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Unit Synopsis
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
| Level | Undergraduate |
|---|---|
| Unit Level | 1 |
| Credit Points | 6 |
| Student Contribution Band | SCA Band 4 |
| Fraction of Full-Time Student Load | 0.125 |
| Pre-requisites or Co-requisites |
There are no pre-requisites for the 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). |
| Class Timetable | View Unit Timetable |
| Residential School | No Residential School |
Unit Availabilities from Term 1 - 2020
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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.
Assessment Tasks
| 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%).
Past Exams
All University policies are available on the Policy web site, however you may wish to directly view the following policies below.
This list is not an exhaustive list of all University policies. The full list of policies are available on the Policy web site.
No previous feedback available
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.
Source: Instructor
Detailed margin feedback is given to the students in for assessment 1 & 2.
After the first assessment, the quiz, each quiz should be discussed in the class for conceptual clarities. And after the release of the grades for the second assessment, further time should be allocated to student feedback.
This semester there were no quizzes. There were just 2 assessments. Students faced more difficulties with the research aspect. Recorded version of the working of assessment 2 was also uploaded in moodle to assist the students. The students were also regularly guided personally by all concerned lecturers and also the were asked to contact ALC.
Source: In online zoom tutorial/workshop sessions
Some students find graphs difficult to interpret despite the considerable amount of tutorial time is spent on graphical interpretations, relating theory to real life economic examples.
Investigate ways to assist students to better understand graphical presentation of economic concepts.
In Progress
Source: UC self reflection
The hurdle requirement for the first assessment may be linked to non-submission of subsequent assessments resulting in AF outcomes.
Investigate assessment regime to discourage AF outcomes.
In Progress
Source: Student Evaluation Survey
Learning resources and assessment items have been well structured and greatly benefit a student's ability to comprehend what is asked of each task.
Contnue providing structured Moodle resources and assessment with clear assignment criteria.
In Progress
Source: Teaching teams self-reflection in the meeting and by e-mail
Despite 10 weeks teaching with the same volume of learning for Economics core unit, many students are not coming prepared to class.
Review if workshops should return to be in the 11 or 12-week teaching format.
In Progress
Source: Practice quizzes
Students learning the unit
Review if there should be some weightage to the quizzes as well so that the students are able to understand the concepts.
In Progress
On successful completion of this unit, you will be able to:
- 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.
| Assessment Tasks | Learning Outcomes | |||
|---|---|---|---|---|
| 1 | 2 | 3 | 4 | |
| 1 - Online Quiz(zes) | • | • | ||
| 2 - Written Assessment | • | • | • | • |
| 3 - Written Assessment | • | • | ||
| 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 | • | • | ||
| Assessment Tasks | Graduate Attributes | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 10 | |
| 2 - Written Assessment | • | • | • | • | • | ||||||
| 3 - Written Assessment | • | • | • | • | • | • | • | ||||
| 1 - Online Quiz(zes) | • | • | • | • | • | ||||||