ECON 7200 - Economic Principles (M)
North Terrace Campus - Trimester 1 - 2016
General Course Information
Course Code ECON 7200 Course Economic Principles (M) Coordinating Unit School of Economics Term Trimester 1 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:
1 Understand the more important concepts, tools and language of economics 2 Relate basic economic theory and principles to current microeconomic and macroeconomic issues and evaluate related public policy 3 Apply economic principles and reasoning to solving business problems 4 Interpret charts, graphs, and tables and use the information to make informed judgments 5 Communicate their knowledge and understanding of economic issues using written, verbal and visual expression 6 Understand 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 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
3 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
2,6 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 ModesThis is an intensive course, so you should expect a commensurate workload, and plan to study intensively between the sessions.
Each timetabled class session will be divided into a number of different activities. The general structure (subject to change as necessary) will be as follows. Each week we will go through two topic modules. A lecture will be given on a topic. This lecture component will be followed by a tutorial style component, where we will go through some exercises together as a class. Finally there will be a group workshop component on the same topic, during which students will work together on tasks which are for marks. Each of these three components will usually be around one hour in duration.
You will also have an online quiz to complete each week.
So that you can contribute adequately to the group work tasks, it is important that you prepare for each topic by reading the textbook and any other provided materials prior to attending the class on that topic.
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, and that you clarify any areas where you have concerns as we go.
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 12-week teaching semester. Note that this course is delivered intensively over six weeks and this means that the workload for this course is 24 hours per week. In addition to class attendance, please ensure you devote sufficient hours to study outside of these sessions.
Learning Activities Summary
Note: This schedule is subject to change.
Week Topic Textbook Reading 1 Introduction / The Economic Problem
Demand & Supply
Hubbard Ch 1, 2 & 3 2 Elasticity / Economic Efficiency
The Role of Government
Hubbard Ch 4, 5 & 11 3 Firms, Production and Costs
Perfect Competition and Monopoly
Hubbard Ch 6, 7 & 8 4 Monopolistic Competition and Oligopoly
GDP, Unemployment and Inflation
Hubbard Ch 9, 12 & 13
5 Aggregate Demand and Aggregate Supply
Money and Monetary Policy
Hubbard Ch 14, 15 & 16 6 Fiscal Policy
The Exchange Rate and International Trade
Hubbard Ch 17, 18 & 19
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.
Workshop Group Assignments 20% Weekly Online Quiz 10% Final Exam 70%
Assessment Related RequirementsStudents must attend the full workshop session 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.
Assessment DetailWorkshop Group Assignments 20%
At each day of classes, students will be randomly allocated to a group, and in that group students will work through a series of problems provided at the class. If there are multiple group workshop sessions in one day, students will stay in the same group for both sessions.
The problems will be due for submission at the end of the workshop at a time made clear on the day. Assignments can be submitted 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 and actively participating the entire time of the task to receive the marks. There are planned to be 12 workshop tasks, one on each topic module, and each student's grade will be based only on their best 10 marks out of the total 12.
Weekly Online Quiz 10%
Quizzes will be conducted online each week from Week 1 to Week 6. The grade for this component will be based only on the score of the student's best 5 quizzes out of the total 6. 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 posted 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.
SubmissionRefer 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.
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