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School of Accounting, Economics and Finance ECON100: Economic Essentials for Business Subject Outline 6 credit points

Subject Information Autumn, 2019, Wollongong On Campus Lecture Information: Fridays, 14:30 - 16:30, 40.HOPE theatre Pre-requisites: N/A Co-requisites: N/A Restrictions: None Contact Hours: 2 hour lecture & one hour tutorial - see Subject Outline for Tutorial Schedule Online Subject Material: The subject outline, the weekly tutorial exercises, Echo360 recordings of lectures and other materials for this subject will be available from the subject moodle site.

Faculty Vision, Mission and PRME The Mission of the Faculty of Business is to promote responsible leadership and sustainable business practice, and contribute to a stronger economy and a more just society. The Faculty Vision, Mission and Values statements can be found at https://business.uow.edu.au/vision-mission-values/index.html The Faculty is also a signatory to the Principles of Responsible Management Education (PRME) and supports the realisation of the United Nations Sustainable Development Goals. More information on PRME can be found at https://business.uow.edu.au/about/index.html

ECON100 Subject Outline

Autumn, 2019, Wollongong

Page 1 of 17

Teaching Staff Teaching Role

Coordinator and Lecturer

Name

Associate Professor Charles Harvie

Telephone

0242213702

Email

[email protected]

Room

40.223

Consultation Times

Tuesday 10:30 - 12:30 Wednesday 10:30 - 12:30

Teaching Role

Head Tutor

Name

Dr Tikiri Agalewatte

Telephone Email

[email protected]

Room Consultation Times

ECON100 Subject Outline

Wednesday 12:30 - 13:30

Autumn, 2019, Wollongong

Page 2 of 17

Email Etiquette: Consultation with your subject coordinator and/or teachers via email Your teachers receive many emails each day. In order to enable them to respond to your emails appropriately and in a timely fashion, students are asked to observe basic requirements of professional communication: Consider what the communication is about   

Is your question addressed elsewhere (e.g. in this subject outline or, where applicable, on the subject's eLearning site)? Is it something that is better discussed in person or by telephone? This may be the case if your query requires a lengthy response or a dialogue in order to address. If so, see consultation times above and/or schedule an appointment. Are you addressing your request to the most appropriate person?

Specific email title/ header to enable easy identification of subject related/ student emails 

Identify the subject code of the subject you are enquiring about (as your teacher may be involved in more than one subject) in the email header. Add a brief, specific header after the subject code where appropriate.

Professional courtesy    



Address your teacher appropriately by name (and formal title if you do not yet know them). Use full words (avoid 'text-speak' abbreviations), correct grammar and correct spelling. Be respectful and courteous. Academics will normally respond within 1-2 business days. If the matter is urgent, you may wish to telephone the teaching staff whose contact details are given in this subject outline or contact the School. Please ensure that you include your full name and identify your seminar or tutorial group in your email so that your teachers know who they are communicating with and can follow-up personally where appropriate.

Copyright Commonwealth of Australia Copyright Regulations 1969 © 2019 University of Wollongong The original material prepared for this guide is covered by copyright. Apart from fair dealing for the purposes of private study, research, criticism or review, as permitted under the Copyright Act, no part may be reproduced by any process without written permission.

