Students
ECON110 – Macroeconomic Principles
2015 – S2 Day
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Convenor & Lecturer
Dr. Alison Vicary
Contact via Email via iLearn only
E4A437
Unit Administrator
Paul Crosby
Contact via Email via iLearn ONLY
E4A Level 4
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| Credit points |
Credit points
3
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| Prerequisites |
Prerequisites
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| Corequisites |
Corequisites
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| Co-badged status |
Co-badged status
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| Unit description |
Unit description
This unit is an introductory course in macroeconomics. It focuses on the economy as a whole, the economy seen as a set of markets related to each other, rather than on the features characterising the equilibrium in an individual market, for example, the market for shoes.
Topics covered include gross domestic product (GDP), savings, unemployment, inflation, money, the balance of payments, exchange rates, fiscal policy and monetary policy. At the end of the course, students should be able to apply the main model used by economists to represent the economy (aggregate supply-aggregate demand), identify the forces that determine the equilibrium level of output, employment, inflation, interest rates, the exchange rate and their movements, and be able to analyse and predict the effect of shocks to supply and/or demand.
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Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
Learning Outcomes
On successful completion of this unit, you will be able to:
- Recognize and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- Identify the role of money, banks and illustrate the credit creation process.
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
General Assessment Information
If you do not submit or sit for any assessment task on the designated date and time, you will be accorded a mark of zero for that particular piece of assessment. It is your responsibility to check the recording of your marks on Gradebook.
If there are legitimate grounds for non-submission or non-attendance, you should consult the Disruption to Studies Policy, which can be found in the Policies and Procedures section of the Unit Guide.
http://www.mq.edu.au/policy/docs/disruption_studies/policy.html
Note: If you are granted an extension for a task, an alternative submission date or a supplementary exam, you may be required to partake in an oral assessment task in lieu of the missed assessment. Supplementary assessment may be of a different format to the original.
Assessment Tasks
| Name | Weighting | Due |
|---|---|---|
| TUTORIAL EXERCISES | 30% | Weeks 2-6 & 9-13 |
| MID-SESSION TEST - OPEN BOOK | 30% | Week 7 (11 Sept 12-2 pm) |
| FINAL EXAM - OPEN BOOK | 40% | University Examination Period |
TUTORIAL EXERCISES
Due: Weeks 2-6 & 9-13
Weighting: 30%
Students will be provided with a worksheet prior to each tutorial. In addition you will also be provided with stimulus material - short video, podcast or news article - to either watch, read or listen, prior to your tutorial class. This material will form the basis of the activities in the tutorial. You will submit the worksheet in class at the end of each tutorial, but only six of these will be marked by your tutor. You will not be told beforehand which worksheets will be marked. Each marked tutorial submission is worth 5% of your total grade (Total = 6*5% = 30%).
On successful completion you will be able to:
- Recognize and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- Identify the role of money, banks and illustrate the credit creation process.
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
MID-SESSION TEST - OPEN BOOK
Due: Week 7 (11 Sept 12-2 pm)
Weighting: 30%
In Week 7 a mid-session test will be held on Friday between 12-2 pm. It will cover the material addressed in weeks 1-6 and will consist of short-answer questions. You will be provided with stimulus material - video, podcast or written piece - prior to the test on which the questions are based. You are expected to participate in the online discussion on the relationship between the economic theory and the stimulus material. This is an essential component of the learning process for this piece of assessment.
You will download the questions at 12 pm and submit your answers at any period between 1-2 pm. Instructions on the procedure will be provided closer the test date. It is your responsibility that you understand these instructions and the steps required to access, participate and submit your answers prior to the test date.
It is your responsibility to ensure you have access to a stable internet connection for the duration of the test. This is available on campus.
It is your responsibility to contact designated staff at any point during the test period that you experience any problems either downloading the test paper or submitting your answers. Failure to contact staff during the test period will result in the student receiving a mark of zero for the test. Contact details will be provided closer to the test date.
