Indigenous Elders Acknowledgement

Acknowledgement of Country We respectfully acknowledge the Indigenous Elders, custodians, their descendants and kin of this land past and present. The Centre for Aboriginal Studies aspires to contribute to positive social change for Indigenous Australians through higher education and research.

Unit study package code: ECON1000

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Mode of study: Internal

Tuition pattern summary: Note: For any specific variations to this tuition pattern and for precise information refer to the Learning Activities section.

Lecture: 1 x 2 Hours Weekly Tutorial: 1 x 1 Hours Weekly

This unit does not have a fieldwork component.

Credit Value: 25.0

Pre-requisite units: Nil

Co-requisite units: Nil

Anti-requisite units: Nil

Result type: Grade/Mark

Approved incidental fees: Information about approved incidental fees can be obtained from our website. Visit fees.curtin.edu.au/incidental_fees.cfm for details.

Unit coordinator: Title: Dr Name: Andrew Brennan Phone: +618 9266 2868 Email: [email protected] Location: Building: 408 – Room: 3008

Teaching Staff: Name: Cheng-Lung Wang Phone: +65 65938000 Email: [email protected] Location: Building: SING – Room: SING

Administrative contact: Name: Ann Tan Phone: +65 65938000 Email: [email protected] Location: Building: SING – Room: SING

Learning Management System: Blackboard (lms.curtin.edu.au)

Unit Outline

ECON1000 Introductory Economics Trimester 3A, 2018

Faculty of Business and Law School of Economics and Finance

 ECON1000 Introductory Economics Singapore Campus 26 Oct 2018 School of Economics and Finance, Faculty of Business and Law

Page: 1 of 17 CRICOS Provider Code 00301J

The only authoritative version of this Unit Outline is to be found online in OASIS

 

 

Syllabus Introduction to economic concepts and principles, Demand and supply analysis, Elasticity ,Economic Efficiency, Market failure, Introduction to macroeconomics, Unemployment and inflation, Model of aggregate demand and aggregate supply, Global markets.

Introduction “The ideas of economists … are more powerful than is commonly understood. Indeed the world is ruled by little else.” John Maynard Keynes

Welcome to ECON1000 Introductory Economics and the School of Economics and Finance. Introductory Economics (ECON1000) is a one semester course that offers an introductory flavour of economics. The course aims to cover key economic concepts of both microeconomics and macroeconomics in an Australian as well as international context. The syllabus incorporates the following five (5) concepts in microeconomics: the economic way of thinking; demand and supply; elasticity; market efficiency; behavioural economics and asymmetric information. In addition, the syllabus covers the following five (5) topics in macroeconomics: economic growth (GDP), unemployment and inflation; the business cycle and aggregate demand/supply; monetary policy; fiscal policy; and exchange rates. The syllabus emphasises the application of economic theory to real-world events.

Economics is part of our everyday lives, when we’re studying, shopping, dealing with customers or finding a place to live. Economics effects everything in our lives—what we earn, how we work, where we learn, what we eat; the list goes on. An understanding of economics is very important in an uncertain world, where market forces have such a significant influence on our lives. Any student undertaking a course in commerce or business at the undergraduate level requires an understanding of economics—how markets work, the price system, macroeconomic activity, the global economy, economic policy, and so on. A good grasp of introductory principles of economics is crucial if we, as student collaborators and critical social-ecological observers, are to make informed judgements about solving real-world problems. Dearest student, enjoy your study-life time in 2018 (to 2019) with ECON1000! 🙂

Unit Learning Outcomes All graduates of Curtin University achieve a set of nine Graduate Attributes during their course of study. These inform an employer that, through your studies, you have acquired discipline knowledge and a range of other skills and attributes which employers would value in a professional setting. Each unit in your course addresses the Graduate Attributes through a clearly identified set of learning outcomes. They form a vital part in the process referred to as assurance of learning. The learning outcomes notify you of what you are expected to know, understand or be able to do in order to be successful in this unit. Each assessment for this unit is carefully designed to test your knowledge of one or more of the unit learning outcomes. On successfully completing all of the assessments you will have achieved all of these learning outcomes.

