ECO130 - Subject Outline PDF

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Subject Outline

ECO130 - Business Economics Table of Contents Subject Summary ...................................................................................................................2 Subject Coordinator ...............................................................................................................2 Subject Coordinator ..................................................................................................2 Email ..........................................................................................................................2 Phone .........................................................................................................................2 Campus ......................................................................................................................2 Building/Room number ............................................................................................2 Consultation procedures ..........................................................................................2 Subject Overview....................................................................................................................2 Abstract ......................................................................................................................2 Learning outcomes....................................................................................................3 Subject content .........................................................................................................3 Key subjects ...............................................................................................................3 Subject Schedule & Delivery ..................................................................................................3 Prescribed text...........................................................................................................3 Class/tutorial times and location .............................................................................4 Schedule ....................................................................................................................4 Learning materials.....................................................................................................7 Learning, teaching and support strategies ..............................................................7 Recommended student time commitment .............................................................8 Assessment Items ...................................................................................................................8 Essential requirements to pass this subject.............................................................8 Items ..........................................................................................................................8 Assessment 1 - Online Quiz .........................................................................9 Assessment 2 - Short Answer ....................................................................11 Assessment 3 - Short Answers...................................................................16 Assessment 4 - Final Exam.........................................................................22 Assessment Information ......................................................................................................27 Academic integrity ..................................................................................................27 Referencing..............................................................................................................27 How to submit your assessment items ..................................................................27 Online submission process........................................................................27 Postal submission process ........................................................................28 Hand delivered submission process .........................................................28 Extensions................................................................................................................28 How to apply for special consideration..................................................................29 Penalties for late submission..................................................................................29 Resubmission ..........................................................................................................29 Feedback processes ................................................................................................29 Assessment return...................................................................................................29 Student Feedback & Learning Analytics ..............................................................................30 Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

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Evaluation of subjects .............................................................................................30 Changes and actions based on student feedback .................................................30 Learning analytics ...................................................................................................30 Services & Support ...............................................................................................................30 Develop your study skills ........................................................................................30 Library Services .......................................................................................................31 Policies & Regulations ..........................................................................................................31 Subject Outline as a reference document ..............................................................31

Subject Summary ECO130 - Business Economics Session 1 2020 Faculty of Business, Justice and Behavioural Sciences School of Accounting and Finance Distance Mode Credit Points 8 Welcome to a new session of study at Charles Sturt University. Please refer to the University's Acknowledgement of Country (http://student.csu.edu.au/study/acknowledgement-ofcountry).

Subject Coordinator Subject Coordinator Hazbo Skoko Email [email protected] Phone (02) 63384722 Campus Bathurst Building/Room number 1411/440

Consultation procedures The most effective way to contact me is via email ([email protected]).

Subject Overview Abstract This subject introduces students to the basic economic concepts and principles. Students will gain a sufficient understanding of the concepts to apply them in both work and everyday life. The subject provides a foundation for further studies in economics and more generally in business, management, and marketing. Students will be also able to follow discussions about the current business environment and effectively participate in the formulation of business strategies. The subject is designed as a combination of micro and macro issues at an Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

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introductory level. The first half of the subject introduces students to the tools of economic analysis, an understanding of price formation, the behaviour of firms and consumers and the basic models of market structure and their efficiency. The second half of the subject covers the key macroeconomic concepts such as inflation and unemployment, and fiscal and monetary policy.

Learning outcomes Upon successful completion of this subject, students should: • be able to apply economic concepts and principles to daily life; • be able to explain the economic decision making of producers and consumers and their interaction in the market place; • be able to describe fiscal and monetary policy in Australia; • be able to construct graphs and diagrams to demonstrate how economic concepts and principles work in practice; • be able to analyse the impact of monetary and fiscal policy on major economic variables such as inflation, unemployment and gross domestic product.

Subject content The subject is designed as a combination of micro and macro issues at an introductory level. The first half of the subject introduces students to the tools of economic analysis, an understanding of price formation, the behaviour of firms and consumers and the basic models of market structure and their efficiency. The second half of the subject covers the key macroeconomic concepts such as inflation and unemployment, and fiscal and monetary policy.

