ECON 7200 - Economic Principles (M)

North Terrace Campus - Trimester 2 - 2018

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.

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Course Details

Course Code	ECON 7200
Course	Economic Principles (M)
Coordinating Unit	Economics
Term	Trimester 2
Level	Postgraduate Coursework
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	Introductory Macroeconomics and Microeconomics. Not available to PGCW Economics programs.
Assessment	Typically assignments, case study analyses, group or individual projects, exam

Course Staff

Course Coordinator: Professor Gareth Myles

Semester 1, Summer, Trimester 1 & Trimester 3
Dr. Mark Dodd
mark.dodd@adelaide.edu.au
Room 4.32, Level 4, Nexus 10 Building
Office phone: 8313 4931

Semester 2
Dr. Florian Ploeckl
florian.ploeckl@adelaide.edu.au
Room 4.43, Level 4, Nexus 10 Building
Office phone: 8313 0716

Course Timetable

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

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	2,3

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 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 Modes

Each timetabled class session will be divided into a number of different activities. The general structure (subject to change as necessary) will be as follows. Each week we will go through one topic. A 'lecture' will be given on this topic. This lecture component will be followed by a tutorial style component, where we will go through some exercises together as a class. Finally there will be a group workshop component on the same topic, during which students will work together on tasks which are for marks. Each of these three components will usually be around one hour in duration.

You will also have an online quiz to complete each week in your own time.

So that you can contribute adequately to the group work tasks, it is important that you prepare for each topic by reading the textbook and any other provided materials prior to attending the class on that topic.

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 to devote a total of 48 hours per week to their studies. This translates to 12 hours per week for this 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 / The Economic Problem	Hubbard Ch 1 & 2
2	Demand & Supply	Hubbard Ch 3
3	Elasticity / Economic Efficiency	Hubbard Ch 4 & 5
4	The Role of Government	Hubbard Ch 5 & 11
5	Firms, Production and Costs	Hubbard Ch 6
6	Perfect Competition and Monopoly	Hubbard Ch 7 & 8
7	Monopolistic Competition and Oligopoly	Hubbard Ch 9
8	GDP, Unemployment and Inflation	Hubbard Ch 12 & 13
9	Aggregate Demand and Aggregate Supply	Hubbard Ch 14
10	Money and Monetary Policy	Hubbard Ch 15 & 16
11	Fiscal Policy	Hubbard Ch 17
12	The Exchange Rate and International Trade	Hubbard Ch 18 & 19

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

Assessment Task	Due Date/ Week	Weighting	Length (word limit)	Learning Outcomes
Workshop Group Assignments	Week 1-12	20%	2-4 Pages	1,2,3,4,5,6
Weekly Online Quizzes	Week 1-12	10%	5 Questions	1,2,3,4,5,6
Participation	Every Week	10%	Various	1,2,3,4,5,6
Final Exam	Exam Period	60%	3 hours	1,2,3,4,5,6
Total		100%

Assessment Related Requirements

Please note that there is a Hurdle Requirement on this course. In order to secure a Pass grade overall, it is necessary to achieve a mark of at least 40% in the final examination, as well as a mark of at least 50% overall. Should a student's overall marks sum to more than 50%, while they have secured a mark of below 40% in the final examination, they will be awarded a final mark of 49%.

Students must attend the full workshop session and actively take part in the group task to be eligible for the workshop group assignment marks for that week.
If you will have difficulty attending the workshop due to medical or other circumstances, please contact the lecturer in advance of the session to discuss your situation.

Assessment Detail

Workshop Group Assignments 20%
At each class, students will be randomly allocated to a group, and in that group students will work through a series of problems provided at the class. The problems will be due for submission at the end of the workshop. All students in the group will receive the same mark. Students will be randomly allocated to different groups each week. Students must be in attendance and actively participating the entire time of the task to receive the marks. There are planned to be 12 workshop tasks, one on each topic module, and each student's grade will be based only on their best 9 marks out of the total 12.

Weekly Online Quiz 10%
Quizzes will be conducted online each week from Week 1 to Week 12. The grade for this component will be based only on the score of the student's best 9 quizzes out of the total 12. Further details on how and when to access these quizzes will be provided on MyUni.

Participation 10%
Students will receive a grade based on their participation in the class sessions including the Lecture session. Further details will be provided on MyUni.

Final exam 60%
The final exam will be a 3-hour exam, plus 10 minutes reading time. This exam may assess all topics covered in the course. Details regarding the structure will be posted on MyUni. Please note that this is a closed book exam. Dictionaries of any type will not be allowed in the exam. Calculators will be allowed in the exam, but calculators that can store text, are programmable, or have wireless functions will not be permitted. This means graphics calculators are not permitted, and some particular scientific calculators may not be permitted.

Submission

Refer to MyUni for further instructions regarding submission.

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
This section contains links to relevant assessment-related policies and guidelines - all university policies.
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.

Authorised by:	Deputy Vice-Chancellor and Vice-President (Academic)
Maintained by:	Course Outlines Administrator