ECON1000 Introductory Economics Semester 1 2020 Bentley Campus INT PDF

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Unit Outline 2020...

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Faculty of Business and Law School of Economics and Finance

Unit Outline

ECON1000 Introductory Economics Semester 1, 2020

Unit study package code:

ECON1000

Mode of study:

Internal

Tuition pattern summary:

Note: For any specific variations to this tuition pattern and for precise information refer to the Learning Activities section. Lecture: 1 x 2 Hours Weekly Tutorial: 1 x 1 Hours Weekly This unit does not have a fieldwork component.

Credit Value:

25.0

Pre -requisite units:

Nil

Co -requisite units:

Nil

Anti- requisite units:

Nil

Result type:

Grade/Mark

Approved incidental fees:

Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details.

Unit coordinator:

Title: Name: Phone: Email: Location:

Dr Sherry Bawa 92669691 [email protected] Building: 408 - Room: 3011

Teaching Staff:

Name: Phone: Email: Location:

Sherry Bawa 92669691 [email protected] Building: 408 - Room: 3011

Administrative contact:

Name: Phone: Email: Location:

Anna Pochuev +61 9266 9944/7724 [email protected] Building: 408 - Room: Level 3

Learning Management System: Blackboard (lms.curtin.edu.au)

Acknowledgement of Country We respectfully acknowledge the Indigenous Elders, custodians, their descendants and kin of this land past and present. The Centre for Aboriginal Studies aspires to contribute to positive social change for Indigenous Australians through higher education and research.

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 1 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 

Syllabus Introduction to economic concepts and principles, Demand and supply analysis, Elasticity ,Economic Efficiency, Market failure, Introduction to macroeconomics, Unemployment and inflation, Model of aggregate demand and aggregate supply, Global markets.

Introduction “The ideas of economists ... are more powerful than is commonly understood. Indeed the world is ruled by little else .” John Maynard Keynes

Welcome to ECON1000 Introductory Economics and the School of Economics, Finance and Property. Introductory Economics (ECON1000) in 2020is a one semester course that offers an introductory flavour of economics. The course aims to cover key economic concepts of both microeconomics and macroeconomics in an Australian as well as international context. The syllabus incorporates the following five (5) concepts in microeconomics: the economic way of thinking; demand and supply; elasticity; market efficiency; behavioural economics and asymmetric information. In addition, the syllabus covers the following five (5) topics in macroeconomics: economic growth (GDP), unemployment and inflation; the business cycle and aggregate demand/supply; monetary policy; fiscal policy; and exchange rates. The syllabus emphasises the application of economic theory to real-world events. Economics is part of our everyday lives, when we ’re studying, shopping, dealing with customers or finding a place to live. Economics effects everything in our lives —what we earn, how we work, where we learn, what we eat; the list goes on. An understanding of economics is very important in an uncertain world, where market forces have such a significant influence on our lives. Any student undertaking a course in commerce or business at the undergraduate level requires an understanding of economics—how markets work, the price system, macroeconomic activity, the global economy, economic policy, and so on. A good grasp of introductory principles of economics is crucial if we, as student collaborators and critical social -ecological observers, are to make informed judgements about solving real-world problems. Dearest student, enjoy your study-life time in 2020with ECON1000! :- )

Unit Learning Outcomes All graduates of Curtin University achieve a set of six Graduate Capabilities during their course of study. These inform an employer that, through your studies, you have acquired discipline knowledge and a range of other skills and capabilities which employers would value in a professional setting. Each unit in your course addresses the Graduate Capabilities through a clearly identified set of learning outcomes. They form a vital part in the process referred to as assurance of learning. The learning outcomes notify you of what you are expected to know, understand or be able to do in order to be successful in this unit. Each assessment for this unit is carefully designed to test your knowledge of one or more of the unit learning outcomes. On successfully completing all of the assessments you will have achieved all of these learning outcomes. Your course has been designed so that on graduating you will have achieved all of Curtin's Graduate Capabilities through the assurance of learning processes in each unit.

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 2 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 

On successful completion of this unit students can: 1

Explain the nature of the economic problem

2

Explain the economic way of thinking

3

Apply the economic way of thinking to analyse real world events

4

Analyse and evaluate economic issues using economic theory

5

Demonstrate economic literacy by writing effectively using economic theory

Graduate Capabilities addressed

Curtin's Graduate Capabilities Apply discipline knowledge, principles and concepts

Innovative, creative and entrepreneurial

Effective communicators with digital competency

Globally engaged and responsive

Culturally competent to engage respectfully with local First Peoples and other diverse cultures

Industry connected and career capable

Find out more about Curtin's Graduate Capabilities at the Curtin Learning and Teaching website: clt.curtin.edu.au

