Units

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Sample subject outline - 13 Week Teaching Period - 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 economist 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

The content is delivered in the form of two hour lectures, one hour workshops and one hour tutorials. These are class based activities. Additional learning support will also be available to students to develop subject knowledge and monitor progress. Examples include Blackboard unit website, textbook website, online subject guide supported by the subject librarian and weekly formative online assessment (see Assessment below).

Late Assignment Policy
Students will be penalised for the late submission of assignments. Refer to the Diploma Course Guide for details.

Review of Grades or Academic Rulings
For rules on how to apply for a review of grade, refer to the Diploma Course Guide for details.

Consultation
The lecturer will be available for consultation from Week 2. Times will be advised in class and will also be displayed in a schedule at Reception on Level 3.

Exam Timetable
The exam timetable will be displayed on the Noticeboard on Level 3 by Week 11 of the semester.

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:

• receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment)


• demonstrate your learning in order to achieve a final grade (summative assessment).

Feedback Students will receive feedback in various forms throughout the semester which may include:

• Informal: worked examples, such as verbal feedback in class, personal consultation, review quizzes


• Formal: in writing, such as checklists (e.g. criteria sheets), written commentary


• Direct: to individual students, either in written form or in consultation


• Indirect: to the whole class

This unit will require students to submit their assessment items through SafeAssign.
Please refer to the Week 1 document for this unit.

Assessment name: Online Quiz
Description: Formative
The weekly online review quiz is designed to provide students with an immediate opportunity to apply their understanding of concepts.
Length/Duration: A series of multiple choice questions to be conducted in your own time at your own pace
Relates to objectives: 1, 2 and AOL goals: KS (1.1)
Internal or external: Internal
Group or individual: Individual
Due date: Weekly

Assessment name: Mid Semester Exam
Description: Formative and Summative
The mid-semester exam consists of multiple-choice questions that cover lectures 1 to 6 inclusive.
Relates to objectives: 1, 2 and AOL goals: KS (1.1), CTA (2.1)
Weight: 30%
Internal or external: Internal
Group or individual: Individual
Due date: Week 7

Assessment name: Research Summary
Description: Formative and Summative
Students are required to prepare a research summary of a current economic issue.
Length/Duration: 800 - 1,000 words
Relates to objectives: 1, 3, 4, 5 and AOL goals: KS (1.1), CTA (2.1), PC (3.1), SEU (5.1)
Weight: 30%
Internal or external: Internal
Group or individual: Individual
Due date: Week 10

Assessment name: Final Exam
Description: Summative
The examination will be closed book. It will consist of both theoretical and applied economic questions, and will examine work covered in weeks 7-12 inclusive.
Relates to objectives: 1, 2, 3, 4 and AOL goals: KS (1.1), CTA (2.1), PC (3.1)
Weight: 40%
Internal or external: Internal
Group or individual: Individual
Due date: Exam Period(week 14)

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

You are strongly advised to buy the prescribed textbook:

Hubbard, G., Garnett, A., Lewis, P. & O'Brien, T. (2013). Essentials of Economics. Australia: Pearson. This is a customised text for QUT.

Recommended Reading

It is not necessary to purchase the following textbooks.

Lewis, P., Garnett, A., Treadgold, M., & 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.

Risk assessment statement

There are no out of the ordinary risks associated with lectures, workshops or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes.

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: 14-Mar-2013