ECON1002 course outline Semester 2 2021 PDF

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Summary

The Course outline for semester 2, 2021....

Description

Newcastle Business School ECON1002: Macroeconomics in the Global Economy 2021

MISSION: Our mission is to advance responsible and impactful business knowledge. To achieve our mission, we develop life ready graduates and build global and local partnerships through ethical and innovative practices.

OVERVIEW Course Description

The state of the macroeconomy is a major influence on employment opportunities, business profits and investment returns, which impacts directly on the economic and social welfare of a nation's citizens. This course outlines key principles of macroeconomics within the context ofan open economy and provides a framework for understanding the interaction between its key stakeholders. Students explore the transmission mechanisms through which global economic shocks impact on nations and their regions. Macroeconomics provides models to demonstrate how government policy influences key economic areas;including productivity, national output, unemployment, inflation and household debt. Students will be introduced to different perspectives in the debate over the role of government management in the economy. They will learn to synthesize different options and to think critically.

Sustainable Development Goals Please note: S2 will be fully online for offshore students. S2 onshore students will commence face to face learning and may move to online learning if COVID-19 restrictions are re-introduced. Contact Hours Lecture/Workshop Face to Face On Campus Two (2) hour(s) lecture and one (1) hour workshop per Week for Full Term Students are expected to complete 4 hours of guided learning via online preparation, lectures, interactive workshops, tutorials, discussion groups or self-directed learning and an additional 6 hoursof independent study per week.

Contact Hour Requirement There is a compulsory attendance requirement in this course.

ILS: 3hours per Week for Full Term

All students must participate in 80% of all non-lecture activities in this course.

Students can check-in using the app or advise the academic staff member at the commencement of the session if they need the staff member to check-in on their behalf. All students’ attendance will be recorded using the my UON app. Unit Weighting

10

Workload

Students are required to spend on average 120-140 hours of effort (contact and non-contact) including assessments per 10 unit course.

CRICOS Provider 00109J

ECON1002: Macroeconomics in the Global Economy - 2021 Please refer to the course Blackboard site for details of teaching staff for ALL course offerings. The primary contact for courses is the Course Coordinator, whose details are listed on the course Blackboard site. Student Consultation A minimum of 1 hour of consultation per week. Please see course Blackboard site for details of time and location. Course Learning On successful completion of this course, students will be able to: Outcomes 1. Utilise basic macroeconomic concepts and theoretical principles to understand the evolution of the macroeconomy and how it impacts on both the welfare of households and the sustainability of business organisations; 2. Review economic data which are pertinent to contemporary macroeconomic debates and use numerical and graphical techniques to analyse these data; 3. Demonstrate that macroeconomics is a contested discipline with different intellectual perspectives on the most appropriate way to manage the macroeconomy; 4. Adopt critical and adaptive thinking to assess current media and government reports about macroeconomic analysis and policy, with particular reference to global economic events and shocks; 5. Interpret and effectively communicate economic processes and policies to suit the context and audience; and 6. Demonstrate that a solid understanding of macroeconomics is important for a well-rounded education in the business and commerce disciplines, as it underpins well informed business decisions.

ASSESSMENT DETAILS This course has 4 assessments. Each assessment is described in more detail in the sections below

1 2

3 4

Assessment Name Workshop Discussion Questions Group Multiple Choice Activity

Mid Semester Test Final Examination

Due Date Friday– Week 10 by 11.59pm

Involvement

Weighting

Individual

10%

Learning Outcomes 1,2,3

Friday – Week 4 by 11:59pm Friday – Week 8 by 11:59pm Friday – Week 10 by 11:59pmFriday – Week 12 by 11:59pm Friday – Week 6 by 11.59pm Formal Exam Period

Group

15%

2,3,4

Individual Individual

25% 50%

2,3,4 5,6,7

Time referenced is time in Newcastle NSW. Late Submissions

Oral Examination

The mark for an assessment item submitted after the designated time on the due date, without an approved extension of time, will be reduced by 10% of the possible maximum mark for that assessment item for each day or part day that the assessment item is la te. Note: this applies equally to week and weekend days. As part of the evaluation process of any assessment item in this course an oral examination may be conducted. The purpose of the oral examination is to verify the authorship of the material submitted in response to the assessment task. The oral examination will be conducted in accordance with the principles set out in the Oral Examination Guidelines. In cases where the oral examination reveals the assessment item may not be the student’s own work the case will be dealt with under the Student Conduct Rule.