Learning Activities To aid your learning experience, you should listen toone lecture series per weekand attendone tutorial classi.e.'workshop'per week . l

l

The lectures cover the syllabus material. Lecture slides and other relevant learning resources are available on Blackboard (Bb). The lectures will summarise the relevant material covered in the textbook and will help focus your learning on the important concepts of the course. The workshop exercises and quizzes, article analysis andthe final exam will be based on the material covered in the lectures. The lectures aredelivered live (and recorded) at the Perth (Bentley) campus (during Teaching Weeks only)onTuesdays 2 pm(in 210.101). Lecture Notes(inPowerPoint) will be posted on Blackboard before each lecture, normally by 11:00pm (Perth, W.S.T.) on Sundays. The tutorials (also referred to as 'workshops')are a key opportunity you will have for regular group discussion of topics covered in the lectures and textbook. Tutorials should provide you with a useful guide as to your understanding of the course material. Students are encouragedto participate in each tutorial class (i.e. 'workshop') by preparing answers to theset questions for each workshop. The ECON1000 (2020) Student Tutorial Guide and the questions set outfor each workshop (in the teaching weeks) are available on Bb.Attend regularly and be prepared to contribute in some positive way to the discussion. This means reading the prescribed text, revising your lecture notes and preparing answers to the tutorial questions and problems. You should ask your tutor to explain any parts of the course that you have not understood or found difficult. l A complete tutorial/lecture class timetableis made available on Bb. The class timetable has the day, time, location and name of tutor (note, the class listmay be subject to slight change throughout the semester).

You should expect to devote at least 3 -4 hours per teaching weekto reading your textbook and listening to the lecture and preparing answers to the tutorial discussion questions. Each week you may be asked by your tutor to explain an answer to the class, or use the whiteboard to illustrate an answer. In economics, it is important to communicate effectively in writing using economic theory and to engage confidently in interpersonal communication in tutorials.

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 3 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 



Learning Resources Essential texts The required textbook(s) for this unit are: l

The "essential" textbook forECON1000 Introductory Economicsin2020says on the front cover, compiled by 'Andrew John Brennan'. However, the correct way to reference the text in a bibliography is as follows:

Hubbard, Glenn, Anne Garnett, Phil Lewis, and Anthony O'Brien, 2015.Introductory Economics(CustomEdition), 1st edn, Sydney, NSW: Pearson Australia. (ISBN/ISSN: 9781488608650)

Other resources Curtin University students enrolled in ECON1000 in 2020can purchase the following hard copy (printed) text >ISBN:9781488608650. For instance, the text islisted on the Pearson Australia website, asValue Pack Introductory Economics (Custom Edition) + MyEconLab withouteTextCard:http://www.pearson.com.au/9781488608650. You might be able to locate asecond-hand hard copy of the prescribed textfrom a previous semester. As an alternative to the hard copy (printed) version, there is an electronic version of the text, i.e. aneText type versionof the custom textbook prescribed for this course (at a lower cost). Students can buy Introductory Economics ECON1000 (Custom Edition VitalSource eText) by going to:http://www.pearson.com.au/9781488616525. In 2020, 'MyEconLab' isfreeto use for all students of ECON1000: certain key features of MyEconLab (i.e. the "Study Plan" and "Assignments") are freely available. MyEconLab is a useful online resource for students to gain extra knowledge from the contents of the textbookvia the system's adaptive learning technologies. MyEconLab is required for one of your assessments (see the Assessment schedule in the Unit Outline). Instructions on how to register for MyEconLab are available in PPTX on Blackboard, under the Learning Modules tab.

The Learning, Engagement andInternational Services (LEIS)team at the library are piloting an online support initiative for first year (undergraduate students) at Curtin in 2020called Studiosity. Seehttps://www.studiosity.com/. Studiosity provides personalised, online study help via two tools - Connect Live and Writing Feedback to a broad range of discipline areas. It will be made accessible via Blackboard (Bb) in all first year units (in all locations and modes of study)—i.e. that includes Introductory Economics. Studiosity may be useful to some extent when working on your Article Analysis. Studiosity (formerly known as YourTutor) enables all students enrolled in 1st-year units access to 24/7 online constructive feedback to develop their academic skills. It provides personalised feedback on small portions of text but does not proofread or edit. Students can also utilise the “Connect Live” function for guidance on core skills areas such as maths, science. All guidance and feedback comes from advisors who are experts in their fields, and are carefully selected and rigorously trained. Access for students to Studiosity is via Blackboard desktop and mobile.

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 4 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 

Assessment Assessment policy exemptions l

There are no exemptions to the assessment policy

Assessment schedule Task

Value %

Workshop Exercises and Quizzes 20% 1

2

Article Analysis - Application of Microeconomics in the News

30%

Final Examination

50%

3

Date Due Week: multiple Day: see details in Unit Outline Time: see details in Unit Outline Week: 8 Day: Tuesday/ 28th April Time: 11:00am Week: see examinations timetable Day: TBA Time: TBA

Unit Learning Outcome(s) Assessed

Late Assessment Assessments Extensions Accepted?* Considered?*

1,2,3

No

Yes

3,4,5

Yes

Yes

2,3,4

No

Yes

*Please refer to the Late Assessment and the Assessment Extension sections below for specific details and conditions.

