ECON 7200NA - Economic Principles (M)

Ngee Ann Academy - Trimester 2 - 2016

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 7200NA
    Course Economic Principles (M)
    Coordinating Unit School of Economics
    Term Trimester 2
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    Units 3
    Contact Intensive
    Available for Study Abroad and Exchange N
    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: Dr Mark Dodd

    Dr. Mark Dodd
    Lecturer
    School of Economics
    The University of Adelaide
    Email: mark.dodd@adelaide.edu.au
    Office phone: +61 8 8313 4931

    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.
  • 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 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
    6
  • Learning Resources
    Required Resources
    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 Learning
    This 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
    The course is delivered primarily over two intensive seminars.
    To develop the expected level of understanding of the topics covered, it is also important that students undertake further readings and study outside of those periods.
    Workload

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

    The University expects full-time students (i.e. those taking 12 units per semester) to devote a total of 48 hours per week (over 12 weeks) to their studies. This means that you are expected to commit approximately 108 hours (9 hours x 12 week) for a three-unit course of private study outside of your intensive seminars. Students are expected to attend both intensive seminars.
    Learning Activities Summary

    Note: This tentative schedule is subject to change.

    Intensive Seminar 1:
    Module Topic Textbook Reading
    1 Introduction / The Economic Problem Hubbard Ch 1 & 2
    2 Demand & Supply Hubbard Ch 3
    3 Elasticity / Economic Efficiency Hubbard Ch 4 & 5
    4 The Role of Government Hubbard Ch 5 & 11
    5 Firms, Production and Costs Hubbard Ch 6
    6 Perfect Competition and Monopoly Hubbard Ch 7 & 8
    7 Monopolistic Competition and Oligopoly Hubbard Ch 9
    Intensive Seminar 2:
    Module Topic Textbook Reading
    8 GDP, Unemployment and Inflation Hubbard Ch 12 & 13
    9 Aggregate Demand and Aggregate Supply Hubbard Ch 14
    10 Money and Monetary Policy Hubbard Ch 15 & 16
    11 Fiscal Policy Hubbard Ch 17
    12 The Exchange Rate and International Trade Hubbard Ch 18 & 19
  • 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
    Assessment Task Weighting
    Microeconomics Assignment 15%
    Macroeconomics Assignment 15%
    Participation and Class Activities 10%
    Final Exam 60%
    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 in class and on MyUni.
    Submission
    Refer to MyUni for detailed instructions regarding submission.
    Students must retain a copy of all assignments submitted.
    Late submissions will not be accepted.
    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.