Units
Economics
Unit code: BSB113
Contact hours: 3 per week
Credit points: 12
Information about fees and unit costs
This unit introduces students to the key economic concepts and their practical applications. It comprises twelve topics each focusing on a current economic issue. Microeconomic topics include demand and supply, elasticity, production and cost theory and market structure. Macroeconomic topics include measuring GDP, inflation and unemployment, money and banking, and fiscal and monetary policy.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
| 2013 Semester 2 | Yes |
| 2013 Summer | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
All economic questions arise because we want more than we can get. Wants are infinite and resources to achieve those wants are scarce. Economics is the study of how to best use and distribute scarce resources to meet our needs and wants. Economists look at how people make decisions and the interaction of individuals in markets as a way of distributing those scarce resources. Sometimes markets work and sometimes they do not. Economics examines the role of government in either obstructing or improving market outcomes and the effect of those decisions on the well being of society. Economics also studies the economy as a whole and key topics include economic growth, inflation, unemployment and international trade. In studying these issues economists can understand how to manage the economy for the good of its citizens.
Aims
To develop an understanding of the key principles and tools that economists use to interpret and critically analyse economic policies that impact on Australia and the global economy.
Objectives
Course Learning Goals (Undergraduate)
The QUT Business School has established the Assurance of Learning (AoL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Integrate and apply disciplinary theory and skills to practical situations
1.2 Incorporate the use of technology appropriate to the discipline and context
Be critical thinkers and effective problem solvers (CTA)
2.1 Identify, research and critically analyse information relevant to a business problem or issue, be able to synthesise that information in order to evaluate potential solutions, make recommendations or otherwise effectively address the problem or issue
Be professional communicators in an intercultural context (PC)
3.1 Communicate effectively through written tasks appropriate to varied contexts and audiences
3.2 Communicate effectively through professional oral presentations appropriate to varied contexts and audiences
Be able to work effectively in a Team Environment (TW)
4.1 Demonstrate effective team skills in order to contribute appropriately to the production of a group output
Have a Social and Ethical Understanding (SEU)
5.1 Apply ethical reasoning, standards or codes of practice relevant to the discipline and make decisions that are informed by social and cultural understanding
Unit Objectives
Upon the successful completion of the unit, you should be able to:
1. Have an understanding of the aims and purpose of economics;
2. Understand the main concepts, terminologies and tools of economic analysis;
3. Apply and evaluate economic analysis to different economic problems;
4. Understand the correct use and interpretation of economic data;
5. Conduct research on economic issues and policy.
The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.
Content
In this unit you will cover key elements of both micro and macro economic theory. In microeconomics, the unit will focus on understanding how competitive markets allocate resources through the interaction of demand and supply, what happens when markets fail and why and how governments intervene in markets (for better and worse). In macro economics the unit will examine key macro economic variables (economic growth, inflation, unemployment and international trade) and the role of macroeconomic policy tools (fiscal and monetary policy) in the management of a stable economy and future economic prosperity of the nation. Throughout the unit, students broader economic understanding of Australian and global economic issues will be developed through the use of contemporary real world examples and issues.
Approaches to Teaching and Learning
There will be a weekly 2-hour lecture and 1 hour tutorial. Lectures and tutorials are class based activities. Flexible learning opportunities will include a weekly online tutorial and access to weekly lecture recordings. A dedicated moderated FaceBook page will provide students with a forum to discuss and get further support on subject material, assessments as well as discuss contemporary economic issues. Additional learning support will also be available for students to develop their subject knowledge and monitor their progress. Examples include Blackboard unit website, textbook website (MyEcon Lab), moderated Facebook page and an on-line subject guide fully supported by our subject librarian.
Assessment
The assessment in this unit aims to support your achievement of the learning objectives for both subject knowledge and other graduate capabilities. The assessment has been designed in order to allow you to:
Assessment name:
Online Quiz
Description:
The online quizzes will be weekly and relate to the material delivered in the respective lectures weeks 1-6 (and further developed in tutorials weeks 2-7). The online quiz is designed to provide students with an immediate opportunity to apply thier understanding of the concepts. This assessment is based on developing progressive learning and is therefore both formative and summative.
Length/Duration: Weekly online quiz/approx 30 minutes per week.
Formative or Summative: Formative and Summative
Relates to objectives:
Unit Objectives: 1, 2 and AOL goals: KS (1.1), CTA (2.1)
Weight:
20%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Weeks 3-8
Assessment name:
Research Summary
Description:
A critical analysis of contemporary economics issues informed by economic theory and appropriate supporting evidence.
Length/Duration: 1,000 words
Formative or Summative: Formative and Summative
Relates to objectives:
Unit Objectives: 1, 3, 4, 5 and AOL goals: KS (1.1), CTA (2.1), PC (3.1), TW (4.1), SEU (5.1)
Weight:
30%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Week 10 (TBC)
Assessment name:
End of Semester Exam
Description:
The examination will be closed book. It will consist of both theoretical and applied economic questions, and will examine work covered in weeks 8-12 inclusive.
Length/Duration: 1 hour and 30 minutes (no perusal)
Formative or Summative: Summative
Relates to objectives:
Unit Objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam Period
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Text
Garnett, A. M., Lewis, P., Hubbard, R.G. & O'Brien, A.P. (2013). Economics: Foundations and models.
This text book has been produced as a customised edition for the unit. The reference for the customised version is
L. Coglan (Compilers.), BSB113: Essentials of Economics (2nd ed.). Frenchs Forest, Australia: Pearson Australia.
Students may find the following text a useful source (it is not compulsory):
Lewis, P., Garnett, A., Treadgold, M., and Hawtrey, K. (2010), The Australian Economy: Your Guide, (5th Edition). Australia: Pearson.
Other Resources
Additional references and resources, including lecture overheads, tutorial guides, assignments can be found at the unit's Blackboard site: https://blackboard.qut.edu.au.
The unit text book is support by an interactive online environment called MyEconLab. This environment provides student with additional learning resources including sample test question, additional end of chapter problems.
The unit also has a moderated Facebook page
Maths-Refresher Classes
A further resource to use are the maths-refresher classes offered by the School of Economics and Finance. In particular for students who will be undertaking further studies in economics, finance or accounting it is advisable to freshen up your maths skills. Further details will be announced on Blackboard and the School's homepage.
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
href="http://www.fmd.qut.edu.au/security/dvd/Evacuation_282k.wmv">view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 07-Feb-2013