Key subjects Passing a key subject is one of the indicators of satisfactory academic progress through your course. You must pass the key subjects in your course at no more than two attempts. The first time you fail a key subject you will be at risk of exclusion; if you fail a second time you will be excluded from the course. The Academic Progress Policy (https://policy.csu.edu.au/view.current.php?id=00250) sets out the requirements and procedures for satisfactory academic progress, for the exclusion of students who fail to progress satisfactorily and for the termination of enrolment for students who fail to complete in the maximum allowed time.

Subject Schedule & Delivery Prescribed text The textbooks required for each of your enrolled subjects can also be found via the Student Portal Textbooks (http://student.csu.edu.au/study/study-essentials/textbooks) page. The text for ECO130 is Layton, A. P., Robinson, T. J., & Tucker, I. B. (2019). Economics for today. Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

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Sixth Asia Pacific Edition, South Melbourne, Australia, Cengage Learning.

Class/tutorial times and location Your class times can be found at Timetable @ CSU (http://timetable.csu.edu.au/), noting that a timetable may not apply to this online offering. Find out how to use Timetable @ CSU via the Student Portal Class Timetable (http://student.csu.edu.au/study/study-essentials/timetable) page.

Schedule Each week you should complete all readings, revision questions and online activities found on the subject internet site I2.

Weekly readings (from the textbook) are listed in the table below along with additional activities. Session Week

1

2

3

Week Commencing

2 March 2020

9 March 2020

16 March 2020

Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

Topics

Learning activities

Read Chapter 1, Appendix to chapter 1, and chapter 2. In addition, watch the interactive lecture, try practice questions and 1. What is Economics? Thinking additional resources (working with graphs and opportunity costs) like an economists. related to this topic and at the bottom of the page.

2. Demand and Supply

Read Chapter 3. Try to attend Online meeting 1 - 13 March 2020 In addition, watch the interactive lecture, try practice questions and additional resources (D and S Khan Academy) related to this topic. You can also check Emmet's and Edie's podcasts (found on the left side Menu under Learning Content)

3. Elasticity & Applications

Read Chapter 5. In addition, watch the interactive lecture, try practice questions and additional resources related to this topic - A brief video tutorial on Elasticity from Khan Academy.. You can also check Emmet's and Edie's podcasts.

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Session Week

4

5

6

7

Week Commencing

Topics

Learning activities

Assessment 1 due date - 23 March 2020

Assessment 1 (Quiz in the ECO130 Subject Interact 2 site) Value: 10%

4. Market Structures (Perfect competition, monopoly)

Read Chapter 7 (pp165-170) & Chapter 8. In addition, watch the interactive lecture, try practice questions and additional resources related to this topic - A video from Khan Academy explaining the concepts of perfect competition and monopoly. Read an article found here https://www.washingtonpost.com/ news/wonk/wp/2014/06/20/taximedallions-have-been-the-bestinvestment-in-america-for-yearsnow-uber-may-be-changingthat/?arc404=true You can also check Emmet's and Edie's podcasts. Please note HECS Census Date for Session

30 march 2020

5. Markets in Action (Market failure & Policy Issues)

Read Chapters 4 & 10. Try to attend Online meeting 3 27 March 2020 In addition, watch the interactive lecture, try practice questions and additional resources related to this topic - A video on consumerproducer surplus from Khan Academy. You can also check Edie's podcasts.

6 April 2020

6. Basic Macroeconomic Concepts (Measuring the economy; Cycles & Growth) Public Holiday 10-13 April 20202

Read Chapters 11 & 12. In addition, watch the interactive lecture, try practice questions and additional resources related to this topic - A video explaining GDP, from Khan Academy.. You can also check Edie's podcasts. Read Chapters 12& 13.

13 April 2020

6. Basic Macroeconomic Concepts (ctd.) (Cycles & growth +

23 March 2020

Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

Try to attend Online Meeting 3 10 April 2020

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Session Week

8

9

10

11

Week Commencing

Topics

Learning activities

Inflation & Unemployment)

In addition, watch the interactive lecture, try practice questions and additional resources related to this topic - You can also check Edie's podcasts.

