ECON 1012 - Principles of Economics I

North Terrace Campus - Semester 1 - 2023

This course provides an introduction to a broad range of economic concepts, theories and analytical techniques. It considers both microeconomics - the analysis of choices made by individual decision-making units (households and firms) - and macroeconomics - the analysis of the economy as a whole. The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions. Production and market structure will be analysed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labour and money at an aggregate level will be modelled. The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined.

  • General Course Information
    Course Details
    Course Code ECON 1012
    Course Principles of Economics I
    Coordinating Unit Economics
    Term Semester 1
    Level Undergraduate
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week. Intensive in Summer Semester.
    Available for Study Abroad and Exchange Y
    Incompatible ECON 1000, ECON 1004, WINEMKTG 1026EX
    Assessment Typically, tutorial assignments, online learning activity and final exam.
    Course Staff

    Course Coordinator: Dr Stephanie McWhinnie

    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 knowledge and understanding of core economics concepts, tools and models.
    2. Apply economic concepts to real world scenarios, and use that analysis to make informed judgements and decisions.
    3. Interpret, analyse and depict economic information in diagrams, tables and graphs.
    4. Communicate economic knowledge, ideas and analysis, both orally and in writing.
    5. Reflect on the nature and implications of assumptions and value judgements in economic analysis and policy.
    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.

    2,5

    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.

    4

    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.

    5

    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.

    5

    Attribute 7: Digital capabilities

    Graduates are well prepared for living, learning and working in a digital society.

    1,3

    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.

    5
  • 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 and through the University library.
    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
    Each topic includes a lecture component, associated tutorials, assignments and quizzes. The lecture covers the key concepts of a particular topic with a focus on describing and explaining. Working through analytical problems in tutorials, and practicing through quizzes, and written assignments, will consolidate your understanding of these concepts and take you further into interpreting and using the models. This course incorporates analysis of contemporary economic situations or policy as a key method of applied learning. You should use the relevant sections of the textbook material to enhance your understanding of topics covered in the lectures, tutorials and assessments. The tutorials follow the week after the lecture, so for example the lecture content covered in week 1 will be covered in the tutorial session in week 2.
    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

    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 Weight Learning Outcomes
    Assignments Fortnightly 20% 1,2,3,4,5
    Quizzes Weekly 10% 1,2,3
    Active Participation Weekly 10% 1,2,3,4,5
    Final Exam During Exam period 60% 1,2,3,4,5
    Total 100%
    Assessment Related Requirements
    Legible hand-writing and the quality of English expression are considered to be integral parts of the assessment process, and may affect marks.
    Assessment Detail
    Assignments (20%)
    Students will be asked to submit written answers to five assignments, which will be available to download from MyUni. Instructions regarding the online submission and return of these assignments will be provided on MyUni.
    Only the best four assignment grades (out of five) will contribute to the grade for this component.
    This component of assessment is not redeemable by the Final Exam.

    Quizzes (10%)
    Multiple choice quizzes will be made available weekly via MyUni.
    Practice quizzes will also be available, and students are encouraged to attempt these and learn from them prior to completing the assessable Quizzes. Please do not confuse the two types of quizzes.
    The final grade on this component of assessment will be based only on the best eight results (out of eleven).
    This component of assessment is not redeemable by the Final Exam.

    Active Participation (10% - Redeemable)
    Students will have the opportunity to earn active participation grades via participation in classes. 
    Details regarding the requirements and grading will be available on MyUni.
    This component of assessment is redeemable by the Final Exam, meaning that if you score higher on the Final Exam as a percentage score than you do on 'Active Participation', then your Active Participation score will not be counted, and the Final Exam will count for an additional 10% of the course grade instead. As such, this is not a mandatory part of assessment. If a student does not attempt this component of assessment, they will simply have a higher weighting on the Final Exam.

    Final Exam (60%)
    This exam may assess all topics covered in the course. It will take place during the University's Final Examination period. 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.

    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.

    A summary of, and response to, feedback will be provided at the end of the course on MyUni.
  • 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.