Assessment 1 – Workshop Discussion Questions Assessment Type Purpose Description

Pre-Workshop preparation Exercises To assess understanding of important macroeconomic concepts and to provideprompt feedback to students on their progress and understanding. In most weeks (see Course Schedule) you are required to prepare answers to a setof discussion questions prior to attending each workshop. These discussion question sets are located on blackboard. At each workshop, these questions and answers form the basis of inPage 2 of 8

ECON1002: Macroeconomics in the Global Economy - 2021

Weighting Length Due Date Submission Method

Assessment Criteria Return Method Feedback Provided

class learning activities. You may augment your own answers with discussion that occurs in class. These augmented answers form the basis of an assessable document required for submission in Week 10. In Week 10 you must submit a single document that covers all discussion questions with answers from Discussion Sets 1-8 inclusive ONLINE VIA BLACKBOARD. Your tutor will mark one of the discussion questions from each set, however you willnot know in advance which one is to be assessed. Each marked question will be marked out of one. If answers are provided to all questions in a given set, then an additional quarter mark will be allocated for that set. You must print your full name and workshop time on the top of the front page of your submitted work. Your submitted work will not be marked if it is not a word-processed. 10% 300 words per week/discussion question set (Total word count is 2400-2600 words) Week 10 online (offshore students) Online. Further instructions are available from the Course Blackboard site. Please note: After you have submitted this task you may be required to undertake a viva as an integrity check. A viva will consist of an interview with your Course Coordinator either in person, via telephone, or e-communication (i.e. Zoom, Skype,Collaborate, etc) for approximately 10 minutes. During this time, you may be asked to a) clarify or explain your responses, b) provide additional information to provided responses, or c) answer additional questions to verify your knowledge of a topic and/or concept. The viva may be recorded for further review if necessary. You willbe contacted via email should you be selected for a viva The following criteria will be used: - Accuracy of response; and - Clarity of Expression. Online via course Blackboard site Class discussion of answers Marks online via course Blackboard site

Assessment 2 – Group Multiple Choice Activity Assessment Type Purpose Description

Weighting Length Due Date

Submission Method

In Term Test To assess understanding and knowledge and to build collaboration skills. In four (4) lectures during the course, each student will be placed into a group wherethey collaborate in discussing and determining answers for a multiple-choice assessment activity (MCA). The questions will be based on the previous 2-4 weeks topics and associated textbook readings (refer to Course Schedule). The group MCAwill be conducted in weeks 4, 8, 10 & 12. Of the four (4) MC activities, the best three (3) will be used to calculate an average mark out of ten Each MCA will have up to ten (10) questions. You must take at least 3 of the 4 MCAs because there is no extra make up MCA test. [Note: Working in groups and in class is required in face to face offerings, however alternative formats including online assessments for individuals or blackboard collaboration may be considered under adverse circumstances.] Note: Offshore students will be required to complete this assessment online, during timetabled class time. 15% 15 minutes Week 4 Workshop: in Class Week 8 Workshop: in Class Week 10 Workshop: in Class Week 12 Workshop: in Class In Class - for face to face students Offshore students will be required to submit this assessment online. Further instructions are available from the Course Blackboard site. Please note: After you have submitted this task you may be required to undertake a viva as an integrity check. A viva will consist of an interview with your Course Coordinator either in person, via telephone, or e-communication (i.e. Zoom, Skype, Collaborate, etc) for approximately 10 minutes. During this time, you may be asked to a) clarify or explain your responses, b) provide additional information to provided responses, or c) answer additional questions to verify your knowledge of a topic and/or concept. The viva

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ECON1002: Macroeconomics in the Global Economy - 2021 may be recorded for further review if necessary. You will becontacted via email should you be selected for a viva Assessment Criteria Return Method Feedback Provided

The following criteria will be used: Accuracy of response; and Ability to work in teams. In Class – for face to face students Offshore students: Online via course Blackboard site In Class – for face to face students Offshore students: Online via course Blackboard site

Assessment 3 - Mid Semester Test Assessment Type

In Term Test

Purpose

Demonstrate your understanding of foundational economic concepts.