ECON100 Subject Outline

Autumn, 2019, Wollongong

Page 3 of 17

Table of Contents Section A: General Information .......................................................................................................................... 5 Learning Outcomes ............................................................................................................................................ 5 Student Learning Outcomes .......................................................................................................................... 5 Subject Description ....................................................................................................................................... 5 Course Learning Outcomes ........................................................................................................................... 5 Readings, References and Materials .................................................................................................................. 5 Major Text(s) ................................................................................................................................................ 5 Key References ............................................................................................................................................. 5 Lectures, Tutorials and Attendance Requirements ............................................................................................ 6 Lecture Times * ............................................................................................................................................ 6 Lecture Program * ......................................................................................................................................... 6 Additional Lecture Comments ...................................................................................................................... 6 Tutorial/Seminar/Workshop Times ............................................................................................................... 6 Tutorial/Seminar/Workshop Program ........................................................................................................... 7 Additional Tutorial/Seminar/Workshop Comments ..................................................................................... 8 Attendance Requirements - Participation/Contribution to Lectures/Tutorials/Seminars/Workshops ................ 8 Recent Improvements to Subject ....................................................................................................................... 8 Extraordinary Changes to the Subject Outline ................................................................................................... 8 Learning Analytics ............................................................................................................................................. 8 Section B: Assessment .......................................................................................................................................... 9 Assessment Summary ........................................................................................................................................ 9 Additional Assessment Information ................................................................................................................. 11 UOW Grade Descriptors ............................................................................................................................. 12 Assessment Learning Outcome Matrix ............................................................................................................ 12 Minimum Performance Requirements ............................................................................................................. 12 Types of Assessment and Collaboration .......................................................................................................... 13 Submission, Retention and Collection of Written Assessment ........................................................................ 13 Submitting Assessment Tasks ..................................................................................................................... 14 Extensions ................................................................................................................................................... 14 Faxing, Posting and Emailing Assessment Work ....................................................................................... 14 Late Submission of Assessment Tasks ........................................................................................................ 14 Collection .................................................................................................................................................... 14 Retention ..................................................................................................................................................... 14 Scaling ............................................................................................................................................................. 15 Supplementary Assessment ............................................................................................................................. 15 Student Complaints Policy ............................................................................................................................... 15 Assessment Quality Cycle ............................................................................................................................... 15 Assurance of Learning (What will students learn in their degree?) ................................................................. 15 Academic Integrity .......................................................................................................................................... 15 Plagiarism Prevention ................................................................................................................................. 16 Referencing ...................................................................................................................................................... 16 Why do you need to reference? ................................................................................................................... 16 The Harvard System of Referencing ........................................................................................................... 16 Section C: General Advice for Students ........................................................................................................... 17

ECON100 Subject Outline

Autumn, 2019, Wollongong

Page 4 of 17

Section A: General Information Learning Outcomes Student Learning Outcomes On successful completion of this subject, students will be able to: 1. 2. 3. 4. 5. 6.

Use data and simple economic models to better understand economic and social phenomena. Present brief but coherent oral and written explanations of basic economic and social phenomena. Explain the importance of key assumptions and value judgments to the formation of economic knowledge and policy. Analyse, and present a comprehensive written report on, the likely consequences of a given economic policy change or shock. Begin to develop an understanding of the challenges facing private and public sector leaders in meeting stakeholder expectations, social and environmental responsibilities. Use simple models and relevant data to make informed judgments and predictions about the likely impacts of specific government economic and social policies.

Subject Description This subject introduces students to essential macroeconomic and microeconomic ideas, models and reasoning. This economic knowledge is used to explore important questions such as, is economics a value free science?, do individuals behave rationally?, how and why do market structures vary across different industries and why is this knowledge important?, do markets ever fail, and if so, why?, what are some causes and implications of inflation and unemployment?, how do monetary and financial systems operate?, and how do governments typically respond to domestic macroeconomic volatility? While these questions will not be fully answered in this introductory subject, policy challenges and case studies will be used to demonstrate the importance of basic economic reasoning if sensible answers to economic and social challenges are to be found, and to stimulate greater awareness of economic approaches to the analysis of contemporary social issues. Course Learning Outcomes Course Learning Outcomes can be found in the Course Handbook https://www.uow.edu.au/handbook/index.html.

Readings, References and Materials Major Text(s) Hubbard, G., A. Garnett, P. Lewis and T. O'Brien. (2019). Essentials of Economics, 4th edition, Pearson. This textbook will be referred to as Hubbard et al. throughout this outline. Textbook details are available online from the University Bookshop at https://unicentre.uow.edu.au/unishop/ Key References There are many useful complementary textbooks available from the University Library. As a general rule, any introductory microeconomics and introductory macroeconomics textbooks, published within the last ten years, will cover much of the material to be covered in this subject. Discuss with your subject co-ordinator for more details.

ECON100 Subject Outline

Autumn, 2019, Wollongong

Page 5 of 17

Lectures, Tutorials and Attendance Requirements Lecture Times * Lectures will be held on: Day

Start Time

End Time

Room

Friday

14:30

16:30

40.HOPE theatre

Lecture Program * Week Date

Topics Covered

Readings

1

08 Mar 2019

Introduction: Review of subject outline. Economics: foundations and models.

Subject outline. Hubbard et al. Ch.1.

2

15 Mar 2019

Choices and trade-offs in the market. How are market prices determined?

Hubbard et al. Ch.2 and Ch. 3.

3

22 Mar 2019

How are market prices determined? (cont) Responsiveness to price changes: elasticity.

