ECO11 SP2 2014 Unit Outline

Unit Outline

Principles of EconomicsECO 11 OUA Study Period 2 - 2014External - Distance Education

IntroductionWelcomeWelcome to Principles of Economics. We look forward to working with you in this exciting area of study.

Economics is an interesting topic that will help you understand a great deal about the way the world works. Asan academic discipline, economics uses language, theory and models which, while in some ways familiar, areprobably quite different to anything you have studied before. They are fundamental to a good understanding ofthe world around you and to success in your future careers.

You may find this unit to be demanding; however, you will find the content manageable as long as you adopt asystematic approach to learning. This implies that students will have to devote nine to ten hours a week solelyon this unit. You should begin by reading this unit outline to become familiar with the nature of the unit andassessment requirements. There is no better time to start than now.

In this unit of study we intend to introduce you to the particular principles, language, techniques and insightsassociated with an economic perspective of the modern world. The following quote by John Galbraithunderlines the ubiquitous relevance of economics:

'To have a working understanding of economics is to understand the largest part of life. We pass our years,most of us, contemplating the relationship between the money we earn and the money we need, our thoughtssuspended, as it were, between the two. Economics is about what we earn and what we get for it. So anunderstanding of economics is an understanding of lifes principal preoccupation.' Source: Galbraith J, & Salinger, N 1978, Almost everyones guide to economics, Houghton Mifflin, Boston.

Economics is concerned with what is termed the economic problem. This fundamental problem, which is facedby all individuals and communities, centres on the inability of available resources to produce the goods andservices that are required to satisfy all the material needs and wants of individuals and communities and thefact that choices must be made between alternatives.

We hope you find this unit stimulating, challenging and useful. There is quite a lot of material to get through, butmany of the basic ideas are related to each other. A consistent and genuine effort to work through the materialis the key to being successful in the unit. Also, an awareness of what works for you in your learning isimportant. You will find that we have some activities built into this unit that we hope will advance your ownunderstanding of your learning and that you will be able to use this knowledge in all of your studies.

We hope you enjoy your studies and learn how relevant and important economics can be.

Good luck in your studies!

Dr Ronald Donato (Unit Coordinator) and Nicky Kassoudakis (Teaching Assistant)

1Version 1 (13 May 2014) 1Version 1 (13 May 2014)

Unit Coordinator(s)Primary Coordinator:Dr. Ronald Donato

Teaching Assistant:Nicky Kassoudakis

School of Commerce

School Contact DetailsPostal Address:OUA Unit, University of South AustraliaSchool of CommerceCity West Campus, Way Lee BuildingGPO Box 2471Adelaide 5001

Phone:(08) 8302 9047Fax:(08) 8302 0992Email:[email protected]

General EnquiriesOUA Student AdvisersTel: +61 8 8647 6145Fax: +61 8 8647 6082Tel: 1300 361 450 (local call cost - mobile and payphone extra)Email: [email protected]: www.unisa.edu.au/oua

Online resources for your unitOnline resources for this unit can be accessed from your unit homepage via your UniSA student portal https://my.unisa.edu.au.

Please also check the OUA @ UniSA website for frequently asked questions and information on administrativeprocesses for OUA students studying with UniSA. www.unisa.edu.au/oua

OUA students enrolled in UniSA units are eligible to use the Library to support their study. Regardless of whereyou live UniSAs Off Campus Library Service can help you. Services include phone and online assistance,electronic document delivery to your desktop and postal delivery of loan items and documents.www.library.unisa.edu.au/services/oua/

Unibooks is UniSAs preferred textbook supplier and textbooks can be purchased online atwww.unibooks.com.au.


Unit OverviewPrerequisite(s)

Nil

Corequisite(s)There are no corequisite Units to be completed in conjunction with this Unit.

Course ObjectivesOn completion of this Unit, students should be able to:

CO1. describe and utilise the fundamental tools, methods and language of economics in both a microeconomicand macroeconomic context to analyse resource allocation issues

CO2. explain some of the economic factors underlying both individual markets and the macro economy

CO3. describe the impact of incentives and use economic models to illustrate how agents and economiesrespond to incentives

CO4. identify the limitations of the market mechanism and analyse the role of government in affecting marketsand the general economy

CO5. apply economic principles and concepts to analyse contemporary issues relating to the macroeconomy.

Upon completion of this Unit, students will have achieved the following combination of Graduate Qualities andUnit Objectives:

Graduate Qualities being assessed throughthe Unit

GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7CO1 CO2 CO3 CO4 CO5

Unit StatementThe economic decisions faced by individuals, households, firms and governments and the role of a mixedmarket economy in resource allocation decisions in the macroeconomy; analysis of prices and outputdetermination in the context of markets and incentives; market structures, competition policy and its implicationfor the general economy; the strengths and weaknesses of the market mechanism and the role of public policy;Australia and the fundamental relationships in its macroeconomy; Gross Domestic Product, unemployment andinflation; business cycles; significance of international trade; introductory macroeconomic models; the role ofgovernment and economic policy; and economic analysis of contemporary economic issues.