Description

Students must be able to engage in critical thinking and problem solving. The test will cover topics treated in workshops from weeks 1-4 inclusive. The test will be -60minutes in duration and consist of multiple choice, short answer questions and possibly some calculations. Note: Offshore students will be required to complete this assessment online, during timetabled class time. 25% 60 minutes (including reading time) May be varied for Offshore students due to COVID-19 restrictions Face to Face: Week 6 – In Class Offshore: students are required to complete this assessment online, duringtimetabled class time. Face to Face: In Class Offshore students: Online via course Blackboard site Note: Alternative formats including online assessments may be consideredunder adverse circumstances and for fairness to all. Please note: After you have submitted this task you may be required to undertake a viva as an integrity check. A viva will consist of an interview with your Course Coordinator either in person, via telephone, or e-communication (i.e. Zoom, Skype,Collaborate, etc) for approximately 10 minutes. During this time, you may be askedto a) clarify or explain your responses, b) provide additional information to provided responses, or c) answer additional questions to verify your knowledge of a topic and/or concept. The viva may be recorded for further review if necessary. You will be contacted via email should you be selected for a viva The following criteria will be used: Relevance to the question; Accuracy of information/argument; and Clarity of expression. In Class – for face to face students Offshore students: Online via course Blackboard site In Class on returned work Offshore students: Online via course Blackboard site

Weighting Length Due Date Submission Method

Assessment Criteria

Return Method Feedback Provided

Assessment 4 - Final Examination Assessment Type Purpose Description

Weighting Length Due Date Submission Method

Formal Examination Demonstrate understanding of principles of macroeconomics and your capacity to critically analyse policy frameworks. The exam may include a combination of short answer questions, calculations, and short essays. This is a RESTRICTED OPEN book examination. A memory aid will be permitted. The memory aid is a student prepared 1 x A4 double-sided sheet of handwritten or typed notes for use during the examination. Note: memory aids must be left on the examination desk and cannot be removed from the examination venue. 50% 120 minutes plus 10 minutes reading time Off-shore students: May be varied depending upon COVID-19 restrictions Formal Exam Period Formal Examination Please note: After you have submitted this task you may be required to undertake a viva as an integrity check. A viva will consist of an interview with your Course Coordinator either in Page 4 of 8

ECON1002: Macroeconomics in the Global Economy - 2021

Assessment Criteria

Return Method Feedback Provided

person, via telephone, or e-communication (i.e. Zoom, Skype,Collaborate, etc) for approximately 10 minutes. During this time, you may be asked to a) clarify or explain your responses, b) provide additional information to provided responses, or c) answer additional questions to verify your knowledge of a topic and/or concept. The viva may be recorded for further review if necessary. You will be contacted via email should you be selected for a viva The following criteria will be used: Relevance to the question; Accuracy of information/argument; Demonstrated links to corresponding readings; and Clarity of expression. Not Returned No Feedback. Examination scripts will not be returned to students. Final examination scripts will be made available for review by students, upon request, in a controlled and monitored setting. Students are required to make requests, directly to the relevant course coordinator. Completed examination scripts are kept by the Newcastle Business School for a period of six (6) months only, from the relevant fully graded date. Requests made after the six (6) month period cannot be considered.

SYLLABUS Course Content

Topics in the course include but are not limited to the following: 1. 2. 3. 4. 5. 6. 7. 8.

