ECON 7200NA - Economic Principles (M)

Ngee Ann Academy - Trimester 2 - 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.

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Course Details

Course Code	ECON 7200NA
Course	Economic Principles (M)
Coordinating Unit	Economics
Term	Trimester 2
Level	Postgraduate Coursework
Location/s	Ngee Ann Academy
Units	3

Course Staff

Course Coordinator: Dr Steven Barrett

Office location: Room 333, Level 3, Nexus 10 Building.
Telephone: +618 8313 6405

Course Website: www.myuni.adelaide.edu.au

Course Timetable

The full timetable of all activities for this course can be accessed from Course Planner.

Please refer to Ngee Ann-Adelaide Education Centre Schedule.

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

Hubbard, G., Garnett, A., Lewis, P. and O’Brien, T. (2013) Essentials of Economics 2nd edition, Pearson, Sydney.

Recommended Resources

McTaggart, D., Findlay, C. and Parkin, M. (2010), Economics 6th edition, Pearson, Sydney. (referred to as MFP below).

Black, J. (2003) Oxford Dictionary of Economics, Oxford University Press, Oxford.

Jackson J, McIver R, and Bajada, C. (2010) Principles of Economics, 2nd edition, McGraw-Hill, Sydney.

Bredon, G. (2010) Study Guide to Accompany Principles of Economics, 2nd edition, McGraw-Hill, Sydney.

Fraser, I., Gionea, J. and Fraser, S. (2011) Economics for Business, 4rd edition, McGraw-Hill, Sydney.

Sloman, J. and Norris, K. (2008) Principles of Economics, 2nd edition, Pearson, Sydney

This course sticks quite closely to the prescribed textbook, even though the sequencing is not quite the same, so you should buy a copy of the textbook.

The 5th and 6th editions of McTaggart are acceptable, but Hubbard is a better fit with this course. Nevertheless, any reputable principles of economics textbook will be useful.

An e-version of the Australian version of the Hubbard text is available at:

www.pearson.com.au

Online Learning

The power points slides for each topic, power point shows for each topic, the power points slides for Hubbard, past examination papers and the full details of each assessment task are available on MyUni.

There is any number of good economics lectures about the topics discussed in this course on the internet.

The “economistsdoitwithmodels” website is one such site. Jodie, the presenter, is a teaching assistant/PhD student with Greg Mankiw at Harvard, so she knows her stuff and she has a good style. Her lectures follow the Mankiw textbook (microeconomic principles) closely, but that is not a problem for us. The video clips are linked 6th edition of Mankiw, which is quite similar in terms of content to the 6th edition of McTaggart.

On the other hand, Dr Mary McGlasson, Economics Faculty at Maricopa Community Colleges, Arizona State University, Phoenix has produced a great series of economics videos. These videos are not tied to a particular textbook. Nevertheless the material covered in them is representative of most text books.

These videos are available on MyUni as MP4 files. Download them to your own PC or tablet and watch them at your leisure and think of watching them as being a substitute for lectures.

The power point shows are essentially my power point slides, which are drawn from a variety of sources, to which has been added audio spoken by me. I apologise for the quality of the audio, I am new at this, but these power point shows are based on the lectures I give to students.

Learning & Teaching Modes

This course is based on the problem solving approach to learning. This approach is supported by the Duloc Case Study, which has been specifically written for this course. The problem solving approach is illustrated in the following diagram. The group assignment will involve a problem to be solved. This approach needs to provide the theoretical framework for the group assignment.

Practitioner

Phase 1: Concrete Situation
(continuous case study)

Phase 2: Reflection
(what is the real problem?)

Phase 3: Abstract conceptualisation
(how can we understand the problem?)
(course content used to provide insight and Identify options and solutions)

Phase 4: Implementation
(What do we do about it?)
(Tangible solutions to tangible problems)

Academic

Workload

The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

It is the expectation of the University that you will undertake at least 12 hours of learning activities per week if you expect to pass this course. These activities would typically include:
· Attending classes 3 hours per week
· Reading prior to and after class 2 hours per week
· Research for assignments 2 hours per week
· Working through past examinations and tests 2 hours per week
· Group work activities 3 hours per week.

Learning Activities Summary

Topic number	Topic title	Reading
1	Introduction The economic problem	Hubbard Chapters 1 & 2
2	Demand and supply	Hubbard Chapter 3
3	Markets in action	Hubbard Chapters 4 & 5
4	Firms, production and costs	Hubbard Chapter 6
5	Perfect competition and monopoly	Hubbard Chapter 7 & 8 Hubbard Chapter 8 Appendix
6	Monopolistic Competition and Oligopoly	Hubbard Chapter 9 Hubbard Appendix Chapter 8
7	The labour market	Hubbard Chapter 10
8	Market failure (externalities)	Hubbard Chapter 11
9	The macroeconomic environment	Hubbard Chapters 12 & 13
10	Aggregate Demand and Aggregate Supply Model	Hubbard Chapter 14 Hubbard Chapter 14 Appendix 2
11	Monetary policy	Hubbard Chapter 15 & 16
12	Fiscal policy	Hubbard Chapter 17 Hubbard Appendix Chapter 17
13	International trade	Hubbard Chapter 18
14	The exchange rate	Hubbard Chapter 19

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.

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 Summary

Class participation	10%
Mid semester test	20%
Group assignment	30%
Final Examination	40%

All marks received prior to the final examination are equated into your final grade only if they represent improvement in your final overall grade. For example, should you score 80/100 on the mid-semester test, 60/100 on your group assignment and 100/100 for your class participation and 70/100 on the final your grade would be a credit at (0.30*80+0.20*60+0.10*100+0.40*70). So, the 60 per cent mark for the group assignment would be ignored, the weight of your exam would be increased to 60 per cent and this would increase your final.

Since all marks received prior to the final exam redeemable (except for class participation), you have nothing to lose and everything to gain by doing your best on all of the assessments.

You do not need to excuse yourself for not sitting the mid-semester test or submitting the group assignment as there will be no make-ups under any circumstance. Whatever you miss simply adds additional weight to the final exam. So, should you miss the mid-semester test then the final exam will be worth 70 per cent. If you miss the group assignment then the final exam will be worth 60 per cent. If you miss both the mid-semester test and the group assignment then the final exam will be worth 90 per cent.

However, class attendance at class during the intensive teaching periods are compulsory and hence absences from class (that is class participation) are not redeemable.

Assessment Related Requirements

Statutory obligations in Singapore are such that attendance in person is a compulsory condition of passing a course. Our specific requirements are that students must attend at least 80% of class sessions to be graded for that course. For these purposes each intensive weekend is defined as comprising 5 sessions with 1 on Friday evening and 2 on each of Saturday and Sunday.

Each course in total comprises 10 sessions; Students must attend a minimum of 8 sessions to be eligible to be given a grade for the course. Students failing to meet these requirements will be automatically graded 0% Fail (F) on their transcripts.

Assessment Detail

Full details of the assessment will be provided on MyUni prior to the start of teaching.

Submission

The group assignment is to be submitted to the course convener via email at:
steven.barrett@adelaide.edu.au

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
This section contains links to relevant assessment-related policies and guidelines - all university policies.
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.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator