ECON 7222 - Applied Economic Principles
North Terrace Campus - Semester 2 - 2022
General Course Information
Course Code ECON 7222 Course Applied Economic Principles Coordinating Unit School of 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 7224. Introductory Macroeconomics and Microeconomics Restrictions Available to GCertAppEc, GDipAppEc, MAppEc & MHlthEco&Pol students only. Not available to PGCW Business School Programs. 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 Coordinator: Associate Professor Paul Pezanis-Christou
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning Outcomes
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 economic 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)
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.
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.
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.
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.
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.
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.
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.
Required ResourcesHubbard, 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 LearningThis 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 ModesCourse 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.
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
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 Task Due Date / Week Weighting Length Learning Outcomes Assignments Week 5:week 8 30% 1-2 Pages 1,2,3,4,5,6 Weekly Online Quizzes Weekly 10% 5 Questions 1,2,3,4,5,6 Discussion Participation Weekly 10% 1,2,3,4,5,6 Final Exam Exam Period 50% 1,2,3,4,5,6 Total 100%
Assessment DetailWeekly Assignments 30%
Two written assignments will be set and 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 30%
Multiple choice quizzes will be conducted online each week. See MyUni for further information regarding format, content, requirements and deadlines.
Discussion Participation 10%
Students are required to participate in assigned discussions each week. Grades will be assigned based on whether it is a substantive contribution to the discussion, shows knowledge of the course content, and shows a thoughtful response to other students' posts. Further details are available on MyUni.itted, and some particular scientific calculators may not be permitted.
Final Exam 50%
This exam may assess all topics covered in the course. Details regarding the structure will be posted on MyUni.
SubmissionRefer to MyUni for detailed instructions regarding submission.
Students must retain a copy of all assignments submitted.
Late submissions will not be accepted.
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.
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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- Reasonable Adjustments to Teaching & Assessment for Students with a Disability Policy
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- Assessment for Coursework Programs
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- IT Acceptable Use and Security Policy
- Modified Arrangements for Coursework Assessment
- Student Experience of Learning and Teaching Policy
- Student Grievance Resolution Process
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