ECON11026 - Principles of Economics
Term 1 - 2017


All details in this unit profile for ECON11026 have been officially approved by CQUniversity and represent a learning partnership between the University and you (our student). The information will not be changed unless absolutely necessary and any change will be clearly indicated by an approved correction included in the profile.

Overview

This introductory unit in economics covers basic microeconomic and macroeconomic theory. Examples of the application of the theory within the context of the contemporary Australian economy and the rest of the world economies are provided. The methodology of economic analysis (the scientific method) is explained at the outset. The unit then explains the theory of demand and supply, elasticity and how prices of goods and services and the cost and revenue curves are determined. You will compare the key market structures: perfect competition, monopoly, monopolistic and oligopoly and examine why government intervention is necessary in order to correct market failure and achieve allocative and productive efficiency. This is followed by the explanation of the goals of macroeconomics, determination of Gross Domestic Product, money, banking, inflation, globalisation, international trade and exchange rate. Finally, macroeconomic policies, and their effectiveness in achieving macroeconomic goals and long term economic growth is critically discussed and analysed.

Details

Career Level Undergraduate
Unit Level Level 1
Credit Points 6
Student Contribution Band 3A
Fraction of Full-Time Student Load 0.125

Attendance Requirements

All on-campus students are expected to attend scheduled classes – in some units, these classes are identified as a mandatory (pass/fail) component and attendance is compulsory. International students, on a student visa, must maintain a full time study load and meet both attendance and academic progress requirements in each study period (satisfactory attendance for International students is defined as maintaining at least an 80% attendance record).

Offerings

Term 1 - 2017
  • Brisbane
  • Bundaberg
  • Cairns
  • Distance
  • Gladstone
  • Mackay
  • Melbourne
  • Rockhampton
  • Sydney
  • Townsville

Website

This unit has a website, within the Moodle system, which is available two weeks before the start of term. It is important that you visit your Moodle site throughout the term. Go to Moodle

Recommended Student Time Commitment

Each 6-credit Undergraduate unit at CQUniversity requires an overall time commitment of an average of 12.5 hours of study per week, making a total of 150 hours for the unit.

Class Timetable

Assessment Overview

Assessment Task Weighting
1. Online Quiz(zes) 30%
2. Written Assessment 30%
3. Written Assessment 40%

This is a graded unit: your overall grade will be calculated from the marks or grades for each assessment task, based on the relative weightings shown in the table above. You must obtain an overall mark for the unit of at least 50%, or an overall grade of ‘pass’ in order to pass the unit. If any ‘pass/fail’ tasks are shown in the table above they must also be completed successfully (‘pass’ grade). You must also meet any minimum mark requirements specified for a particular assessment task, as detailed in the ‘assessment task’ section (note that in some instances, the minimum mark for a task may be greater than 50%). Consult the University’s Grades and Results Procedures for more details of interim results and final grades.

All University policies are available on the IMPortal.

You may wish to view these policies:

  • Grades and Results Procedure
  • Assessment Policy and Procedure (Higher Education Coursework)
  • Review of Grade Procedure
  • Academic Misconduct Procedure
  • Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
  • Monitoring Academic Progress (MAP) Policy and Procedure – International Students
  • Refund and Excess Payments (Credit Balances) Policy and Procedure
  • Student Feedback – Compliments and Complaints Policy and Procedure
  • Acceptable Use of Information and Communications Technology Facilities and Devices Policy and Procedure

This list is not an exhaustive list of all University policies. The full list of University policies are available on the IMPortal.

Feedback, Recommendations and Responses

Every unit is reviewed for enhancement each year. At the most recent review, the following staff and student feedback items were identified and recommendations were made.

Feedback Source Recommendation
Seven (7) hour gap between the lecture and tutorial should not be set in the timetable. Moodle Survey Feedback It is suggested to the time tabling section- to set the timetable where tutorial should follow on after the lecture. Gaps between the lecture and tutorial to be minimized to one hour.
In Term 2, some students indicated a desire for more margin feedback on their assessment items to explain the grade received. Moodle Survey Feedback The level of margin feedback on assessment items was raised with two campus lecturers, so that students know why they lost marks, and learn to improve on the next assessment task. UC will now randomly moderate all the assessment items of the campus marker, rather than just 5 sent by the campus lecture/marker. UC will make sure that if the marker does not upload the marked assignment as requested by the UC, the matter will be taken up with the discipline leader and DDTL in a timely manner.
On successful completion of this unit, you will be able to:
  1. explain and graphically illustrate the nature and scope of the discipline of microeconomics, theory of demand and supply, elasticity, and how consumers make choices to maximise utility
  2. illustrate graphically and interprete as to how the cost and revenue curves are determined and producers try to maximise profits
  3. distinguish between the four different market structures, and rate each in terms of efficiency in the allocation of resources
  4. demonstrate why government intervention may be necessary in cases of market failure in order to achieve more desirable outcomes for the economy and the society
  5. explain and analyse the contemporary macroeconomic goals of the 21st century and demostrate how Gross Domestic Product (GDP) is calculated
  6. apply the theory to describe how fluctuations in the business cycle can have an impact on GDP growth, unemplyment, inflation, exchange rate, interest rate and the federal budget
  7. critically evaluate and justify how fiscal and monetary policies are used for solving real world macro economic problemsin order to manage aggregate demand, inflation and stabilise the economy.