Assessment 2 due date - 12 April 2020

Assessment 2 (submit via EASTS) Value: 20%

20 April 2020

Read Chapter 14. In addition, watch the interactive lecture, try practice questions and 7. Aggregate Demand additional resources related to this topic (found under Resources in the left side Menu). You can also check Edie's podcasts.

27 April 2020

7. Aggregate Supply

Read Chapter 14. Try to attend Online Meeting 4 24 April 2020 In addition, watch the interactive lecture, try practice questions and additional resources related to this topic. You can also check Edie's podcasts.

8. The Monetary & Financial System

Read Chapter 15. In addition, watch the interactive lecture, try practice questions and additional resources related to this topic (found under Resources in the left side Menu). You can also check Edie's podcasts.

9. Monetary Policy

Read Chapter 16. Try to attend Online Meeting 5 - 8 May 2020 In addition, watch the interactive lecture, try practice questions and additional resources related to this topic (found under Resources Extra Resources in the left side Menu). You can also check Edie's podcasts.

4 May 2020

11 May 2020

Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

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Session Week

Week Commencing

11

Topics

Learning activities

Assessment 3 due date - 10 May 2020

Assessment 3 (submit via EASTS) Value: 20% Read Chapter 17. Try to attend Online Meeting 6 22 May 2020 In addition, watch the interactive lecture, try practice questions and additional resources related to this topic (found under Resources Extra Resources in the left side Menu). You can also check Edie's podcasts.

12

18 May 2020

10. Fiscal Policy

13

25 May 2020

Revision

14

1 June 2020

Revision

Exams

8 June 2020

Beginning of Examination Period

Exams

19 June 2020

End of Session Examination Period

Learning materials Details of learning materials that support your success in this subject can be found in the Interact2 Subject Site.

Learning, teaching and support strategies The subject materials for this subject will be available in online format through the subject interact site. It has been specifically written to guide you through the sections (and questions) of the prescribed textbook and readings relevant to each topic. To support your engagement with the subject regular online meetings have been scheduled during the teaching weeks of session. Also through this session there will be regular online activities for you and although these are "non assessable" the completion of them will greatly enhance your knowledge and therefore success in this subject. You should check the Interact site at least weekly for postings, announcements, lecture information and other resources that will assist your studies or additional information and resources vital to your success in the subject. Studying at universities does not mean studying alone. Take advantage of collective wisdom and post your questions to the discussion board. Use the subject schedule to plan your studies over the session. The following strategy is suggested for your approach to weekly study throughout the session: 1. Read (thoroughly) the relevant chapter in the textbook (taking detailed notes as you go). 2. Work throught the learning activities in the Interact topics. Charles Sturt University Subject Outline ECO130 202030 B D Version 2 - Published 23 April 2020

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3. Attempt the questions and multiple choice quizes in the Interact site 4. Attempt any assignment questions that relate to the current topic. If you follow this approach, along with the suggested study schedule, you should be up to date and well prepared throughout the session. Assessment 1 has been designed to identify students who are not engaged in the subject and are therefore at risk of failure or withdrawal. We may contact you if we feel that you may fall into one or both of these risk groups.

Recommended student time commitment Each week you should spend around 10-12 hours studying this subject, obviously some weeks may require more time than others depending on how you work, but the following is a guide for your information. Text, online and supporting readings:

4.0 hours

Preparation of answers to topic review questions:

3.0 hours

Participation in weekly discussion board discussion:

1.0 hours

Preparation of assessment items:

3.0 hours

Participation in online meetings

0.5 hours

Assessment Items Essential requirements to pass this subject You must obtain at least 50% in both the examination and the total mark in order to pass this subject. You must pass the exam to pass the subject. To be eligible for the grade AA or AE you must have submitted all assessment items in the subject, including the final exam. If you choose not to complete an assessment item or do not sit the final exam then you will not be granted an AA or an AE grade.

Items Item No.

Title

Value

Due Date*

Return Date**

1

Assessment 1 - Online Quiz

10%

23-Mar-2020

Not returned

2

Assessment 2 - Short Answer

20%

12-Apr-2020

06-May-2020

3

Assessment 3 - Short Answers

20%

10-May-2020

29-May-2020

4

Assessment 4 - Final Exam

50%

To be advised

-

* Due date is the last date for assessment items ...