2020 Summer WUCB162 Subject Outline v4 PDF

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Subject Outline Summer 2020 Wollongong South Western Sydney

Economics and Society

Diploma of Business

WUCB162

(CRICOS Course Code: 057231C, 057232B)

Please note: This Subject outline contains amendments to delivery and assessment information in response to COVID-19. All classes and assessments are designed for remote delivery. The College is proactive in monitoring and responding to the COVID situation. Should the opportunity arise to return to on-campus attendance for some classes or exams, students will be consulted and advised in a timely manner. It is the College’s intention that no student will be disadvantaged by these decisions.

UOW College Australia is a registered business name of UOWC Ltd. ABN: 14 105 312 329.CRICOS:02723D. © UOW College Australia. All rights reserved 2020.

UOWCA-WUCB162-SO/4

T-UOWC-18.1.1 Subject Outline Template – Academic v8

Economics and Society

Subject Coordinator Gary Costa

Email: [email protected]

Subject Description Economics and Society examines core economic theory and concepts relevant to contemporary social issues. These concepts are used to provide an economic basis for introducing the important role of economic analysis in a globalised world with emphasis on policy relevant examples. On completion, students will have a sound foundation to economics for microeconomic and macroeconomic analysis and provides the basis of understanding the economic interpretation of contemporary policy issues.

Subject Structure Economics and Society is delivered in a format of 5 (five) scheduled hours per week. The subject consists of 1 x 3 hour lecture, and a 1 x 2 hour tutorial. The session is of 14 weeks’ duration with classes scheduled for the first 12 weeks and a study/examination period in Weeks 13 and 14. Where time permits additional time during lectures will be used to cover additional tutorial material. The schedule of lectures and tutorials is designed to give flexibility to the mode of delivery to suit the needs of students and to reflect the different requirements of various topics.

Student Workload In addition to scheduled class sessions, students are expected to spend additional time in individual study and research. As a general guideline students will need to spend at least 2 hours of independent study (including completing homework and revision) for every 1 hour of scheduled class time.

Consultation Teachers will be available for a consultation time each week. Students will be notified of the time of the consultation session during Week 1 of the Session. It is recommended that students experiencing difficulty with this subject arrange to consult with the teacher as difficulties are encountered.

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Language/Literacy Support Some students may require support to improve language/literacy skills. Where this is recommended, students can email [email protected] or phone 42528857.

Extraordinary Changes to the Subject Outline In extraordinary circumstances the provisions stipulated in this Subject Outline may require amendment after the Subject Outline has been distributed. All students enrolled in the subject must be notified and have the opportunity to provide feedback in relation to the proposed amendment, prior to the amendment being finalised.

Student Feedback The College encourages all forms of feedback from students. Key actions in direct response to student feedback can be found at Student feedback on the College’s website.

Learning Analytics Learning Analytics is the measurement, collection, analysis and reporting of data about students and their learning contexts. UOW and UOW College may use Learning Analytics data (including students’ assessment task marks and their levels of engagement with and/or access to Moodle, recorded lectures, the University Library and SOLS) to assist in the identification of ‘at risk’ students for the purposes of recommending areas for improvement as well as referring identified students to appropriate support services to enhance their academic achievement. Please refer to the UOW College Privacy Policy for further information about UOWCA’s data collection, use of data and data security.

Peer Assisted Learning Program In order to enhance the overall student learning experience, a dedicated Peer Assisted Learning Program operates at UOWCA. It provides learning support to many of the academic subjects on offer at the College. The two types of learning support are described below. 1. Peer Assisted Learning Sessions (PALS) provide the opportunity to participate in group study with fellow students, with the guidance of a PALS Leader. The main focus is on reinforcing weekly subject content. The secondary focus is on helping students to understand what is required in their assessable tasks. Attendance at PALS is optional, but highly recommended. 2. Peer Assisted Tutorials (PAT) provide students with a second person to consult in tutorials, in addition to their regular teacher. For further information, including the mode of delivery, please refer to the College website at Peer Learning Program.

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Attendance Attendance at lectures and tutorials is compulsory. Attendance is important for understanding course content and developing skills as well as receiving feedback from your teacher. Students must have a minimum 80% attendance. Students who do not meet this minimum attendance requirement may be counselled to resolve the matter. If the student’s attendance does not improve, then the student may be awarded a technical fail grade for the subject, regardless of the total final mark. For details, refer to the “MyCollege” Moodle site and / or the College Attendance Policy on the College website.

Learning Resources To access material online, go to the subject Moodle site accessible via SOLS. Textbook There is no prescribed textbook. All materials will be available online at no additional cost.