Teaching and Learning ArrangementsExternal 13 weeks


Value of Unit4.5 unit points

Special RequirementsTo obtain a pass grade overall students will normally need to achieve 40% in the final examination.

Supervised assessment/examThis unit involves a supervised exam. Please be sure to read the section entitled 'Assessment Summary' laterin this Unit information. Alternatively, you can also access information about exam processes online at http://www.unisa.edu.au/oua/.

Study scheduleA table outlining the unit structure and study schedule is printed at the back of this guide. Please refer to it forimportant information regarding due dates for assignments.


Learning ResourcesTextbook(s)You will need continual access to the following text(s) to complete this Unit. The library does not hold multiplecopies of the nominated text books. You are strongly recommended to purchase the book(s).

Bredon G 2012, Study Guide to accompany Economic Principles, 3rd edition, McGraw-Hill, Sydney.Jackson J, McIver R & Bajada C 2012, Economic Principles, 3rd edition, McGraw-Hill, Sydney.

Reference(s)Feast, V & Adams, K 2004, Real world economics, Issue 3, Sydney, McGraw-Hill.McTaggart, D, Findlay, C & Parkin, M 2009, Microeconomics, 6th edn. Sydney, Addison Wesley.Gans, JS, King, SP & Mankiw, NG 2003, Principles of microeconomics, 2nd edn, Sydney, Harcourt Brace.Sloman, J & Norris, K 1999, Economics, Sydney, Addison Wesley.

Materials dispatch for this unitNo materials will be dispatched for this unit.All materials will be available from the ECO 11 online learning resource website: https://lo.unisa.edu.au/course/view.php?id=2104

Materials to be accessed online

learnonline unit siteAll other unit related materials can be accessed through your learnonline unit site which you will be able toaccess from the my Courses section in myUniSA.

myUniSAAll study related materials can be accessed through: https://my.unisa.edu.au


AssessmentAssessment Summary# Form of assessment Length Duration Weighting Due date

(AdelaideTime)

Submit via Objectives beingassessed

1 Quiz (continuousassessment)

1250 wordequivalent

N/A 25% Seeassessmentactivities fordetails

Seeassessmentactivities fordetails

CO1, CO3, CO4

2 Assignment 1250 words N/A 25% 14 Jul 2014,9:00 AM

learnonline CO1, CO3, CO4

3 Examination NA 3 hours 50% Other - TBA In person CO1, CO2, CO3,CO4, CO5

Feedback proformasThe feedback proforma is available on your learnonline course site. It can be accessed via the Feedback Formlink in the Course Essentials block.

AssessmentsAssessment #1 - Online Test (Graded)Assessment ActivitiesName Sub-weighting Due date (Adelaide Time) Submit viaOnline test 1 30% 23 Jun 2014, 9:00 AM learnonlineOnline test 2 30% 28 Jul 2014, 9:00 AM learnonlineOnline test 3 40% 18 Aug 2014, 9:00 AM learnonline

Assessment 1: Online Tests (3 parts 1, 2 and 3)

Online Test 1:Due Date: Week 4 Monday 23rd June at 9am SA time(Optional re-sit Online test 1: Week 5 Monday 30th June - see assessment booklet)Topics assessed: 1-2Weighting: 7.5%

Online Test 2:Due Date: Week 9 Monday 28th July at 9am SA timeTopics assessed: 3-6Weighting: 7.5%

Online Test 3:Due Date: Week 12 Monday 18th August at 9am SA timeTopics assessed: 7-9Weighting: 10%

Details on submission will also be available via the online unit pages.Assessment 1, online tests 1 (including optional re-sit), 2 & 3 are to be submitted using the internet only.

Please note: There will be no extensions or supplementary assessment. Those students who do not haveinternet access will have to contact the unit coordinator or [email protected] four weeks prior to theassessment due date to arrange an alternative assessment.


Assessment #2 - Assignment 2 - Applied Writing (Graded)Due Date: Week 7 - Monday 14th July (SA, Adelaide time)Topics assessed: 1-4Weighting: 25%Word limit: 1250 wordsTopic: See Assignment 2 details in your assignment booklet

ExaminationWeighting: 50%

See your assignment booklet for examination details.

PenaltiesStudents will be penalised if they don't use the Harvard Referencing system.

In accordance with the Division of Business guidelines, assignments submitted late without permission from thecourse coordinator/s will attract a penalty of 10% of the total possible marks for the assignment per day for eachday late, or part thereof, after the due date. Assignments received more than seven days late without anapproved extension will not be marked.

Supplementary AssessmentSupplementary assessment is not available for this course.

Important information about all assessmentAll students must adhere to the University of South Australia's policies about assessment:http://www.unisa.edu.au/policies/manual/default.asp.

Students with disabilities or medical conditionsStudents with disabilities may be entitled to a variation or modification to standard assessment arrangements.

Policy for students with disabilities is available at:http://www.unisa.edu.au/policies/policies/corporate/C07.asp.

