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
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 - 2019
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).
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 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.
All University policies are available on the CQUniversity Policy site.
You may wish to view these policies:
- Grades and Results Policy
- Assessment Policy and Procedure (Higher Education Coursework)
- Review of Grade Procedure
- Student Academic Integrity Policy and Procedure
- Monitoring Academic Progress (MAP) Policy and Procedure – Domestic Students
- Monitoring Academic Progress (MAP) Policy and Procedure – International Students
- Student Refund and Credit Balance Policy and Procedure
- Student Feedback – Compliments and Complaints Policy and Procedure
- Information and Communications Technology Acceptable Use Policy and Procedure
This list is not an exhaustive list of all University policies. The full list of University policies are available on the CQUniversity Policy site.
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
The best aspect of this unit was the way that information was presented and how it was comprehended through the units' Moodle site.
The Coordinator to maintain a stock of well-structured learning materials and present them with user-friendly Moodle navigation.
Feedback from Student Evaluation Survey
The video lectures were quite clear and concise. The Mylab software was a great learning tool although needs some work to fix glitches.
The Coordinator will continue to improve video lectures and to request a customised MyLab platform access for students.
Feedback from Student Evaluation Survey
The unit coordinator is very helpful in conducting online zoom sessions which are very helpful for me as a fifo worker, I can't always attend the sessions though the recordings helped immensely.
The Coordinator will continue to record the weekly Zoom sessions.
Feedback from Student Evaluation Survey
Assessment 2 needs more clarity and instructions.
The Coordinator to simplify the tasks of Assessment 2 and to provide detailed instructions including exemplars.
- 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.
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 | ||||
10 - Aboriginal and Torres Strait Islander Cultures |
Alignment of Assessment Tasks to Graduate Attributes
Assessment Tasks | Graduate Attributes | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | |
1 - Online Quiz(zes) - 30% | ||||||||||
2 - Written Assessment - 30% | ||||||||||
3 - Written Assessment - 40% |
Textbooks
Essentials of Economics
4th edition (2019)
Authors: Hubbard, R.G., Garnett, A.M., Lewis, P. and A. O'Brien
Pearson Education
Melbourne Melbourne , Victoria , Australia
ISBN: 9781488616983
Binding: Paperback
Additional Textbook Information
This is a totally new text for 2019. It also available as an e-book and can be purchased at the publisher's website here:
http://www.pearson.com.au/9781488620225
However, a value pack containing both the paper text and eBook can be purchased at the CQUni Bookshop
here: http://bookshop.cqu.edu.au (search on the Unit code)
View textbooks at the CQUniversity Bookshop https://bookshop.cqu.edu.au/
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
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.
a.medhekar@cqu.edu.au
Module/Topic
Economics: Foundations, Models, and
Tradeoffs
Chapter
Chapters 1 & 2
Events and Submissions/Topic
Module/Topic
Markets, Demand and Supply
Chapter
Chapter 3
Events and Submissions/Topic
Module/Topic
Elasticity, Technology and Production Costs
Chapter
Chapters 4 & 6
Events and Submissions/Topic
Module/Topic
Perfect Competition and Monopoly
Chapter
Chapters 7 & 8
Events and Submissions/Topic
Module/Topic
Vacation Week
Chapter
Events and Submissions/Topic
Module/Topic
Monopolistic Competition and
Oligopoly
Chapter
Chapter 9
Events and Submissions/Topic
Module/Topic
The Role of Government
Chapter
Chapter 11
Events and Submissions/Topic
Module/Topic
Macro Foundations and GDP
Chapter
Chapter 13
Events and Submissions/Topic
Module/Topic
Unemployment and Inflation
Chapter
Chapter 14
Events and Submissions/Topic
Module/Topic
Aggregate Demand and Aggregate
Supply Analysis
Chapter
Chapter 15
Events and Submissions/Topic
Module/Topic
Money, Banking and Monetary Policy
Chapter
Chapters 16 & 17
Events and Submissions/Topic
Module/Topic
Fiscal Policy
Chapter
Chapter 18
Events and Submissions/Topic
Module/Topic
Review for Assignment 3
Chapter
Events and Submissions/Topic
Module/Topic
Chapter
Events and Submissions/Topic
1 Online Quiz(zes)
Students must attempt all three (3) quizzes online. These quizzes cover the topics from the first three weeks
(Chapters1-4 & 6 of the prescribed text).
The quizzes comprise multiple choice questions. Students are expected to complete these quizzes progressively and not
in one go.
3
Weekly
Week 5 Monday (16 Dec 2019) 11:45 pm AEST
All three quizzes will close on Monday (Week 5) at 11.45 pm AEST
Feedback is provided after the completion of the quiz.
No Assessment Criteria
- 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
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Ethical practice
2 Written Assessment
Assessment 2 takes a short-answer format and requires responding to four questions focusing on the topics covered in
Weeks 4-6 (Chapters 7-9 & 11 of the prescribed text). The task involves theoretical questions and the analysis of real-life
applications of market structures, externalities and the role of government.
It is recommended that students work on the questions progressively rather than attempt to complete them in one go.
It is important that you familiarise with the University Plagiarism Policy.
https://www.cqu.edu.au/student-life/services-and-facilities/referencing/what-is-plagiarism
Penalties apply for plagiarism including own-plagiarism.
Penalties (5% of the Assessment marks per day) also apply for late submissions without an approved extension.
Week 7 Friday (10 Jan 2020) 11:45 pm AEST
Week 9 Friday (24 Jan 2020)
Week 9 Friday (24 January) Two weeks turn around from the date of submission.
Assessment Criteria: Clarity of explanations, application of economic theory, analysis of the real-life scenario or policy,
clarity of presentation, evidence of research and referencing.
More details of the task will be available on the Unit Moodle site.
- 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.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Ethical practice
3 Written Assessment
This assessment task covers the macroeconomic section of the Unit. In this task, students will analyse a contemporary macroeconomic policy issue and write a research essay (approx. 3000 words). The task requires a significant research effort and both theoretical and applied knowledge relating to the macroeconomy. Students are encouraged to commence the task well before the deadline because it will take time to develop a quality response.
It is important that you familiarise with the University Plagiarism Policy.
https://www.cqu.edu.au/student-life/services-and-facilities/referencing/what-is-plagiarism
Penalties apply for plagiarism including own-plagiarism.
Penalties (5% of the Assessment marks per day) also apply for late submissions without an approved extension.
Week 12 Friday (14 Feb 2020) 11:45 pm AEST
Friday of Week 12
Marks and feedback will be released after the grade certification.
Assessment Criteria: This assessment criteria include the overview of the issue and the current economic environment; 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; clarity of explanations and referencing. More details of the assessment criteria and the marking rubric will be available on the unit Moodle site.
- 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.
- Communication
- Problem Solving
- Critical Thinking
- Information Literacy
- Information Technology Competence
- Cross Cultural Competence
- Ethical practice
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.