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 - 2018

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 Student Evaluation Survey

Feedback

Weekly Zoom sessions were helpful.

Recommendation

Continue with the weekly Zoom sessions.

Feedback from Student Evaluation Survey

Feedback

The prescribed textbook was dated.

Recommendation

Update the prescribed textbook.

Feedback from Student Evaluation Survey

Feedback

The Moodle site was easy to navigate and the contents were stimulating.

Recommendation

Continue to provide stimulating learning material in a structured and user-friendly manner.

Feedback from Student Evaluation Survey

Feedback

The application of the DADA framework needs more explanation

Recommendation

Provide a recording explaining how to apply the DADA framework for the benefit of Distance students in particular.

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 edn (2014)

Authors: Sloman, John., Norris, Keith., and Garrett, Dean
Pearson Australia
Sydney Sydney , NSW , Australia
ISBN: 9780273783794
Binding: Paperback

Additional Textbook Information

The printed version contains a copy of the book, plus MyEconLab and the eText: They are available at the CQUni Bookshop here: http://bookshop.cqu.edu.au (search on the Unit code)

You can also purchase an electronic copy of the textbook with access to MyEconlab. See the link here: http://www.pearson.com.au/9781486005949

MyEconLab access code can also be purchased independently, if you have a second hand textbook. See the link here: http://www.pearson.com.au/9781486005994

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: 05 Nov 2018

Module/Topic

Economic Issues, Markets, Demand and Supply

Chapter

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

Events and Submissions/Topic

Week 2 Begin Date: 12 Nov 2018

Module/Topic

Markets in Action and Elasticity

Chapter

Sloman, Norris & Garrett (2014)
Chapter 3

Events and Submissions/Topic

Week 3 Begin Date: 19 Nov 2018

Module/Topic

The Supply Decision and Firms' Cost and Revenue Curves

Chapter

Sloman, Norris & Garrett (2014)
Chapter 4

Events and Submissions/Topic

Week 4 Begin Date: 26 Nov 2018

Module/Topic

Perfect Competition and Monopoly

Chapter

Sloman, Norris & Garrett (2014)
Chapter 5

Events and Submissions/Topic

Assessment Task-1

Online Quizzes Due: Vacation Week

Friday 7 December 2018 - 11:45 pm AEST

Vacation Week:  3rd to 9th December 2018

Week 5 Begin Date: 10 Dec 2018

Module/Topic

Monopolistic Competition and Oligopoly

Chapter

Sloman, Norris & Garrett (2014)
Chapter 6

Events and Submissions/Topic


Week 6 Begin Date: 17 Dec 2018

Module/Topic

Market Failures and Government Policy

Chapter

Sloman, Norris & Garrett (2014)
Chapter 7

Events and Submissions/Topic

Christmas Vacation: 24 December 2018  to 1 January 2019

Week 7 Begin Date: 02 Jan 2019

Module/Topic

Introduction to Macroeconomics

Chapter

Sloman, Norris & Garrett (2014)
Chapter 9

Events and Submissions/Topic

Assessment 2 Due: Week 8

Monday 7th January 2019 - 11:45 pm AEST

Week 8 Begin Date: 07 Jan 2019

Module/Topic

The Determination of GDP

Chapter

Sloman, Norris & Garrett (2014)
Chapter 10

Events and Submissions/Topic

Written Assessment Due: Week 8 Monday (7 Jan 2019) 11:45 pm AEST
Week 9 Begin Date: 14 Jan 2019

Module/Topic

Money, Banking, Interest Rates and
Monetary Policy

Chapter

Sloman, Norris & Garrett (2014)
Chapters 11 & 13

Events and Submissions/Topic

Week 10 Begin Date: 21 Jan 2019

Module/Topic

Inflation

Chapter

Sloman, Norris & Garrett (2014)
Chapter 12

Events and Submissions/Topic

Week 11 Begin Date: 28 Jan 2019

Module/Topic

Macroeconomic Policy

Chapter

Sloman, Norris & Garrett (2014)
Chapter 13

Events and Submissions/Topic

Week 12 Begin Date: 04 Feb 2019

Module/Topic

Revision Week

Chapter

Students to Work on Assessment Task 3

Events and Submissions/Topic

Assessment 3 Due: Week 12
Friday 8 February 2019 - 11:45 pm AEST

Standard Exam Week Begin Date: 11 Feb 2019

Module/Topic

Standard Exam Week- 11-15th February 2019

Chapter

Events and Submissions/Topic

Assessment Tasks

1 Online Quiz(zes)

Assessment Title
Online Quiz(zes)

Task Description

Students must attempt all 4 (four) quizzes online. These quizzes cover the topics from first three weeks (Chapters 1-4 of the prescribed text). The quizzes comprise multiple choice questions. Students are expected to complete these quizzes
progressively and not at one go. It is highly recommended that students first attempt the revision quiz (not graded) and then the graded quiz for that particular week.


Number of Quizzes

4


Frequency of Quizzes

Weekly


Assessment Due Date

Vacation Week Friday (7 Dec 2018) 11:45 pm AEST

All four quizzes will close on Friday (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 for Quizzes.


Referencing Style

Submission
Online

Submission Instructions
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
Written Assessment

Task Description

Assessment 2 takes a short-answer format and requires responding to four open-ended questions focusing on the topics
covered from Weeks 4-6 (Chapters 5-7 of the prescribed text). The task involves theoretical questions and analysis of
real-life applications of markets and market failures.

It is recommended that students work on the questions progressively rather than attempt to complete them in the due
week.
It is important that you familiarise yourself with the University Plagiarism Policy. Penalties apply for plagiarism including
own-plagiarism.
Penalties (5% of the Assessment marks per day) apply for late submissions without an approved extension.


Assessment Due Date

Week 8 Monday (7 Jan 2019) 11:45 pm AEST

Monday of Week 8


Return Date to Students

Week 10 Monday (21 Jan 2019)

Week 10 Monday (21 January 2019)


Weighting
30%

Assessment Criteria

Assessment Criteria: Clarity of explanation, application of economic theory, analysis of the real-life scenario or policy,
clarity of presentation, evidence of research and referencing.

It is recommended that students answer each question per week, based on each weeks topic.

More details of the task will be available on the Unit Moodle site.


Referencing Style

Submission
Online

Submission Instructions
Please familiarise yourself with the Online 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
Written Assessment

Task Description

This assessment task covers the macroeconomic section of the unit. It requires you to demonstrates both theoretical and applied knowledge relating to the macroeconomy. In this task, students will analyse a contemporary
macroeconomic policy issue and write a research essay on the topic (approximately 3000 words). The task requires a significant research effort and will take time to develop a quality response. Students are strongly encouraged to
commence the work well before the deadline.

It is important that you familiarise yourself with the University Plagiarism Policy. Penalties apply for plagiarism including own-plagiarism.
Penalties (5% of the Assessment marks per day) apply for late submissions without an approved extension.


Assessment Due Date

Week 12, Friday, 8 February, 2019, 11.45 pm AEST


Return Date to Students

Marks and feedback will be released after the grade certification.


Weighting
40%

Assessment Criteria

Assessment criteria include the overview of the current economic environment with regard to business cycle; description
of macroeconomic goals, macroeconomic policy objectives and processes and their impact on the aggregate demand;
factors influencing the current macroeconomic policy stance; limitations of policy; the clarity of explanations and
referencing; and the use of the DADA framework. More details of the assessment criteria and the marking rubric will be
available on the Unit Moodle site.


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?