ECO11 Unit Outline SP32013

8/11/2019 ECO11 Unit Outline SP32013

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Unit Outline

Principles of Economics

ECO 11 OUA Study Period 3 - 2013

External - Distance Education

Introduction

Welcome

Welcome 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. As

an academic discipline, economics uses language, theory and models which, while in some ways familiar, are

probably quite different to anything you have studied before. They are fundamental to a good understanding of

the 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 a

systematic approach to learning. This implies that students will have to devote 9 to 10 hours a week solely on

this unit. You should begin by reading this unit outline to become familiar with the nature of the unit and

assessment 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 quotations by John Galbraith

underline 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 thoughts

suspended, as it were, between the two. Economics is about what we earn and what we get for it. So an

understanding of economics is an understanding of lifes principal preoccupation.

Source: Galbraith J. and N. Salinger (1978) Almost everyones guide to economics, Boston: Houghton Mifflin, p. 2

Economics is concerned with what is termed the economic problem. This fundamental problem, which is faced

by all individuals and communities, centres on the inability of available resources to produce the goods and

services that are required to satisfy all the material needs and wants of individuals and communities, and the

fact 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 but

many of the basic ideas are related to each other. A consistent and genuine effort to work through the material

is the key to being successful in the unit. Also, an awareness of what works for you in your learning is

important. You will find that we have some activities built into this unit that we hope will advance your own

understanding 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)

ECO11/UI/02/2013 Version 1 (01 August 2013) 1


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Unit Coordinator(s)

Primary Coordinator:

Dr. Ronald Donato

Teaching Assistant:

Nicky Kassoudakis

School of Commerce

School Contact Details

Postal Address:

OUA Unit, University of South Australia

School of Commerce

City West Campus, Way Lee Building

GPO Box 2471

Adelaide 5001

Phone:

(08) 8302 7192

Fax:

(08) 8302 0992

Email:

[email protected]

General Enquiries

OUA Student Advisers

Tel: +61 8 8647 6145

Fax: +61 8 8647 6082

Tel: 1300 361 450 (local call cost - mobile and payphone extra)

Email: [email protected]

Website: www.unisa.edu.au/oua

Online resources for your unit

In addition to the Unit Outline you will receive a letter which contains your unique UniSA student log in details.

You will need these details to access your unit homepage via your UniSA student portal

https://my.unisa.edu.au . If you do not receive your login letter prior to the commencement of the study period

please contact OUA Student Advisers.

Please also check the OUA @ UniSA website for frequently asked questions and information on administrative

processes 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 where

you 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 at

www.unibooks.com.au .

mailto:[email protected]:[email protected]://www.unisa.edu.au/oua/https://my.unisa.edu.au/http://www.unisa.edu.au/oua/http://www.library.unisa.edu.au/services/oua/http://www.unibooks.com.au/http://www.unibooks.com.au/http://www.library.unisa.edu.au/services/oua/http://www.unisa.edu.au/oua/https://my.unisa.edu.au/http://www.unisa.edu.au/oua/mailto:[email protected]:[email protected]


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Unit Overview

Prerequisite(s)

Nil

Corequisite(s)

There are no corequisite Units to be completed in conjunction with this Unit.

Learning Objectives

On completion of this Unit, students should be able to:

CO1. describe and utilise the fundamental tools, methods and language of economics in both a microeconomic

and 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 economies

respond to incentives

CO4. identify the limitations of the market mechanism and analyse the role of government in affecting markets

and 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 and

Unit Objectives:

Graduate Qualities being assessed throughthe Unit

GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7

CO1

CO2

CO3

CO4

CO5

Unit StatementThe economic decisions faced by individuals, households, firms and governments and the role of a mixed

market economy in resource allocation decisions in the macroeconomy; analysis of prices and output

determination in the context of markets and incentives; market structures, competition policy and its implication

for 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 and

inflation; business cycles; significance of international trade; introductory macroeconomic models; the role of

government and economic policy; and economic analysis of contemporary economic issues.