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4 5 6 7
1 - Online Quiz(zes)        
2 - Written Assessment        
3 - Written Assessment          

Alignment of Graduate Attributes to Learning Outcomes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Graduate Attributes Learning Outcomes
1 2 3 4 5 6 7
1. Communication
2. Problem Solving
3. Critical Thinking
4. Information Literacy
5. Team Work  
6. Information Technology Competence        
7. Cross Cultural Competence      
8. Ethical practice    

Alignment of Assessment Tasks to Graduate Attributes

  • Introductory Level
  • Intermediate Level
  • Graduate Level
Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8
1 - Online Quiz(zes)      
2 - Written Assessment      
3 - Written Assessment  

Prescribed Textbooks

Principles of Economics
Author/s: John Sloman, Keith Norris and Dean Garrett Year: 2014
Edition: 4th edition Publisher: Pearson
City: Brisbane State: Queensland
Country: Australia
View textbooks at the CQUniversity Bookshop
Note:

Principles of Economics by Sloman, John., Norris, Keith., and Garrett, Dean. (2014) 4th edition, Pearson Australia ISBN: 9780273783794

The MyEconLab access code comes with the set textbook (print version) as a package.

You can also purchase an electronic copy of the textbook with access to MyEconlab.

MyEconLab access code can also be purchased independently, if you have a second hand textbook.

IT Resources

You will need access to the following IT resources:
  • CQUniversity Student Email
  • Internet
  • Unit Website (Moodle)
All submissions for this unit must use the American Psychological Association (APA) referencing style (details can be obtained here). For further information, see the Assessment Tasks below.
Unit CoordinatorJayanath Ananda (j.ananda@cqu.edu.au)
Note: Check the Term-Specific section for any additional contact information provided by the teaching team
Week Begin Date Module/Topic Chapter Events and Submissions
Week 1 06-03-2017

Economic Issues and Market Demand and Supply Analysis

Sloman, Norris & Garrett (2014) Chapters 1 & 2

Week 2 13-03-2017

Markets in Action and Elasticity

Sloman, Norris & Garrett (2014) Chapter 3

Week 3 20-03-2017

Firms’ Cost and Revenue Curves

Sloman, Norris & Garrett (2014) Chapter 4

Week 4 27-03-2017

Perfect Competition and Monopoly

Sloman, Norris & Garrett (2014) Chapter 5

Week 5 03-04-2017

Monopolistic Competition and Oligopoly

Sloman, Norris & Garrett (2014) Chapter 6

Vacation Week 10-04-2017
Online Quiz(zes) Due Thursday (13 Apr 17) 11:45 AM AEST
Week 6 17-04-2017

Market Failure and Government Policy

Sloman, Norris & Garrett (2014) Chapter 7

Week 7 24-04-2017

Introduction to Macroeconomics

Sloman, Norris & Garrett (2014) Chapter 9

Week 8 01-05-2017

The Determination of GDP

Sloman, Norris & Garrett (2014) Chapter 10

Week 9 08-05-2017

Money and Banking

Sloman, Norris & Garrett (2014) Chapter 11

Assessment 2 Due Monday (08 May 17) 11:45 PM AEST
Week 10 15-05-2017

Inflation

Sloman, Norris & Garrett (2014) Chapter 12

Week 11 22-05-2017

Macroeconomic Policy

Sloman, Norris & Garrett (2014) Chapter 13

Week 12 29-05-2017

Revision Week

Assessment 3 Due Friday (02 Jun 17) 11:45 PM AEST
Review/Exam Week 05-06-2017
Exam Week 12-06-2017

1 Online Quiz(zes)

Assessment Title Online Quiz(zes)
Task Description

Students must attempt all six (6) quizzes online on the topics covered from Weeks 1-4. The quizzes comprise multiple choice questions. It is recommended that students first attempt the revision quiz (not graded) and then take the graded quiz for that particular week. Students are expected to complete these quizzes progressively and not at one go.

Number of Quizzes 6
Frequency of Quizzes Weekly
Assessment Due Date Vacation Week Thursday (13-Apr-2017) 11:45 AM AEST
All six (6) quizzes will close on Friday of vacation week at 11.45 pm AEST
Return Date to Students Feedback is provided after the completion of the quiz each week.
Weighting 30%
Submission Online

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

1. explain and graphically illustrate the nature and scope of the discipline of microeconomics, theory of demand and supply, elasticity, and how consumers make choices to maximise utility

2. illustrate graphically and interprete as to how the cost and revenue curves are determined and producers try to maximise profits

3. distinguish between the four different market structures, and rate each in terms of efficiency in the allocation of resources

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence

8. Ethical practice



2 Written Assessment

Assessment Title Assessment 2
Task Description

Assessment 2

The assessment takes the short-answer format and requires responding to four analytical and discussion questions based on the topics covered from Weeks 5-8. The task is due on Week 9.