Course Materials

Key macroeconomic concepts GDP and the circular flow of income The determination of economic activity Monetary policy, banking and interest rate Fiscal policy, deficits and public/household debt crises Theories of inflation Exchange rates and international trade Contemporary macroeconomic policy debates

Required Text: Hubbard, R. G. and O’Brien, A. P (2017) Macroeconomics, USA: Pearson. Please refer to the course Blackboard site for details of additional recommended texts

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ECON1002: Macroeconomics in the Global Economy - 2021

SCHEDULE Week 1

Topic Introduction to Macroeconomics Demand & Supply

Class Preparation Text Ch 1 & 2

GDP: Measuring Total Production and Income Financial Systems &Business Cycles

Text Ch 4

5

Long-run Growth & Policies

Text Ch 6

6

Unemployment

Text Ch 7

7

Inflation

Text Ch 8

8

Aggregate Expenditure and Output in the Short Run

Text Ch 9

9

Aggregate Demand and Aggregate Supply Analysis The Reserve Bank &Monetary Policy

Text Ch 10

11

Fiscal Policy

Text Ch 13

12

Schools of EconomicThought Macroeconomics in anOpen Economy

Text Ch 14

13

Revision

2 3 4

10

Text Ch 3

Text Ch 5

Text Ch 11 & 12

Workshop Activities Assessment 1 due: Discussion questionsSet One from course Blackboard site. Assessment 1 due: Discussion questionsSet Two from course Blackboard site. Assessment 1 due: Discussion Questions Set Three from course Blackboard site. Assessment 1 due: Discussion Questions SetFour from course Blackboard site. Assessment 2 due: Multiple Choice Activity testingweeks 1, 2, 3 Assessment 1 due: Discussion Questions Set Fivefrom course Blackboard site. Assessment 3 due: Mid Term Test examining weeks 1, 2, 3 & 4 - Week 6 Online Assessment 1 due: Discussion Questions Set Sixfrom course Blackboard site. Assessment 1 due: Discussion Questions SetSeven from course Blackboard site. Assessment 2 due: Multiple Choice Activity testingweeks 5, 6, 7 Assessment 1 due: Discussion Questions Set Eight from course Blackboard site. Assessment 1 due: SUBMIT YOUR WORKSHOPQUESTION ANSWER DOCUMENT ONLINE Assessment 2 due: Multiple Choice Activity testingweeks 8 & 9 Workshop Discussion Questions

Assessment 2 due: Multiple Choice Activity testingweeks 10 & 11 Workshop Discussion Questions Course Revision

Please note: Assessment completion and submission methods for Offshore students will vary depending upon COVID-19 restrictions. Please refer to the course Blackboard site for further details. If a lecture/class is scheduled on a public holiday, a make-up lecture may be announced by the course coordinator on the course Blackboard site.

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ECON1002: Macroeconomics in the Global Economy - 2021

CONTACTS School Offices

Newcastle Business School – Callaghan, Newcastle City & Online NU Space 409 Hunter Street Newcastle [email protected] +61 2 4921 5511 Newcastle Business School - Ourimbah BO1.13, Business Offices Ourimbah [email protected] +61 2 4349 4453 Newcastle Business School - Sydney 55 Elizabeth Street Sydney [email protected] +61 2 82626432 PSB Academy Enquiries Ph: +65 6390 9000 Log your question or request to the PSB Program Executives at the following website: http://www.psb-academy.edu.sg/enq

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ECON1002: Macroeconomics in the Global Economy - 2021

ADDITIONAL INFORMATION Grading Scheme

Communication Methods

This course is graded as follows: Range of Grade Description Marks 85-100 High Outstanding standard indicating comprehensive knowledge Distinction and understanding of the relevant materials; demonstration of (HD) an outstanding level of academic achievement; mastery of skills*; and achievement of all assessment objectives. 75-84 Distinction Excellent standard indicating a very high level of knowledge (D) and understanding of the relevant materials; demonstration of a very high level of academic ability; sound development of skills*; and achievement of all assessment objectives. 65-74 Credit Good standard indicating a high level of knowledge and (C) understanding of the relevant materials; demonstration of a high level of academic achievement; reasonable development of skills*; and achievement of all learning outcomes. 50-64 Pass Satisfactory standard indicating an adequate knowledge and (P) understanding of the relevant mater...