Teaching and Learning Arrangements

External 13 weeks

Value of Unit



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4.5 unit points

Special Requirements

To 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' later

in this Unit information. Alternatively, you can also access information about exam processes online at

http://www.unisa.edu.au/oua/ .

Study schedule

A table outlining the unit structure and study schedule is printed at the back of this guide. Please refer to it for

important information regarding due dates for assignments.

http://www.unisa.edu.au/oua/http://www.unisa.edu.au/oua/


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Learning Resources

Textbook(s)

You will need continual access to the following text(s) to complete this Unit. The library does not hold multiple

copies 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 edition. Sydney, Addison Wesley

Gans, JS, King, SP & Mankiw, NG (2003) Principles of microeconomics, 2nd edition, Sydney, Harcourt Brace

Sloman, J & Norris, K (1999) Economics, Sydney, Addison Wesley

Materials dispatched for this unit

Unit Outline

Study guide

Assignment booklet

Welcome letter

Materials to be accessed online

learnonline unit site

All other unit related materials can be accessed through: http://learn.unisa.edu.au/course/view.php?id=143345

myUniSA

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

http://learn.unisa.edu.au/course/view.php?id=143345https://my.unisa.edu.au/https://my.unisa.edu.au/http://learn.unisa.edu.au/course/view.php?id=143345


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Assessment

Assessment Summary

# Form of assessment Length Duration Weighting Due date(AdelaideTime)

Submit via Objectives beingassessed

1 Quiz (continuousassessment)

1250 wordequivalent

N/A 25% See assessment

description for activity

details

CO1, CO3, CO4

2 Assignment 1250 words N/A 25% 7 Oct 2013,9:00 AM

learnonline CO1, CO3, CO4

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

AssessmentsAssessment #1 - Online Test (Graded)

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

Online Test 1:

Due Date: Week 4 Monday 16th September at 9am SA time

(Optional re-sit Online test 1: Week 5 Monday 23rd September - see assessment booklet)

Topics assessed: 1-2

Weighting: 7.5%

Online Test 2:

Due Date: Week 9 Monday 21st October at 9am SA time

Topics assessed: 3-6Weighting: 7.5%

Online Test 3:

Due Date: Week 12 Monday 11th November at 9am SA time


Weighting: 10%

Details on submission will also be available via the online unit pages.

Assessment 1, online tests 1 (including optional resit), 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 have

internet access will have to contact the unit coordinator or [email protected] 4 weeks prior to theassessment due date to arrange an alternative assessment.

Assessment Activities

Name Sub-weighting Due date (Adelaide Time) Submit via

Online test 1 30% 16 Sep 2013, 9:00 AM learnonline

Online test 2 30% 21 Oct 2013, 9:00 AM learnonline

Online test 3 40% 11 Nov 2013, 9:00 AM learnonline

Assessment #2 - Assignment 2 - Applied Writing (Graded)

Due Date:Week 7 - Monday 7th October, 9am (SA, Adelaide time)


Weighting: 25%

Word limit: 1250 words



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Topic: See Assignment 2 details in your assignment booklet

Examination

Weighting: 50%

See your assignment booklet for examination details.

Penalties

Late assignments that do not have approved extensions will incur the following penalties: for every calendar

day or part-day late, 10% will be deducted. Assignments received more than two weeks after the due date will

not be marked.

Supplementary Assessment

Supplementary assessment is not available for this unit.

Important information about all assessment

All 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

Students 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 a

letter about UniSA services for students with disabilities. UniSA encourages you to develop a Disability Access

Plan with the Learning and Teaching Unit Disability Service.

http://www.unisa.edu.au/disabilityservices/default.asp

Variations to assessment tasks

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

1. Unexpected or exceptional circumstances, for example bereavement, unexpected illness

(details of unexpected 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 exceptional circumstances should be discussed with your course

coordinator as soon as possible.

2. Special circumstances, for example religious observance grounds, or community services

(details of special circumstances for which variation can be considered are discussed in clause 7.8

of the Assessment Policy and Procedures Manual). Variations to assessment in expected

circumstances must be requested within the first two 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).

