ECON 7200NA - Economic Principles (M)

Ngee Ann Academy - Trimester 3 - 2015

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.

Open All

Course Details

Course Code	ECON 7200NA
Course	Economic Principles (M)
Coordinating Unit	Economics
Term	Trimester 3
Level	Postgraduate Coursework
Location/s	Ngee Ann Academy
Units	3
Available for Study Abroad and Exchange	N

Course Staff

Course Coordinator: Bingxuan Lin

Name: Dr. Bingxuan Lin
Telephone: +1.401.874.4895
email: bingxuan@gmail.com

Course Timetable

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

The Ngee Ann - Adelaide Education Centre timetable for this course can be found on their website at http://naa.edu.sg/student-services/timetables/.

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 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.

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
The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner.	2 & 3
An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems.	2 & 4
Skills of a high order in interpersonal understanding, teamwork and communication.	3
A proficiency in the appropriate use of contemporary technologies.	3
A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life.	5
A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community.	5
An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities.	5

Learning Resources

Required Resources

Hubbard, G., Garnett, A., Lewis, P. and O’Brien, T. (2015) Essentials of Economics 5th edition, ISBN 978-0-13-345544-1

Recommended Resources

Regularly reading business newspapers are strongly recommended, such as Business Times (Australia), Financial Times (England), Wall Street Journal (USA).

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.

Online Learning

Important messages, topic notes, power point slides and other materials relating to the course will be placed online throughout the course. The address for the course website is:
https://sites.google.com/site/econ7200na/

Learning & Teaching Modes

The course is based on seminars and class exercises. It includes two intensive 17 hour sessions.

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 standard semester) to devote a total of 48 hours per week to their studies. This translates to 12 hours per week for a semester-based 3-unit course, normally comprising 3 hours per week of formal contact hours (lectures, seminars, tutorials etc) and 9 hours per week of private study (inlcuding study, research, reading and writing time and preparation for examinations).

Learning Activities Summary

Time	Topic Title	Reading
Sep 4	Opportunity cost/Scarcity and choices Comparative Advantage Supply and Demand	Chapter 1, 2, 3
Sep 5	Elasticity Economic Efficiency Consumer Demand Rationality/Behavioural economics	Chapter 6, 4, 10
Sep 6	The Firm: Technology, Production and Costs Firms in Perfect Competition Monopoly Externalities, Environmental Policy and Public Goods	Chapter 11, 12, 15, 5
Oct 2	GDP: Measuring Total Production and Income Unemployment and Inflation Economic Growth	Chapter 19, 20, 21
Oct 3	Long-Run Economic Growth: Sources and Policies Aggregate Expenditure and Ouput in the Short Run Aggregate Demand and Aggregate Supply Analysis Monetary Policy	Chapter 22, 23, 24, 26
Oct 4	Fiscal Policy Inflation, Unemployment and Federal Reserve Policy Macroeconomics in and Open Economy The International Financial System	Chapter 27, 28, 29, 30

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 per cent
Mid semester test 20 per cent
Group assignment: 30 per cent
Final Examination: 40 per cent

Assessment Related Requirements

Attendance

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

Details of individual assessment tasks will be provided in class.

Submission

Details will be provided in class.

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