Hubbard et al. Ch.3 and Ch.4.

4

29 Mar 2019

Technology, production and costs. Perfectly competitive markets.

Hubbard et al. Ch.6 and Ch.7.

5

05 Apr 2019

Monopoly markets and price discrimination. Microeconomic policy.

Hubbard et al. Ch. 8 and Ch. 11.

6

12 Apr 2019

Macroeconomics and macroeconomic data. Review of Microeconomics topics relevant to midsession examination.

Hubbard et al. Ch.13 and Ch.14.

7

19 Apr 2019

Good Friday - no lecture

N/A

22 Apr 2019

Mid-Session Recess

8

03 May 2019

Mid-session examination – Assessment item 2

Hubbard et al. Chs 1-4, 6-8. and Ch.11

9

10 May 2019

The AD/AS model.

Hubbard et al. Ch.15.

10

17 May 2019

Money, banks and the RBA.

Hubbard et al. Ch.16.

11

24 May 2019

Monetary policy.

Hubbard et al. Ch.17.

12

31 May 2019

Fiscal policy

Hubbard et al. Ch.18.

07 Jun 2019

Macroeconomics in an open economy. Final exam preparation.

Hubbard et al. Ch.20.

10 Jun 2019

Study Recess

15 Jun 2019

Examinations

22 Jun 2019

Examinations

13

* The above times and program may be subject to change. Students will be notified of any change via SOLS. Additional Lecture Comments All lectures will be held at the Wollongong campus and will be recorded. These recordings will be made available to all enrolled students, via the Echo360 block in the subject moodle site, a few hours after the lecture in each session week. Tutorial/Seminar/Workshop Times

ECON100 Subject Outline

Autumn, 2019, Wollongong

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The Faculty of Business uses the SMP Online Tutorial System and tutorial times and locations can be found at https://www.uow.edu.au/student/timetables/index.html. Please note that tutorial times on the timetable are provisional and may change.

Tutorial/Seminar/Workshop Program

Week

Week Commencing

Topics Covered

1

04 Mar 2019

No tutorials in week 1 N/A

2

11 Mar 2019

Economic foundations.

3

18 Mar 2019

Choices and trade-offs See tute 2 folder in the subject moodle site. in the market.

4

25 Mar 2019

Where do prices come from? See tute 3 folder in the subject moodle site. Elasticity.

01 Apr 2019

Technology, production and costs. See tute 4 folder in the subject moodle site. Perfectly competitive markets.

08 Apr 2019

Monopoly markets and price discrimination Microeconomic policy.

5

6

Readings and Activities

See tute 1 folder in the subject moodle site.

See tute 5 folder in the subject moodle site.

See tute 6 folder in the subject moodle site.

7

15 Apr 2019

For those who have a tutorial on Friday 19 April (Good Macroeconomics and Friday), please attend another tutorial for this week only, and macroeconomic data. submit your answer to the quiz to the relevant tutor. Clearly identify on your answer the name of your usual tutor and usual tutorial time slot.

22 Apr 2019

Mid-Session Recess

8

29 Apr 2019

No tutorial this week due to mid-session exam.

N/A

9

06 May 2019

In Class Essay Assessment item 3

See detailed assessment information.

10

13 May 2019

The AD-AS model.

See tute 7 folder in the subject moodle site.

11

20 May 2019

Money, banks and the See tute 8 folder in the subject moodle site. RBA.

12

27 May 2019

Monetary policy.

See tute 9 folder in the subject moodle site.

13

03 Jun 2019

Fiscal policy.

See tute 10 folder in the subject moodle site.

10 Jun 2019

Study Recess

15 Jun 2019

Examinations

22 Jun 2019

Examinations

The above program may be subject to change.

ECON100 Subject Outline

Autumn, 2019, Wollongong

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Additional Tutorial/Seminar/Workshop Comments  You should enrol in only one tutorial per week.  Wollongong campus students can enrol in a tutorial via the SMP Online Tutorial System.  Students enrolled at other campuses or learning centres: please consult with your campus/centre admin staff to enrol in a tutorial for this subject.  Attendance at tutorials is not compulsory. However if you miss a tutorial(s) you will quickly lose touch with the progression of the subject materials unless you rapidly catch up.  This is a single semester course covering a lot of material so the onus is on you to keep up.  If there is anything from the tutorials that is not clear to you after seeking assistance form your tutor, pl...