Final exam 70%
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 posd 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.
Refer to MyUni for further instructions regarding submission.
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.
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.
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