ECON 7222 - Applied Economic Principles

North Terrace Campus - Semester 2 - 2024

This is an introductory course in economics, which introduces students to the principles, concepts, data and analytical frameworks that economists use to understand the world around us. Students develop an understanding of how the economy works and how individuals, firms and governments make decisions and interact with one another in markets and other environments. This course prepares Economics students for further study and focuses on their ability to communicate about real-world issues and public policy debates through the lens of economics.

  • General Course Information
    Course Details
    Course Code ECON 7222
    Course Applied Economic Principles
    Coordinating Unit Economics
    Term Semester 2
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week, more when offered in intensive mode.
    Available for Study Abroad and Exchange Y
    Incompatible ECON 7200, ECON 7222UAC
    Course Description This is an introductory course in economics, which introduces students to the principles, concepts, data and analytical frameworks that economists use to understand the world around us. Students develop an understanding of how the economy works and how individuals, firms and governments make decisions and interact with one another in markets and other environments. This course prepares Economics students for further study and focuses on their ability to communicate about real-world issues and public policy debates through the lens of economics.
    Course Staff

    Course Coordinator: Professor Sarah Wheeler

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes

    On successful completion of this course, students will be able to:

    1. Demonstrate a solid understanding of the core concepts and tools of economics.
    2. Relate basic economic theory and principles to current economic issues and evaluate related public economic policies.
    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. 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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.

    1,2,3

    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.

    2,3,4

    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.

    5

    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.

    5

    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.

    2,3,6

    Attribute 6: Australian Aboriginal and Torres Strait Islander cultural competency

    Graduates have an understanding of, and respect for, Australian Aboriginal and Torres Strait Islander values, culture and knowledge.

    2,6

    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

    2,3
  • Learning Resources
    Required Resources
    Hubbard, R.G., O’Brien, A.P, Garnett, A.M., and Lewis, P. 'Essentials of Economics' 5th Edition, Pearson.
    Paperback edition ISBN: 9780655702870
    Electronic versions are also available from the publisher at lower cost.
    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
    Course content will be delivered through prerecorded videos and other materials available online. Students are expected to have studied all materials as directed prior to attending weekly tutorial classes.

    Weekly tutorial classes will include set exercises, group discussions, and other interactive content. Students are expected to attend all tutorial sessions and actively participate.

    Tutorial classes are face-to-face classes on campus for local students, with an online-only tutorial available only for offshore/interstate students that require this option.
    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
    Teaching & Learning Activities Related Learning Outcomes
    Lectures 1,2,3,4,6
    Tutorials 1,2,3,4,5,6

    Note: This schedule is subject to change.

    Week Topic Textbook Reading
    1 Introduction / Choices and Trade-offs Chapters 1 & 2
    2 Demand and Supply Chapter 3
    3 Elasticity / Economic Efficiency Chapters 4 & 5
    4 Government Intervention in the Market Chapters 5 & 11
    5 Firms, Production and Costs Chapter 6
    6 Perfect Competition and Monopoly Chapters 7 & 8
    7 Monopolistic Competition and Oligopoly Chapter 9
    8 GDP, Unemployment and Inflation Chapters 13 & 14
    9 Aggregate Demand and Aggregate Supply Chapter 15
    10 Money and Monetary Policy Chapters 16 & 17
    11 Fiscal Policy Chapter 18
    12 The Exchange Rate and International Trade Chapters 19 & 20
  • 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 Due Date / Week Weighting Learning Outcomes
    Assignments Week 6; Week 10 30% 1,2,3,4,5,6
    Weekly Online Quizzes Weekly 10% 1,2,3,4,5,6
    Final Exam Exam Period 60% 1,2,3,4,5,6
    Total 100%
    Assessment Detail
    Assignments 30%
    Written assignments will be set which may contain a variety of formats including written responses and other activities. Details regarding the content, format, requirements and due dates for each assignment will be provided on MyUni, please refer there for further details.

    Weekly Online Quizzes 10%
    Multiple choice quizzes will be conducted online each week. See MyUni for further information regarding format,content, requirements and deadlines.

    Final exam 60%
    This exam may assess all topics covered in the course. Details regarding the structure will be posted on MyUni.
    Submission

    No information currently available.

    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
  • 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.