It is recommended that you work on your assignment questions each week rather than attempting all questions just before the deadline. More details of the task will be available on the course Moodle site.

The total word limit = 1500- 2000 (excl. reference list, graph captions and tables)

Assessment Due Date Week 9 Monday (08-May-2017) 11:45 PM AEST
Return Date to Students Week 11 Monday (22-May-2017)
Weighting 30%
Assessment Criteria

Assessment 2.

Use the DADA framework in structuring your answers for all questions where applicable. (DADA - Definitions, Assumptions, Draw Diagrams & Analysis).

Concepts and key terms must be Defined accurately and completely.

The Assumptions upon which the analysis is based must be stated at the outset.

Diagrams must be drawn properly, correctly labelled, and the relations they depict explained.

Answers must be complete, addressing the specific tasks nominated in the questions.

Critical Analysis overall should be provided by relating economic theory to real-life economic examples.

Sources must be acknowledged using in-text references and a list of references should be provided. Please seek help from Academic Learning Centre regarding referencing.

Where a question has more than one part, so too should the answer. Ensure complete coverage.

Students should refer to more than two textbooks and other on-line resources, articles, news items related to the questions.

Please do not just depend on the set textbook for writing the assignment.

Plagiarism is a real concern, therefore, please remember to reference in-text and also provide a Reference list. Penalties apply for plagiarism. (Plagiarism also includes copying from each other and previously submitted own work). Please do not give your assignment to anyone.

It is suggested that you work on your assignment questions each week rather than leaving them till due date.

Penalties will apply for any late submissions without an approved extension

Referencing Style American Psychological Association (APA)
Submission Online

Please familiarise yourself with the Assignment submission process. More instructions are provided in the Unit Moodle page (Read the Assignment submission tips document).

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

3. distinguish between the four different market structures, and rate each in terms of efficiency in the allocation of resources

4. demonstrate why government intervention may be necessary in cases of market failure in order to achieve more desirable outcomes for the economy and the society

5. explain and analyse the contemporary macroeconomic goals of the 21st century and demostrate how Gross Domestic Product (GDP) is calculated

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

8. Ethical practice



3 Written Assessment

Assessment Title Assessment 3
Task Description

Assessment 3

This assessment is a case study (Take home paper) where students will apply macroeconomic theory to real life economic issues covering the topics of Weeks 9 -11. Students are expected to carry out some research on the case study topic and will answer several analytical questions with appropriate policy discussion and graphs. The assignment to be submitted at the end of Week 12.

Total word limit = 2500-3000 (excl. reference list, graph captions and tables)

Assessment Due Date Week 12 Friday (02-Jun-2017) 11:45 PM AEST
Return Date to Students End of Exam Period
Weighting 40%
Assessment Criteria

Use DADA (Definitions, Assumptions, Draw Diagrams & Analysis) acronym in structuring your answers for all questions. Read on Moodle information provided in PDF file, about how to answer questions, write essays and analyse case studies in economics.

Concepts and key terms must be Defined accurately and completely.

The Assumptions on which the analysis is based must be stated at the outset.

Diagrams must be drawn properly, correctly labelled, and the relations they depict explained.

Critical Analysis overall should be provided by relating economic theory to real-life economic examples.

Sources must be acknowledged in-text and a list of references provided.

Where a question has more than one part, so too should the answer. Ensure complete coverage.

Students should refer to more than two textbooks and other on-line resources, research articles, news items related to the questions in the case study, and apply theory to real life economic examples.

Plagiarism is a real concern, therefore, please remember to reference in-text and also provide a reference list. Penalties apply for plagiarism. (Plagiarism also includes copying from each other). Please do not give your assignment to anyone.

It is suggested that you work on your case study questions each week rather than leaving it all to the due date, since the case study requires significant research and will take some time to develop a high quality answer.

Penalties will apply for any late submissions without an approved extension.

Referencing Style American Psychological Association (APA)
Submission Online

Please familiarise yourself with the Assignment submission process. More instructions are provided in the Unit Moodle page (Read the Assignment submission tips document).

Learning Outcomes Assessed
This section can be expanded to view the assessed learning outcomes

6. apply the theory to describe how fluctuations in the business cycle can have an impact on GDP growth, unemplyment, inflation, exchange rate, interest rate and the federal budget

7. critically evaluate and justify how fiscal and monetary policies are used for solving real world macro economic problemsin order to manage aggregate demand, inflation and stabilise the economy.

Graduate Attributes
This section can be expanded to view the assessed graduate attributes

1. Communication

2. Problem Solving

3. Critical Thinking

4. Information Literacy

6. Information Technology Competence

7. Cross Cultural Competence

8. Ethical practice




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