Calculators Students will be required to bring a calculator to all classes. Only calculators on the College list of approved calculators will be permitted in exams. The list of approved calculators is located at Calculators on the UOW website. Approved calculators must have a tamperproof label. The list of where the label can be obtained and other calculator information is also on the website.

Subject Content This subject will cover the following content areas: 1.

Introduction to economics

2.

Market forces of demand and supply and equilibrium

3.

Public goods and the economic considerations of crime and drugs

4.

Negative externalities and its application to the environment

5.

Positive externalities and its application to education

6.

Absolute and comparative advantage and its application to trade

7.

Market structures and economic welfare theory and policy of market power

8.

Macroeconomic efficiency and stability issues of inflation and unemployment

9.

Macroeconomic policy issues of monetary and fiscal policy

10.

Government taxes, borrowing, and the national debt

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Subject Learning Outcomes Successful completion of this subject will enable students to: 1.

Demonstrate a command of the basic economic terms, concepts and models.

2.

Understand and explain the concepts of demand and supply, and analyse how markets determine equilibrium price and quantity.

3.

Understand and explain the concepts of spillovers and externalities and analyse how it causes market failure.

4.

Demonstrate an understanding of different market structures and identify them in practice.

5.

Integrate appropriate real-life examples using the conceptual framework and tools of analysis of economics.

6.

Analyse specific issues in economics, generating independent and responsible solutions to policy-relevant questions.

7.

Apply macroeconomic theory to understand issues and examine the impact of policy.

Graduate Qualities The Diploma courses are designed to assist students in developing the College Graduate Qualities. It helps students become:

1. Informed: Have a working knowledge of an area of study and understand its issues locally and internationally. Know how to apply this knowledge. Understand how an area of study has developed and how it relates to other areas.

2. Independent Learners: Engage with new ideas and ways of thinking and critically analyse issues. Seek to extend knowledge through ongoing research, enquiry and reflection. Find and evaluate information, using a variety of sources and technologies. Acknowledge the work and ideas of others.

3. Problem Solvers: Develop creative, logical and critical thinking skills to respond effectively to problems. Make and implement decisions. Be flexible and thorough.

4. Effective Communicators: Articulate ideas and convey them effectively using a range of media. Work collaboratively and engage with people in different settings.

5. Responsible: Understand how decisions can affect others and make ethically informed choices. Appreciate and respect diversity and act with integrity. Take responsibility for one’s own learning and for completion of assessment tasks. © UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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How this subject contributes to the development of the Graduate Qualities This subject will contribute to the development of the College Diploma Graduate Qualities as set out in the table below. Whilst many of the aspects of the Graduate Qualities might be developed by this subject, the asterisks (*) represent those qualities that are specifically targeted: 

1 asterisk (*)



2 asterisks (**) = Graduate Quality introduced and developed / has medium focus



3 asterisks (***) = Graduate Quality introduced, developed and assessed / has strong focus

Graduate Quality

= Graduate Quality introduced / has less direct focus

Which Subject Learning Outcomes map to Graduate Qualities

Focus

Learning Activities

Assessment Tasks

1. Informed

1–7

***

Lectures and tutorials

Tutorial preparation, Mid-session test, Final exam

2. Independent Learners

1–7

***

Lectures and tutorials

Tutorial preparation, Mid-session test, Final exam Tutorial preparation, Mid-session test, Final exam

3. Problem Solvers

1–7

***

Tutorials, tutorial tasks

4. Effective Communicators

1–7

***

Tutorials, tutorial tasks

Tutorial preparation, Mid-session test, Final exam

5. Responsible

1–7

***

Lectures, tutorials, tutorial tasks

Tutorial preparation, Mid-session test, Final exam

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Subject Outline in Weeks Week 1 -

Subject overview and outline review

-

Introduction to Economics

Reference: Textbook Chapter 1 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 2 -

Crime

-

Drugs

Reference: Textbook Chapter 2 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 3 -

Environment

Reference: Textbook Chapter 3 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 4 -

Education

Reference: Textbook Chapter 4 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 5 -

International Trade

Reference: Textbook Chapter 12 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 6 Class Test 1 and Review

Week 7 -

Market Power

Reference: Textbook Chapter 13 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Week 8 -

Unemployment

-

Inflation

Reference: Textbook Chapter 14 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 9 -

Government Macroeconomic Policy

Reference: Textbook Chapter 15 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 10 -

Government Finance: Taxes, Borrowing, and the National Debt

Reference: Textbook Chapter 16 Tutorial Questions: Refer to Tutorial Schedule available on Moodle

Week 11 Class Test 2 and Review

Week 12 Revision Preparation and revision for final essay task

Weeks 13 & 14 Final Examination Period Examination and study period. There will be no final exam in this subject in Summer 2020.

