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 thisunit 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 insights
associated 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)
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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 .
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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 through
the Unit
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7
CO1
CO2
CO3
CO4
CO5
Unit Statement
The 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/exam
This 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.
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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 otherunit 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
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Assessment
Assessment Summary
# Form of assessment Length Duration Weighting Due date
(Adelaide
Time)
Submit via Objectives being
assessed
1 Quiz (continuous
assessment)
1250 word
equivalent
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
Assessments
Assessment #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: 3-6
Weighting: 7.5%
Online Test 3:
Due Date: Week 12 Monday 11th November at 9am SA time
Topics assessed: 7-9
Weighting: 10%
Details on submission will also be available via the online unit pages.
Assessment 1, onlinetests 1 (including optional resit), 2 &3are 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 the
assessment 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: Week7 -Monday 7th October, 9am (SA, Adelaide time)
Topics assessed: 1-4
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.
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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 Passes
Conceded and Terminating passes are not available in this Unit.
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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 an
Economic Perspective
Jackson J, McIver R&
Bajada C (2012)
Economic Principles, 3rd
ed.
Read all Ch 1. Special
focus on pages 3-5, 9-17.
2 02 - 08 September Topic 2: Demand and
supply
Jackson J, McIver R &
Bajada C (2012): Ch 2, pp
3546
3 09 - 15 September Topic 2 cont...: Equilibrium Jackson J, McIver R &
Bajada C (2012)Ch 2, pp
4753
4 16 - 22 September Topic 3: Elasticity Jackson J, McIver R &
Bajada C (2012)Ch 3, pp
6171
Online Test due 16 Sep
2013, 9:00 AM
5 23 - 29 September Topic 4: Market
applications
Optional: re-sit online test 1
See Assignment Booklet
Jackson J, McIver R &
Bajada C (2012)Ch 3, pp
7175
6 30 September - 06 October Topic 5: Firm Behaviour
and Cost
Jackson J, McIver R &
Bajada C (2012)Ch 4, pp
83-100
7 07 - 13 October Topic 6: Pure competition Jackson J, McIver R &
Bajada C (2012) Ch 5, pp
109128
Assignment 2 - Applied
Writing due 07 Oct 2013,
9:00 AM
8 14 - 20 October Topic 7: Monopoly Jackson J, McIver R &
Bajada C (2012) Ch 5,
129143
9 21 - 27 October Topic 7: Monopolistic
Competition
Topic 7: Oligopoly
Jackson J, McIver R &
Bajada C (2012)Ch 6, pp
155-161
Ch 6, pp 161-173
Online Test due 21 Oct
2013, 9:00 AM
10 28 October - 03 November Topic 8: Evaluation of the
Market, Market Failure
and Government
Intervention
Jackson J, McIver R &
Bajada C (2012)Ch 5, pp
126-128; 137-139; Ch 6,
pp 159,172-173; Ch 7, pp
183189
11 04 - 10 November Topic 9: Business cycles,
macroeconomic goals and
measurement
Jackson J, McIver R &
Bajada C (2012)Ch 8,pp
208, 218, 229-233, 236-
238, 240-242.
12 11 - 17 November Topic 10: Government
policies to influence
economic 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 Nov
2013, 9:00 AM
13 18 - 24 November Revision and the big
picture
25 November - 01
December
Exam week
02 - 08 December Exam week
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