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 - 2021
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 In Class
Spend more time on explaining graphs during lecture and review the understanding during tutorial.
Students find graphs difficult to interpret. Therefore considerable amount of time in relevant parts of the lectures and tutorials will be spent on graphical interpretations.
Feedback from Student Evaluation Survey
Assessment and resources have been well structured and greatly benefit a student's ability to comprehend what is asked of each task.
Structured Moodle resources and assessment with clear assignment criteria will be provided.
Feedback from Student Evaluation Survey
The zoom tutorials were engaging and informative and greatly assisted in my learning and development in this unit.
To discuss real-world examples applying the theory, engaging zoom tutorials and breakout sessions for students interactions in zoom teams were provided.
Feedback from Self Reflection
This unit has large number of AF & WF which is of concern to the Unit Coordinator.
This unit underwent a 'Full Review' in the 2nd Term 2021 by the HOC, due to high AF & WF rates. Suggestions were taken on board by the UC to revise the weekly content coverage and assessment task weighting for 2022. Following the unit review process, unit change proposal has been submitted in December 2021.
- 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, G.R., Garnett, A. M., Lewis, P., & O’Brien, A.
Pearson Education, Australia
Sydney Sydney , NSW , Australia
ISBN: ISBN 9781488616983
Binding: Paperback
Additional Textbook Information
ECON11026- Prescribed
Essentials of Economics 4th edition (2019)
Authors: Hubbard, R.G., Garnett, A.M., Lewis, P. and A. O'Brien
Pearson Education, Sydney , NSW , AU
ISBN 9781488616983
Binding: Paperback
Revel Interactive e-Book ($70)
Additional Textbook Information
Make an informed choice between the print textbook OR e-Book
View both paper and eBook versions at the CQUniversity Bookshop: https://bookshop.cqu.edu.au View textbooks at the CQUniversity Bookshop
IT Resources
- CQUniversity Student Email
- Internet
- Unit Website (Moodle)
- Zoom account (Free)
- Zoom app on your smart phone or access to Zoom on your laptop
All submissions for this unit must use the referencing style: American Psychological Association 7th Edition (APA 7th 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
Mid Term Break: 6 Dec to 12 Dec 2021
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
Friday 24 December Christmas Eve
Online Quiz(zes) Due: Week 6 Monday (20 Dec 2021) 11:45 pm AEST
Module/Topic
Vacation- Christmas + New Year
Chapter
Events and Submissions/Topic
Christmas + New Year
Monday 27 December 2021 - Monday 3 January 2022
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 Week - Assignment 3
Chapter
Events and Submissions/Topic
Assignment 3 Due next Monday 14 February
Module/Topic
Exam Week Assignment 3- Essay Due
Chapter
Events and Submissions/Topic
On -Campus students (Brisbane, Sydney, & Melbourne), please follow the Timetable for weekly Zoom Lectures, and face-to-face on campus Tutorial classes.
Distance/Online students can also attend these online lecture and tutorial sessions.
Offshore students please attend via virtual zoom lecture and tutorial sessions.
All Econ11026 students, if you want to read ahead, please listen to the recorded lecture and tutorial from Term 2- 2021, links available in Moodle.
Term 3- 2021, live recorded lecture and tutorial - links will be made available on Moodle each week.
Important Note: Online lecture sessions for Term 3-2021, will be recorded for educational purposes. Relevant
recordings of Zoom tutorial sessions in Term -3 will be uploaded and appear on Unit Moodle site. If you have
any concerns about being recorded please turn off your webcam or audio, or both, during the session. Your participation
will signify your consent to the recording and publication for educational purposes.
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 of multiple choice questions.
Students are expected to complete these three quiz tests (quizzes) progressively and not in one go.
Students are expected to attempt the revision quizzes before attempting the actual quiz tests.
3
Week 6 Monday (20 Dec 2021) 11:45 pm AEST
All three quizzes will close on Monday (Week 6) at 11.45 pm AEST
Week 6 Monday (20 Dec 2021)
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, graphs, calculation, real-life appications 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 8 Monday (10 Jan 2022) 11:45 pm AEST
Week 8 Monday (10 January 2022) 11:45 pm AEST
Week 10 Monday (24 Jan 2022)
Two weeks turn around from the date of submission of the assessment task.
Assessment Criteria: Clarity of explanations, application of economic theory, analysis of the real-life scenario or policy. Clarity of presentation of tables, calculations and graphs, 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. It requires you to demonstrate 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). Word limit does not include reference list, graphs and tables.
The task requires a significant research effort and it will take time to develop a quality response. Students are strongly encouraged to commence the task from week-8, well before the deadline.
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.
Exam Week Monday (14 Feb 2022) 12:45 pm AEST
Monday 14 February 2022
Marks and feedback will be released after the grade certification.
This assessment criteria includes the overview of the macroeconomic 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.
What can you do to act with integrity?