On successful completion you will be able to:
- Recognize and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- Identify the role of money, banks and illustrate the credit creation process.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
FINAL EXAM - OPEN BOOK
Due: University Examination Period
Weighting: 40%
The final examination will concentrate on the material covered in Weeks 8-13. Since the material covered in weeks 8-13 builds upon the material in weeks 1-6, some of the earlier material is addressed in the final exam.
You will be provided with stimulus material - video, podcast or written piece - prior to the test on which the questions and your answers will be based. You are expected to participate in the online discussion on the relationship between the economic theory and the stimulus material, which is an essential component of the learning for this activity.
The examination will be 2 hours writing time plus ten minutes reading time.
On successful completion you will be able to:
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
Delivery and Resources
Participation in ECON110 includes attendance at lectures, participation in tutorials and involvement in the discussion forum and the online consultations. A range of supplementary material - videos, podcasts, news articles - are also used in ECON110.
LECTURES
Students should attend the two-hour lecture every week. The lecture will be recorded and available via iLearn, but you are encouraged to attend lectures on campus grounds.
Friday 12.00-2.00 p.m. W6D Lotus Theatre
TUTORIALS
Each student must register for a tutorial. Students must finalize their tutorial enrollment by end of week 2. The timetable for classes for ECON110 is on the university's website - http://www.timetables.mq.edu.au/.
Tutorial changes can ONLY be made through e-student. Students wishing to change tutorial times should log onto e-student and register in a class where there is a vacancy. All questions of an administrative nature in respect of tutorial allocation should be addressed to the Unit Administrator, Paul Crosby. He can be contacted via email to be accessed on the ECON110 iLearn site. Other staff members will not deal with administration issues.
There will be ten (10) one-hour tutorials in weeks 2-6 and weeks 9-13.
RECOMMENDED TEXTBOOK AND ONLINE PLATFORM
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Bruce Littleboy, John Taylor & Akila Weerapana (2013) "Macroeconomics: Principles and Practice," Cengage Learning Australia Pty Limited. This book covers the majority of the content of the unit. The textbook has an associated online learning platform that you can utilize. The link to the website and its associated content will be placed on iLearn. The recommended text can be purchased from the Macquarie University Co-op Bookshop. Other introductory economic textbooks can also be used in ECON110 as they cover similar material. Please note that textbooks can have different approaches to the presentation of the models developed in the unit. So please be aware that these differences can arise and may be the source of confusion for some students. |
TECHNOLOGY AND ASSOCIATED MATERIALS
Unit Webpage (iLearn)
Course material is available on the ECON110 iLearn site. Regularly visit the website and use it as a resource centre to assist with your learning. All notifications and information that is not included in the Unit Guide will be posted on iLearn. You must check your student email more than once a week (every day is recommended).
Interactive Technology for Lectures (Socrative)
Go to the following website - http://socrative. - and create a student account. You will need to setup your account using the following room name: ECON110
This software can be used on your phone, tablet or computer. This will allow you to answer questions in the lecture, see other student responses and allow the lecturer to provide immediate feedback.
Online Consultations
We use software that allows for students and the lecturer to engage with each other online. This provides you with the opportunity to interact with your lecturer and other students in the comfort of your home or any other place there is a stable internet connection. Instructions will be provided on iLearn.
Podcasts
We will sometimes be using podcasts, particularly as part of the tutorial program. You will need to download a podcast app that is appropriate for your device. We will sometimes use podcasts from Planet Money http://www.npr.org/podcasts/510289/planet-money
Videos
Videos are used as an integral part of the unit. These can be used to assist with the content in the lecture and illustrate the link between the theory and real situations. Some of these videos may be used in the tutorials and as stimulus material for examinations. Two common sources of videos and short films can be located at the following sites.
PRIZE FOR ECON110
The Westpac Macroeconomics Prize. This prize is open to all students enrolled in a Bachelor Degree. It is awarded for the best academic performance in ECON110 for 2015.
