CQUniversity Unit Profile
ECON11026 Principles of Economics
Principles of Economics
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.
General Information

Overview

This unit introduces basic microeconomic and macroeconomic theory and the methods of economic analysis . You will review case study examples of the application of economic theory. You will examine 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. You will be introduced to the macroeconomic perspective, and its methods for managing the economy. You will be given the opportunity to explore the dynamics of macroeconomic policies, and their effectiveness in achieving national economic objectives.

Details

Career Level: Undergraduate
Unit Level: Level 1
Credit Points: 6
Student Contribution Band: 10
Fraction of Full-Time Student Load: 0.125

Pre-requisites or Co-requisites

There are no requisites for this unit.

Important note: Students enrolled in a subsequent unit who failed their pre-requisite unit, should drop the subsequent unit before the census date or within 10 working days of Fail grade notification. Students who do not drop the unit in this timeframe cannot later drop the unit without academic and financial liability. See details in the Assessment Policy and Procedure (Higher Education Coursework).

Offerings For Term 3 - 2017

Brisbane
Distance
Melbourne
Sydney

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).

Class and Assessment Overview

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

Bundaberg, Cairns, Emerald, Gladstone, Mackay, Rockhampton, Townsville
Adelaide, Brisbane, Melbourne, Perth, Sydney

Assessment Overview

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

Assessment Grading

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 Policy for more details of interim results and final grades.

Previous Student Feedback

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 from Survey qualitative feedback

Feedback

"It would be good if all zoom sessions could have been recorded".

Recommendation

In the future terms IT issues will be fixed, so that all zoom sessions will get recorded.

Feedback from Survey qualitative feedback and reflective

Feedback

"Study material could be updated, the book is somewhat lacking in a few areas".

Recommendation

Additional resources will be posted on Moodle site for students who want to go more in detail.

Feedback from Survey qualitative feedback

Feedback

"Sometimes the teacher wasn't able to finish the lecture of the week which affected my understanding of some assessment topics".

Recommendation

The content of the first 3 weeks will be revised to balance the volume of content covered.

Unit Learning Outcomes
On successful completion of this unit, you will be able to:
  1. Explain and graphically illustrate with examples various real life economic issues using basic economic theories
  2. Analyse firms production decisions in a range of market structures
  3. Demonstrate how government intervention may be beneficial in cases of market failure in order to achieve more desirable outcomes for the economy and the society
  4. Analyse macroeconomic goals and suggest effective macroeconomic policies to achieve these goals in the real world and stabilise the economy.
Alignment of Learning Outcomes, Assessment and Graduate Attributes
N/A Level
Introductory Level
Intermediate Level
Graduate Level
Professional Level
Advanced Level

Alignment of Assessment Tasks to Learning Outcomes

Assessment Tasks Learning Outcomes
1 2 3 4
1 - Online Quiz(zes) - 30%
2 - Written Assessment - 30%
3 - Written Assessment - 40%

Alignment of Graduate Attributes to Learning Outcomes

Graduate Attributes Learning Outcomes
1 2 3 4
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
9 - Social Innovation

Alignment of Assessment Tasks to Graduate Attributes

Assessment Tasks Graduate Attributes
1 2 3 4 5 6 7 8 9
1 - Online Quiz(zes) - 30%
2 - Written Assessment - 30%
3 - Written Assessment - 40%
Textbooks and Resources

Textbooks

Prescribed

Principles of Economics 4th edition (2014)

Authors: John Sloman, Keith Norris and Dean Garrett
Pearson
Brisbane Brisbane , Queensland , Australia
ISBN: 9781486000581
Binding: Hardcover

Additional Textbook Information

**Note: As part of a small CQUniversity etextbook pilot project being conducted in Term 3, an electronic copy of the prescribed textbook will be provided through the unit’s Moodle at no cost to enrolled students. More details are available on the unit’s Moodle site** If preferred, you can still purchase a paper copy from the CQUni Bookshop here: http://bookshop.cqu.edu.au/ The paper copy includes access to MyEconLab, however, you can purchase an access code for MyEconLab directly from Pearson's website 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)
Referencing Style

All submissions for this unit must use the referencing style: American Psychological Association 6th Edition (APA 6th edition)

For further information, see the Assessment Tasks.

Teaching Contacts
Anita Medhekar Unit Coordinator
a.medhekar@cqu.edu.au
Schedule
Week 1 Begin Date: 06 Nov 2017

Module/Topic

Economic Issues and Market Demand and Supply Analysis

Chapter

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

Events and Submissions/Topic

Week 2 Begin Date: 13 Nov 2017

Module/Topic

Markets in Action and Elasticity

Chapter

Sloman, Norris & Garrett (2014) Chapter 3

Events and Submissions/Topic

Week 3 Begin Date: 20 Nov 2017

Module/Topic

Firms’ Cost and Revenue Curves

Chapter

Sloman, Norris & Garrett (2014) Chapter 4

Events and Submissions/Topic

Week 4 Begin Date: 27 Nov 2017

Module/Topic

Perfect Competition and Monopoly

Chapter

Sloman, Norris & Garrett (2014) Chapter 5

Events and Submissions/Topic

Vacation Week Begin Date: 04 Dec 2017

Module/Topic

Chapter

Events and Submissions/Topic

Assessment Task-1: All Quiz Tests Due Friday of Vacation Week


Online Quiz(zes) Due: Vacation Week Friday (8 Dec 2017) 11:45 pm AEST
Week 5 Begin Date: 11 Dec 2017

