ECON 7200UAC - Economic Principles (M)
North Terrace Campus - Semester 2 - 2018
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General Course Information
Course Details
Course Code ECON 7200UAC Course Economic Principles (M) Coordinating Unit Economics Term Semester 2 Level Postgraduate Coursework Location/s North Terrace Campus Units 3 Contact Up to 3 hours per week Available for Study Abroad and Exchange N Incompatible Introductory Macroeconomics and Microeconomics Restrictions Available only to University of Adelaide College PMP students Assessment Typically assignments, case study analyses, group or individual projects, exam Course Staff
Course Coordinator: Dr Florian Ploeckl
The University of Adelaide Business School.
North Terrace,
ADELAIDE. S.A. 5000.
email: david.g.murphy@adelaide.edu.au
Office Phone +61 8 8313 2039.
After Hours +61 8 8339 7676.
Mobile Service +61 408 809 734.Course Timetable
The full timetable of all activities for this course can be accessed from Course Planner.
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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:
- Demonstrate a solid understanding of the core concepts and tools of economics.
- Relate basic economic theory and principles to current microeconomic and macroeconomic issues and evaluate related public economic policies.
- Apply economic principles and reasoning to solving business problems.
- Interpret charts, graphs, and tables and use the information to make informed judgments.
- Communicate their knowledge and understanding of economic issues using written, verbal and visual expression.
- Critically reflect on 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)
1,2,3 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
5 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
2,3,6 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
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Learning Resources
Required Resources
REQUIRED RESOURCES
Recommended Text:
Hubbard. R.G; Garnett. A.M; Lewis. P; and O’Brien. A.P.: “Essentials of Economics", Second Edition 2013, Pearson Australia, Sydney.
Other useful Text:
Bajada. C; Jackson. J; McIver, R. and Wilson. E.: “Economic Principles”, Third Edition 2012, McGraw-Hill, Irwin; Sydney.
Krugman, P. and Wells, R. Economics; Worth Publishers, New York, 2013.Recommended Resources
In addition to the assigned readings from the prescribed text, you may find it useful to access information from other sources. A number of introductory economics texts have been written over the past decades. Some of these books are held in the Ngee-Ann library. Please feel free to browse through the available books for alternative explanations of the relevant concepts.
It is also recommended that you read relevant articles published in the business section of major newspapers (such as “The Straits Times”) or business magazines (such as “The Economist”) regularly. This may help you to better appreciate the link between economic theory and its application to real life.
There is a range of journals where economics and management research scholars publish their research, such as:
• International Journal of Economic Theory
• Journal of Small Business Management
• Academy of Management Review
• Small Business Economics
• International Economic Review
• International Journal of Business and EconomicsOnline Learning
From time to time, you may be referred to other resources on the World Wide Web. These sites will be selected because they offer a more in-depth analysis of the issue being studied than is offered in an introductory subject, but which may be of particular interest for you in your work.
For a list of world-wide-web resources in economics check: http://www.helsinki.fi/WebEc/webec.html
A good source of information about global macroeconomic and financial policy issues is:
http://www.stern.nyu.edu/globalmacro/ and from the free encyclopaedia “Wikipedia”.
From time to time, you may be referred to other resources on the World Wide Web. These sites will be selected because they offer a more in depth analysis of the issue being studied than is offered in an introductory subject, but which may be of particular interest for you in your work. Economic data and commentary pertaining to Australia is available at http://www.abs.gov.au. Economic data and commentary pertaining to Singapore can be viewed from http://www.singstat.gov.sg and http://www.mas.gov.sg
Other useful pages on the World Wide Web are as follows:
Economist.com
www.economist.com
International Monetary Fund
www.imf.org
Organisation for Economic Co-operation and Development
www.oecd.org
The World Bank
www.worldbank.org
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Learning & Teaching Activities
Learning & Teaching Modes
No information currently available.
Workload
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Learning Activities Summary
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Assessment
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
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Assessment Detail
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Submission
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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.
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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.
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