Unit Schedule
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LECTURE OUTLINE |
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WEEK |
THE BIG QUESTIONS IN ECON110 |
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Week 1 |
What is Macroeconomics? Introduction |
Ch.1-2 |
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Week 2 |
How is the macro-economy performing? How do we know? Measuring GDP, Inflation & National Saving |
Ch.3 |
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Week 3 |
Who are the unemployed? Unemployment and the Labour Market |
Ch.5 |
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Week 4 |
Why is there money? Is money worthless? Do banks do anything useful? How does money become less valuable? Money, Banks & Inflation |
Ch.6 |
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Week 5 |
Why has GDP increased so much in Australia (and not other countries) in the last 100 years, but fluctuate in the shorter term? Distinguishing between the long run and short run |
Ch.4 & 7 |
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Week 6 |
Why does GDP and unemployment fluctuate? Aggregate Expenditure Model (Economic Model 1) |
Ch.8 & 9 |
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Week 7 |
MID-SESSION OPEN BOOK TEST |
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Week 8 |
Why does GDP, unemployment and inflation fluctuate? How are they linked? Aggregate Demand-Aggregate Supply (Economic Model 2) |
Ch.10 |
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Week 9 |
Can central banks minimise fluctuations in GDP, unemployment and inflation? Monetary Policy in the Australian Context (& Economic Model 2) |
Ch.11 |
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Week 10 |
Can governments minimize fluctuations in GDP and unemployment? Fiscal Policy in the Australian Context (& Economic Model 2) |
Ch.12-13 |
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Week 11 |
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Ch.12-13 |
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Week 12 |
What is the economic impact when a country interacts with other countries? Balance of Payments, Exchange Rate & Extending Economic Model 2 |
Ch. 14 |
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Week 13 |
Over-Run & Revision |
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Learning and Teaching Activities
Lectures
Tutorial Participation
Discussion Forum
Online Consultation
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central. Students should be aware of the following policies in particular with regard to Learning and Teaching:
Academic Honesty Policy http://mq.edu.au/policy/docs/academic_honesty/policy.html
Assessment Policy http://mq.edu.au/policy/docs/assessment/policy.html
Grading Policy http://mq.edu.au/policy/docs/grading/policy.html
Grade Appeal Policy http://mq.edu.au/policy/docs/gradeappeal/policy.html
Grievance Management Policy http://mq.edu.au/policy/docs/grievance_management/policy.html
Disruption to Studies Policy http://www.mq.edu.au/policy/docs/disruption_studies/policy.html The Disruption to Studies Policy is effective from March 3 2014 and replaces the Special Consideration Policy.
In addition, a number of other policies can be found in the Learning and Teaching Category of Policy Central.
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
Results
Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
Student Support
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at ask.mq.edu.au
IT Help
For help with University computer systems and technology, visit http://informatics.mq.edu.au/help/.
When using the University's IT, you must adhere to the Acceptable Use Policy. The policy applies to all who connect to the MQ network including students.
Graduate Capabilities
Discipline Specific Knowledge and Skills
Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.
This graduate capability is supported by:
Learning outcomes
- Recognize and compute basic economic variables, such as GDP, inflation, savings and unemployment.
- Identify the role of money, banks and illustrate the credit creation process.
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
Assessment tasks
- TUTORIAL EXERCISES
- MID-SESSION TEST - OPEN BOOK
- FINAL EXAM - OPEN BOOK
Critical, Analytical and Integrative Thinking
We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.
This graduate capability is supported by:
Learning outcomes
- Identify the role of money, banks and illustrate the credit creation process.
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Illustrate fluctuations in GDP and inflation using economic models and apply them to particular scenarios
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
Assessment tasks
- TUTORIAL EXERCISES
- MID-SESSION TEST - OPEN BOOK
- FINAL EXAM - OPEN BOOK
Problem Solving and Research Capability
Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.
This graduate capability is supported by:
Learning outcomes
- Identify the role of money, banks and illustrate the credit creation process.
- Evaluate and illustrate the instruments available to governments and central banks to manage the economy.
- Make macro-economic policy recommendations given different economic scenarios.
- Illustrate the economic relationships a country has with the rest of the world.
Assessment tasks
- TUTORIAL EXERCISES
- MID-SESSION TEST - OPEN BOOK
- FINAL EXAM - OPEN BOOK