Module/Topic

Monopolistic Competition and Oligopoly

Chapter

Sloman, Norris & Garrett (2014) Chapter 6

Events and Submissions/Topic

Week 6 Begin Date: 18 Dec 2017

Module/Topic

Market Failure and Government Policy

Chapter

Sloman, Norris & Garrett (2014) Chapter 7

Events and Submissions/Topic

Week 7 Begin Date: 01 Jan 2018

Module/Topic

Introduction to Macroeconomics

Chapter

Sloman, Norris & Garrett (2014) Chapter 9

Events and Submissions/Topic

Week 8 Begin Date: 08 Jan 2018

Module/Topic

The Determination of GDP

Chapter

Sloman, Norris & Garrett (2014) Chapter 10

Events and Submissions/Topic

Week 9 Begin Date: 15 Jan 2018

Module/Topic

Money and Banking

Chapter

Sloman, Norris & Garrett (2014) Chapter 11

Events and Submissions/Topic

Assignment -2 Due Monday


Assessment 2 Due: Week 9 Monday (15 Jan 2018) 11:45 pm AEST
Week 10 Begin Date: 22 Jan 2018

Module/Topic

Inflation

Chapter

Sloman, Norris & Garrett (2014) Chapter 12

Events and Submissions/Topic

Week 11 Begin Date: 29 Jan 2018

Module/Topic

Macroeconomic Policy

Chapter

Sloman, Norris & Garrett (2014) Chapter 13

Events and Submissions/Topic

Week 12 Begin Date: 05 Feb 2018

Module/Topic

Revision Week

Chapter

Events and Submissions/Topic

Assignment -3 Due Friday


Assessment 3 Due: Week 12 Friday (9 Feb 2018) 11:45 pm AEST
Review/Exam Week Begin Date: 12 Feb 2018

Module/Topic

Chapter

Events and Submissions/Topic

Assessment Tasks

1 Online Quiz(zes)

Assessment Title
Online Quiz(zes)

Task Description

This task comprises six (6) online quizzes with multiple-choice questions.

Students must attempt all six (6) quizzes online on the topics covered from Weeks 1-4. It is recommended that students first attempt the revision quiz (not graded) and then take the graded quiz test 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 Friday (8 Dec 2017) 11:45 pm 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%

Assessment Criteria

No Assessment Criteria


Referencing Style

Submission
Online

Learning Outcomes Assessed
  • Explain and graphically illustrate with examples various real life economic issues using basic economic theories
  • Analyse firms production decisions in a range of market structures


Graduate Attributes
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • Information Technology Competence
  • 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 in 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 (excluding- reference list, graph captions and tables)


Assessment Due Date

Week 9 Monday (15 Jan 2018) 11:45 pm AEST


Return Date to Students

Week 11 Monday (29 Jan 2018)


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

Submission
Online

Submission Instructions
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
  • Explain and graphically illustrate with examples various real life economic issues using basic economic theories
  • Analyse firms production decisions in a range of market structures
  • Demonstrate how government intervention may be beneficial in cases of market failure in order to achieve more desirable outcomes for the economy and the society
  • Analyse macroeconomic goals and suggest effective macroeconomic policies to achieve these goals in the real world and stabilise the economy.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • 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 (9 Feb 2018) 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

Submission
Online

Submission Instructions
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
  • Explain and graphically illustrate with examples various real life economic issues using basic economic theories
  • Analyse macroeconomic goals and suggest effective macroeconomic policies to achieve these goals in the real world and stabilise the economy.


Graduate Attributes
  • Communication
  • Problem Solving
  • Critical Thinking
  • Information Literacy
  • Information Technology Competence
  • Cross Cultural Competence
  • Ethical practice

Academic Integrity Statement

As a CQUniversity student you are expected to act honestly in all aspects of your academic work.

Any assessable work undertaken or submitted for review or assessment must be your own work. Assessable work is any type of work you do to meet the assessment requirements in the unit, including draft work submitted for review and feedback and final work to be assessed.

When you use the ideas, words or data of others in your assessment, you must thoroughly and clearly acknowledge the source of this information by using the correct referencing style for your unit. Using others’ work without proper acknowledgement may be considered a form of intellectual dishonesty.

Participating honestly, respectfully, responsibly, and fairly in your university study ensures the CQUniversity qualification you earn will be valued as a true indication of your individual academic achievement and will continue to receive the respect and recognition it deserves.

As a student, you are responsible for reading and following CQUniversity’s policies, including the Student Academic Integrity Policy and Procedure. This policy sets out CQUniversity’s expectations of you to act with integrity, examples of academic integrity breaches to avoid, the processes used to address alleged breaches of academic integrity, and potential penalties.

What is a breach of academic integrity?

A breach of academic integrity includes but is not limited to plagiarism, self-plagiarism, collusion, cheating, contract cheating, and academic misconduct. The Student Academic Integrity Policy and Procedure defines what these terms mean and gives examples.

Why is academic integrity important?

A breach of academic integrity may result in one or more penalties, including suspension or even expulsion from the University. It can also have negative implications for student visas and future enrolment at CQUniversity or elsewhere. Students who engage in contract cheating also risk being blackmailed by contract cheating services.

Where can I get assistance?

For academic advice and guidance, the Academic Learning Centre (ALC) can support you in becoming confident in completing assessments with integrity and of high standard.

What can you do to act with integrity?