Academic Integrity

The University aims to foster and preserve the scholarly values of inquiry, experimentation, critical appraisal

and 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 of

university life. One of the main principles is respecting other people's ideas and not claiming them as your own.

http://www.unisa.edu.au/policies/manual/default.asphttp://www.unisa.edu.au/policies/policies/corporate/C07.asphttp://www.unisa.edu.au/disabilityservices/default.asphttp://www.unisa.edu.au/policies/manual/default.asphttp://www.unisa.edu.au/policies/manual/default.asphttp://www.unisa.edu.au/disabilityservices/default.asphttp://www.unisa.edu.au/policies/policies/corporate/C07.asphttp://www.unisa.edu.au/policies/manual/default.asp


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Anyone found to have used another person's ideas without proper acknowledgement is deemed guilty of

Academic 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 earned

honestly and are trusted and valued by its students and their employers. To ensure this happens and that

students adhere to high standards of academic integrity and honesty at all times, the University has policies

and procedures in place to promote academic integrity and manage academic misconduct for all students.

Work submitted 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

9 of the Assessment Policies and Procedures Manual (APPM) at: http://www.unisa.edu.au/policies/manual/ or

on the Learning and Teaching Unit website at: http://www.unisa.edu.au/ltu/integrity/default.asp

Evaluation of the unit

In order to get student feedback on UniSA OUA units and teaching performance, student will be asked to

complete feedback on SET (Student Evaluation of Teaching) forms. The SET will be provided online.

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

http://www.turnitin.com/http://www.unisa.edu.au/policies/manual/http://www.unisa.edu.au/ltu/integrity/default.asphttp://www.unisa.edu.au/ltu/integrity/default.asphttp://www.unisa.edu.au/policies/manual/http://www.turnitin.com/


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Study Schedule

OUA Study Period 3 - 2013

Weeks Topic Notes Assessment Details(Adelaide Time)

1 26 August - 01 September Topic 1: Introduction to anEconomic Perspective

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

2 02 - 08 September Topic 2: Demand andsupply

Jackson J, McIver R &Bajada C (2012): Ch 2, pp3546

3 09 - 15 September Topic 2 cont...: Equilibrium Jackson J, McIver R &Bajada C (2012) Ch 2, pp4753

4 16 - 22 September Topic 3: Elasticity Jackson J, McIver R &Bajada C (2012) Ch 3, pp6171

Online Test due 16 Sep2013, 9:00 AM

5 23 - 29 September Topic 4: MarketapplicationsOptional: re-sit online test 1See Assignment Booklet

Jackson J, McIver R &Bajada C (2012) Ch 3, pp7175

6 30 September - 06 October Topic 5: Firm Behaviourand Cost

Jackson J, McIver R &Bajada C (2012) Ch 4, pp83-100

7 07 - 13 October Topic 6: Pure competition Jackson J, McIver R &Bajada C (2012) Ch 5, pp

109128

Assignment 2 - AppliedWriting due 07 Oct 2013,

9:00 AM8 14 - 20 October Topic 7: Monopoly Jackson J, McIver R &

Bajada C (2012) Ch 5,129143

9 21 - 27 October Topic 7: MonopolisticCompetition

Topic 7: Oligopoly

Jackson J, McIver R &Bajada C (2012) Ch 6, pp155-161Ch 6, pp 161-173

Online Test due 21 Oct2013, 9:00 AM

10 28 October - 03 November Topic 8: Evaluation of theMarket, Market Failureand GovernmentIntervention

Jackson J, McIver R &Bajada C (2012) Ch 5, pp126-128; 137-139; Ch 6,pp 159,172-173; Ch 7, pp183189

11 04 - 10 November Topic 9: Business cycles,macroeconomic goals andmeasurement

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

12 11 - 17 November 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 due 11 Nov2013, 9:00 AM

13 18 - 24 November Revision and the bigpicture

25 November - 01December

Exam week

02 - 08 December Exam week


Documents

ECO11 Unit Outline SP32013