ECON 7200OL - Economic Principles (M)

Online - 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 7200OL
    Course Economic Principles (M)
    Coordinating Unit School of Economics
    Term Trimester 2
    Level Postgraduate Coursework
    Location/s Online
    Units 3
    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
    Skype: dodd.mark.c
    Course Timetable

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

    Students should refer to 'Course Introduction' on the course website for further information.
  • 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 is an online course, so the course content, engagement with staff and classmates, and the assessment all occur through the online course website. Students are expected to regularly interact with the online resources, and also to regularly check their student email accounts.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Each week you will learn the material first by accessing the provided lecture material, usually videos, and should also read the designated chapters in the assigned textbook. You will then undertake three main tasks each week to practice the material and to be assessed on it. Each week you will submit a written assignment, do a multiple choice quiz, and participate in discussions on the discussion boards. In two of the weeks instead of the regular assignments there will be larger assignments where you will have the opportunity to apply what you have learnt across a larger part of the course.
    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 to their studies. This translates to 12 hours per week for a semester course.
    Learning Activities Summary
    Schedule
    Week 1 Introduction / The Economic Problem
    Week 2 Demand & Supply
    Week 3 Elasticity / Economic Efficiency
    Week 4 The Role of Government
    Week 5 Firms, Production and Costs
    Week 6 Perfect Competition and Monopoly
    Week 7 Monopolistic Competition and Oligopoly
    Week 8 GDP, Unemployment and Inflation
    Week 9 Aggregate Demand and Aggregate Supply
    Week 10 Money and Monetary Policy
    Week 11 Fiscal Policy
    Week 12 The Exchange Rate and International Trade
  • 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 Description Due Date Weighting
    Discussion Participation

    Sunday
    Weeks 1-12

    10%
    Quizzes

    Sunday
    Weeks 1-12

    10%
    Weekly Assignments

    Sunday
    Weeks 1-7,
    Weeks 9-11

    40%
    Major Microeconomics Assignment

    Sunday
    Week 8

    20%
    Major Macroeconomics Assignment Sunday
    Week 12
    20%
    Assessment Related Requirements
    Missed/Late Assignments

    Late submissions for any assessment task will not be accepted and the student will receive zero marks for that task. Even a submission just minutes past the deadline will receive zero. Students should ensure they attempt to submit well before the deadline to take into account any risk of technical issues.

    While exceptions to the above rule are very rare, students who have medical or other circumstances that affect their ability to meet course requirements should contact the lecturer as soon as possible to seek to negotiate alternative arrangements before the relevant due date.

    Assignment Submission / Academic Honesty

    By submitting your assignment you are agreeing to the following:

    I declare that all material in this assessment is my own work except where there is clear acknowledgement and reference to the work of others. I have also read the University's Academic Honesty Policy (http://www.adelaide.edu.au/policies/230)

    I give permission for my assessment work to be reproduced and submitted to other academic staff for the purposes of assessment and to be copied, submitted and retained in a form suitable for electronic checking of plagiarism.
    Assessment Detail
    Refer to further detailed information on the course website.
    Submission
    Refer to further detailed information on the course website.
    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.

    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.

    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
  • 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.