Week 15 - Supplementary Examination Period Supplementary exams will be held this week. Please refer to examination timetable for the exact date, time and location.

© UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Assessment Attendance Attendance is important to your final results. Attendance at lectures and tutorials is compulsory. Students must have a minimum 80% attendance. Students who do not meet this minimum attendance requirement may be awarded a technical fail grade for the subject, regardless of the total final mark. For details, refer to the “MyCollege” Moodle site and / or the College Attendance Policy on the College website.

Assessment and Academic Misconduct All written assessment tasks, with the exception of examinations and in-class tasks, must be word-processed unless stipulated in the subject outline assessment details. Students must keep copies of all assessment tasks submitted for marking with the exception of class tests and examinations. Plagiarism is a form of academic misconduct that happens when a student uses someone else’s work and presents it as his/her own without showing where it comes from. To avoid this, students are expected to submit their own original work for assessment and to accurately acknowledge all references and sources used in essays and assignments. Where appropriate, written tasks will be submitted through Turnitin, a tool for checking if a document contains unreferenced content. For information regarding assessment, academic integrity and acknowledging sources, please refer to the Academic Quality Standards and the Academic Integrity and Student Conduct Policy on the College website, the “Referencing guide” section below and / or the “MyCollege” Moodle site.

Referencing Guide Referencing is a standardised way of acknowledging sources of information and ideas used in academic work. Please refer to the “MyCollege” Moodle site for further details. All written assessment tasks, with the exception of examinations and in-class tasks, must be word-processed unless students are otherwise advised. You also need to know about using direct and indirect quotations correctly. Information on this can be found at Uni Learning Notetaking on the UOW website. The internet can be a valuable source of information; however, you need to evaluate potential sources carefully and check with your tutor whether websites are appropriate sources to use in the context of this subject. © UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Assessment and Learning Schedule Subject Learning Outcomes Assessed

Weight %

Week No.

Length / Time

Subject Contents Assessed

Class Test 1

20%

6

1.5 hours

1, 2, 3, 4, 5, 6

1, 2, 3, 4, 5, 6, 7

1, 2, 3, 4, 5

Class Test 2

20%

11

1.5 hours

1, 2, 7, 8, 9, 10

1, 2, 4, 5 6, 7

1, 2, 3, 4, 5

Final Assessment Task

50%

12/13

2000 words

1, 2, 3, 4, 5, 6, 7, 8, 9, 10

1, 2, 3, 4, 5, 6, 7

1, 2, 3, 4, 5

Tutorial Preparation

10%

Weekly

Weeks 1-12

1, 2, 3, 4, 5, 6, 7, 8, 9, 10

1, 2, 3, 4, 5, 6, 7

1, 2, 3, 4, 5

Assessment Task

Graduate Qualities Assessed

Assessment Grading A final mark of 50% or higher is required to pass all subjects. A mark between 45% and 49% is NOT a pass. To be eligible to pass this subject, students must achieve an overall total mark of 50% or over and obtain a minimum of 50% in the final examination. Students who do not meet these minimum performance level requirements will be given a Fail grade (F). A Technical Fail (TF) grade will be given where a student gains an overall total mark of 50 or greater for the subject BUT does not meet a minimum performance requirement of 50% in the final exam. Additionally, students who fail a subject may be eligible for a supplementary exam. However, the overall final mark obtained for the subject and the final exam result will be considered. If eligible, a student will be given a WS grade until the results of the supplementary exams are finalised. If the student passes the supplementary exam, the student will be given a PS 50 grade. If the student fails the supplementary exam, then the student will be given a Technical Fail (TF) grade. In the case of a TF, student eligibility to sit a supplementary exam will be determined by the Head of Program in consultation with the relevant Subject Coordinator, and/or the Examiners Committee. For details on grade descriptors, refer to the Academic Quality Standards on the College website.

Progression to UOW Information about subject minimum marks and progression to UOW is located in the Academic Subject & Progression page in the relevant Course Outline on the College website. © UOW College Australia. All rights reserved 2020. UOWCA-WUCB162-SO/4

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Assessment Expectations and Responsibilities The Assessment and Examinations Guidelines for Students outlines and formalises for students what is, and what is not, acceptable conduct related to assessments and examinations, in addition to information regarding the release of student examination results and penalties for late assessment submissions. Students must submit all assessment tasks by the due date or penalties will be applied. If a student submits an assessment after the due date (i.e: late submission), the assessment will be awarded an original mark (out of the total available mark), and then a penalty will be applied to that original mark in accordance with the table below:

No. of calendar days late

Penalty

1

10% of the original mark.

2

20% of the original mark.

3

...