Detailed information on assessment tasks 1. 'Workshop Exercises and Quizzes'consists of two different pieces of assessment:

§1. microeconomics quiz activities[3 components worth 10%] and; §2. a macroeconomics quizactivity [1 component worth 10%]. The workshop exercises and quizzes are deliberately designed to help you with your learning of the relevant content and to help you (the student) to be better prepared for other assessments. §Quiz L1 to L4 microeconomics activities (worth 10 marks) -- consists of a series of multiple choice questions on the microeconomicstopics of L1(the economic way of thinking), L2 (demand and supply), L3 (elasticity) and L4 (economic efficiency); this will be done using MyEconLab, the textbook's adaptive learning system. Rationale forQuiz L1 to L4 microeconomics activities:to help the student gain knowledge and develop their problem-solving skills onlecture topics L1 to L4, and henceserve as a useful foundation for the article analysis.

Please pay attention to the following staggered release schedule: Quiz ‘L1 & L2’ microeconomics activity enabled on MyEconLab: 9:00pm, Wed. 4th March (Component 1) Quiz ‘L3’ microeconomics activity enabled on MyEconLab: 9:00pm, Wed. 11th March (Component 2) Quiz ‘L4’ microeconomics activity enabled on MyEconLab: 9:00pm, Wed. 18th March (Component 3) The number and type of selectedquestions will vary for each topic. You will have up to 2attempts for any question asked. You are strongly encouraged towork on theQuiz L1 to L4 microeconomics activitiesas they are released at your own pace. Quiz L1 to L4 microeconomics activities [worth 10%] areDUE on MyEconLab: 9:00pm, Wed. 25th March

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 5 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 

Marking guide: the MyEconLab system generates an overall score out of 100 for each quiz activity. You will be awarded the average of the quiz activities, and this score shall be converted into a mark out of 10, rounded to the nearest first decimal -- e.g. a MyEconLab average score of 83.13 would be a 8.3 out of 10. Please allow about one (1) week after the due date for the results to be entered into Grade Center (as the final scores have to be inputted manually). 

Quiz L6 to L9 macroeconomics activity(worth 10 marks) --consists of short written answers and drawing appropriate diagram(s). The macro quiz will be based on a selection from the followingmacroeconomic topics: L6 (GDP, unemployment, inflation and the business cycle), L7 (aggregate demand andaggregatesupply), L8 (monetary policy), L9(fiscal policy). Rationale for Quiz L6 to L9 macroeconomics activity:to help students prepare for the written section in the final exam, i.e. to give you (the student) the opportunity to practice writing and answering typical short answer questions in the final economics exam. Articulating clear answers and solving (economic) problems are very important skills to havein the real business world. Quiz L6 to L9macroeconomics activity [worth 10%] DUETeaching Week 11,May 18th - 22nd, 25minutes working time, closed book, sat in tutorial class. More specific details about the exact nature of the macro quiz will be announced on Bb in Week 10. In general, the tutorials in Week 11are structured as follows: 1. Go through a selectedtutorial questionon fiscal policy. [8 to 10minutes] 2. Attempt the macroeconomics quiz. [25minutes] 3. Youwill have the opportunity to seek verbal clarification from your tutor of your submitted article anlaysis (if need be). [8 to 10minutes] 4. Go forth and enjoy life ... 5. Keep having fun, and inthe following Week 12 tutorial, you can seek specific feedback on your written answerin the class you sat the macroeconomics quiz. Marking guide: there may be several parts to a question; in any case, a clear allocation of marks for each part of the question(s) will be specified. In general, students who write more --whilst answering the question -tend to earn a higher credit/distinction mark. That is, the student who provides more specificity in their answer shall be awarded more marks. Marks are also allocated for fully labelled and correctly drawn diagrams (where appropriate). Please do not miss themacroeconomics quizactivity [worth 10%] under normal circumstances as it will resultin a loss of 10valuable marks. If you aresickand unable to attend this quiz in your normal (registered) tutorial time/day, then youmayattend an alternative tutorial in the week corresponding to the quiz (Week 11). However, if you are attending an alternative tutorial day/time, youmust show your Student ID and a copy of your medical certificateto the tutor. 2. Article Analysis - Application of Microeconomics in the News [worth 30%].

Electronic copy via Blackboard (Bb) is DUE by 11:00amonTuesday 28th April, in Teaching Week 8. OBJECTIVE of Article Analysis: You are to apply microeconomic theory to explain and analyse a news article. Rationale forArticle Analysis :to help the student develop and/or strengthen their analytical and communication skills set by applying theirknowledge of economic theories to real world issues. Industry values workers with a well- developed set of analytical skills and communicative abilities.

ECON1000 Introductory Economics Bentley Campus 13 Feb 2020 School of Economics and Finance, Faculty of Business and Law

Page: 6 of 17 CRICOS Provider Code 00301J The only authoritative version of this Unit Outline is to be found online in OASIS

Faculty of Business and Law School of Economics and Finance 

1. You are to select a web article/newspaper/magazinefor your microeconomic analysis. a. You must be able to relate your main article to at least two of the topics (L1 to L5, i.e. chapters 1 – 5) covered in the lecture program (see point 2 below). b. The main news article must have been written on orafter 1st Feb., 2020.Please double check the date/month/year of the main news article. Assignment will not be marked ifdate ofarticleis before t...