If you indicated you have a disability when you enrolled through Open Universities Australia, you will be sent aletter about UniSA services for students with disabilities. UniSA encourages you to develop a Disability AccessPlan with the Learning and Teaching Unit Disability Service. http://www.unisa.edu.au/disabilityservices/default.asp

Variations to assessment tasksVariation to assessment methods, tasks and timelines can be provided in:

Unexpected or exceptional circumstances, for example bereavement, unexpected illness (details ofunexpected or exceptional circumstances for which variation can be considered are discussed in clauses 7.5 &7.6 of the Assessment Policy and Procedures Manual). Variation to assessment in unexpected or exceptionalcircumstances should be discussed with your course coordinator as soon as possible.Special circumstances, for example religious observance grounds, or community services (details of specialcircumstances for which variation can be considered are discussed in clause 7.8 of the Assessment Policy andProcedures Manual). Variations to assessment in expected circumstances must be requested within the firsttwo weeks of the course (or equivalent for accelerated or intensive teaching).

More information about variation to assessment may be found by consulting the relevant policy:http://www.unisa.edu.au/policies/manual/default.asp (sections 3 and 7).


Marking processAssignment marking will be completed two weeks after the due date and students will not be able to submitassignments after this time.

Academic IntegrityThe university aims to foster and preserve the scholarly values of curiosity, experimentation, critical appraisaland integrity, and to foster these values in its students.

Academic integrity is a term used at university to describe honest behaviour as it relates to all academic work(for example papers written by staff, student assignments, conduct in exams, etc) and is the foundation ofuniversity life. One of the main principles is respecting other people's ideas and not claiming them as your own.Anyone found to have used another person's ideas without proper acknowledgement is deemed guilty ofAcademic Misconduct and the University considers this to be a serious matter.

The University of South Australia wants its students to display academic integrity so that its degrees are earnedhonestly and are trusted and valued by its students and their employers. To ensure this happens and thatstudents adhere to high standards of academic integrity and honesty at all times, the University has policies andprocedures in place to promote academic integrity and manage academic misconduct for all students. Worksubmitted electronically by students for assessment will be tested using the text comparison software Turnitin.

More information about academic integrity and what constitutes academic misconduct can be found in Section 9of the Assessment Policies and Procedures Manual (APPM) at: http://www.unisa.edu.au/policies/manual/ or onthe Learning and Teaching Unit website at: http://www.unisa.edu.au/ltu/integrity/default.asp

Action from previous evaluationsIn order to get student feedback on UniSA OUA units and teaching performance, students will be asked tocomplete feedback online through MyCourseExperience forms. A link to this survey will be provided online.

Conceded and Terminating PassesConceded and Terminating passes are not available in this Unit.


Study ScheduleOUA Study Period 2 - 2014 Weeks Topic Notes Assessment Details

(Adelaide Time)1 02 - 08 June Topic 1: Introduction to

an Economic Perspective

Jackson J, McIver R &Bajada C (2012)Economic Principles, 3rded. Read all Ch 1. Specialfocus on pages 3-5,9-17.

2 09 - 15 June Topic 2: Demand andsupply

Jackson J, McIver R &Bajada C (2012): Ch 2,pp 3546

3 16 - 22 June Topic 2 cont...:Equilibrium

Jackson J, McIver R &Bajada C (2012) Ch 2,pp 4753

4 23 - 29 June Topic 3: Elasticity


Online Test: Online test 1due 23 Jun 2014, 9:00 AM

5 30 June - 06 July Topic 4: MarketapplicationsOptional: re-sit onlinetest 1See Assignment Booklet


6 07 - 13 July Topic 5: Firm Behaviourand Cost

Jackson J, McIver R &Bajada C (2012) Ch 4,pp 83-100

7 14 - 20 July Topic 6: Purecompetition


Assignment 2 - AppliedWriting due 14 Jul 2014,9:00 AM

8 21 - 27 July Topic 7: Monopoly

Jackson J, McIver R &Bajada C (2012) Ch 5,129143

9 28 July - 03 August Topic 7: MonopolisticCompetition

Topic 7: Oligopoly

Jackson J, McIver R &Bajada C (2012) Ch 6,pp 155-161 Ch 6, pp 161-173

Online Test: Online test 2due 28 Jul 2014, 9:00 AM

10 04 - 10 August Topic 8: Evaluation of theMarket, Market Failureand GovernmentIntervention

Jackson J, McIver R &Bajada C (2012) Ch 5,pp 126-128; 137-139; Ch6, pp 159,172-173; Ch 7,pp 183189

11 11 - 17 August Topic 9: Business cycles,macroeconomic goalsand measurement

Jackson J, McIver R &Bajada C (2012)Ch 8, pp208, 218, 229-233,236-238, 240-242.

12 18 - 24 August Topic 10: Governmentpolicies to influenceeconomic activity

Jackson, J. McIver, R. &Bajada, C.(2012) Ch 10& 11, pp 284-285,289-291, 331-333,337-338, 340-342,346-348.

Online Test: Online test 3due 18 Aug 2014, 9:00 AM


13 25 - 31 August Revision and the bigpicture

01 - 07 September Exam week 08 - 14 September Exam week


Documents

ECO11 SP2 2014 Unit Outline