Your course has been designed so that on graduating you will have achieved all of Curtin’s Graduate Attributes through the assurance of learning processes in each unit.

Faculty of Business and Law School of Economics and Finance

 

 

 ECON1000 Introductory Economics Singapore Campus 26 Oct 2018 School of Economics and Finance, Faculty of Business and Law

Page: 2 of 17 CRICOS Provider Code 00301J

The only authoritative version of this Unit Outline is to be found online in OASIS

 

 

Curtin’s Graduate Attributes

Learning Activities You should listen to one lecture series per week (~70 to 90 minutes) and attend one tutorial class i.e. ‘workshop’ per week (~44 to 50 minutes).

l The lectures cover the syllabus material. Lecture slides and other relevant learning resources are available on Blackboard (Bb). The lectures will summarise the relevant material covered in the textbook and will help focus your learning on the important concepts of the course. The workshop exercises and quizzes, article analysis and the final exam will be based on the material covered in the lectures.

l The tutorials (also referred to as ‘workshops’) are a key opportunity you will have for regular group discussion of topics covered in the lectures and textbook. Tutorials should provide you with a useful guide as to your understanding of the course material. Students are encouraged to participate in each tutorial class (i.e. ‘workshop’) by preparing answers to the set questions for each workshop. The ECON1000 (2018) Student Tutorial Guide and the questions set out for each workshop (in the teaching weeks) are available on Bb. Attend regularly and be prepared to contribute in some positive way to the discussion. This means reading the prescribed text, revising your lecture notes and preparing answers to the tutorial questions and problems. You should ask your tutor to explain any parts of the course that you have not understood or found difficult.

You should expect to devote at least 3-4 hours per teaching week to reading your textbook and lecture notes and preparing answers to the tutorial discussion questions. Each week you may be asked by your tutor to explain an answer to the class, or use the whiteboard to illustrate an answer. In economics, it is important to communicate effectively in writing using economic theory and to engage confidently in interpersonal communication in tutorials.

Learning Resources Essential texts

The required textbook(s) for this unit are:

l Curtin University students enrolled in ECON1000 in 2018 can purchase the following hard copy (printed) text -> ISBN: 9781488608650. For instance, the text is listed on the Pearson Australia website, as Value Pack Introductory Economics (Custom Edition) + MyEconLab without eTextCard: http://www.pearson.com.au/products/?sq=9781488608650

On successful completion of this unit students can: Graduate Attributes addressed 1 Explain the nature of the economic problem

2 Explain the economic way of thinking

3 Apply the economic way of thinking to analyse real world events

4 Analyse and evaluate economic issues using economic theory

5 Demonstrate economic literacy by writing effectively using economic theory

 

Apply discipline knowledge Thinking skills (use analytical skills to solve problems)

Information skills (confidence to investigate new ideas)

Communication skills Technology skills Learning how to learn (apply principles learnt to new situations) (confidence to tackle unfamiliar problems)

International perspective (value the perspectives of others)

Cultural understanding (value the perspectives of others)

Professional Skills (work independently and as a team) (plan own work)

Find out more about Curtin’s Graduate attributes at the Office of Teaching & Learning website: ctl.curtin.edu.au

Faculty of Business and Law School of Economics and Finance

 

 

 ECON1000 Introductory Economics Singapore Campus 26 Oct 2018 School of Economics and Finance, Faculty of Business and Law

Page: 3 of 17 CRICOS Provider Code 00301J

The only authoritative version of this Unit Outline is to be found online in OASIS

 

 

You might be able to locate a second-hand hard copy of the prescribed text from a previous semester. As an alternative to the hard copy (printed) version, there is an electronic version of the text, i.e. an eText type version of the custom textbook prescribed for this course (at a lower cost). Students can buy Introductory Economics ECON1000 (Custom Edition VitalSource eText) by going to: http://www.pearson.com.au/9781488616525. The “essential” textbook for ECON1000 Introductory Economics in 2018 says on the front cover, compiled by ‘Andrew John Brennan’. However, the correct way to reference the text in a bibliography is as follows:

Hubbard, Glenn, Anne Garnett, Phil Lewis, and Anthony O’Brien, 2015. Introductory Economics (Custom Edition), 1st edn, Sydney, NSW: Pearson Australia. In 2018, ‘MyEconLab’ is free to use for all students of ECON1000: certain key features of MyEconLab (i.e. the “Study Plan” and “Assignments”) are freely available. MyEconLab is a useful online resource for students to gain extra knowledge from the contents of the textbook via the system’s adaptive learning technologies. MyEconLab is required for one of your assessments (see the Assessment schedule in the Unit Outline). As an ECON1000 Singapore student in Tri3A 2018, you will need to see Blackboard for instructions in PPTX on how to register for MyEconLab.

(ISBN/ISSN: 9781488608650)

Other resources

The Learning, Engagement and International Services (LEIS) team at the library are piloting an online support initiative for first year (undergraduate students) at Curtin in 2018 called Studiosity. See https://www.studiosity.com/. Studiosity provides personalised, online study help via two tools – Connect Live and Writing Feedback to a broad range of discipline areas. It will be made accessible via Blackboard (Bb) in all first year units (in all locations and modes of study)—i.e. that includes Introductory Economics. Studiosity may be useful to some extent when working on your Article Analysis. Studiosity (formerly known as YourTutor) enables all students enrolled in 1st-year units access to 24/7 online constructive feedback to develop their academic skills. It provides personalised feedback on small portions of text but does not proofread or edit. Students can also utilise the “Connect Live” function for guidance on core skills areas such as maths, science. All guidance and feedback comes from advisors who are experts in their fields, and are carefully selected and rigorously trained. Access for students to Studiosity is via Blackboard desktop and mobile.

Faculty of Business and Law School of Economics and Finance

 

 

 ECON1000 Introductory Economics Singapore Campus 26 Oct 2018 School of Economics and Finance, Faculty of Business and Law

Page: 4 of 17 CRICOS Provider Code 00301J

The only authoritative version of this Unit Outline is to be found online in OASIS

 

 

Assessment Assessment schedule

*Please refer to the Late Assessment and the Assessment Extension sections below for specific details and conditions.

Detailed information on assessment tasks

1. ‘Workshop Exercises and Quizzes’ consists of two different pieces of assessment:

§1. microeconomics quiz activities [worth 10%] and;

§2. a macroeconomics quiz activity [worth 10%].

The workshop exercises and quizzes are deliberately designed to help you with your learning of the relevant content and to help you (the student) to be better prepared for other assessments.

Task Value % Date Due

Unit Learning

Outcome(s) Assessed

Late Assessments Accepted?*

Assessment Extensions

Considered?*

1

Workshop Exercises and Quizzes 20% Week: multiple Day: see details in Unit Outline Time: see details in Unit Outline

1,2,3 No Yes

2

Article Analysis – Application of Microeconomics in the News

30% Week: 7 Day: Tuesday, 18th December Time: 12:00 midday

3,4,5 Yes Yes

3

Final Examination 50% Week: see examinations timetable Day: TBA Time: TBA

2,3,4 No Yes

Faculty of Business and Law School of Economics and Finance

 

 

 ECON1000 Introductory Economics Singapore Campus 26 Oct 2018 School of Economics and Finance, Faculty of Business and Law

Page: 5 of 17 CRICOS Provider Code 00301J

The only authoritative version of this Unit Outline is to be found online in OASIS

 

 

§ Quiz L1 to L4 microeconomics activities (worth 10 marks) — consists of a series of multiple choice questions on the microeconomics topics of L1 (the economic way of thinking), L2 (demand and supply), L3 (elasticity) and L4 (economic efficiency); this will be done using MyEconLab, the textbook’s adaptive learning system. Rationale for Quiz L1 to L4 microeconomics activities: to help the student gain knowledge and develop their problem-solving skills on lecture topics L1 to L4, and hence serve as a useful foundation for the article analysis.

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