Unit convenor and teaching staff |
Unit convenor and teaching staff
Lecturer in Charge
Andrew Grinko
Contact via andrew.grinko@mqc.edu.au
City Campus
Contact Lecturer
Tutor
Prashan Karunaratne
Contact via prashan.karunaratne@mq.edu.au
City Campus
Contact Lecturer
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Credit points |
Credit points
3
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Prerequisites |
Prerequisites
FPEC001
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
Economic decisions have a crucial influence on the quality of life experienced by individuals and countries throughout the world. The study of economics can help individuals, firms, institutions, governments and societies make choices that assist them to improve their quality of life.
This unit is the second of two foundation units in economics. It has been designed to build upon the foundations of economics taught in FPEC001. Students will continue in their development of foundational microeconomic principles, as well as their development of foundational macroeconomic principles.
Microeconomic topics to be covered in the unit include: monopolistic competition, oligopoly, market failure, public goods, labour markets, income distribution and microeconomic policy.
Macroeconomic topics to be covered in the unit include: aggregate demand and aggregate supply, inflation, unemployment, fiscal policy, monetary policy, international trade, the balance of payments and exchange rates.
This unit focuses on foundational core economic concepts which aim to develop students’ knowledge, understanding, skills, values and attributes for effective economic thinking. This would in turn, contribute to the student making socially responsible, competent economic decisions in a dynamic and growing economy.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
The only exception to not sitting an in-class test or examination at the designated time or handing in an assessment on the due date is because of a serious or unavoidable disruption.
Students who miss a formal assessment held in class or a final examination due to a serious and unavoidable disruption which commenced after the start of the study period must lodge a Disruption to Studies Notification via ask.mq.edu.au within five (5) working days of the commencement of the disruption in order to apply for Special Consideration. The notification must be supported by appropriate evidence.
In submitting a Disruption to Studies Notification, a student is acknowledging that they may be required to undertake additional work. The time and date, deadline or format of any required extra assessable work as a result of a Disruption to Studies Notification is not negotiable. Further, in submitting a Disruption to Studies Notification, a student is agreeing to make themselves available so that they can complete any extra work as required.
Students will be advised of the outcome of their Disruption to Studies Application via ask.mq.edu.au.
Please refer to the Disruption to Studies Policy for further details.
To apply for an extension of time for submission of an assessment item, students must submit a notification of Disruptions to Studies via ask.mq.edu.au.
Grounds for extensions are usually serious illness, accident, disability, bereavement or other compassionate circumstances and must be substantiated with relevant evidence (e.g. professional authority form).
Late submissions without an approved extension will be penalised at a rate of 10% per day (weekend inclusive). This applies to assessments completed outside of class such as essays and assignments.
Final exams and final assessments typically take place in Week 13 and the first 3 days of week 14. Please note that you must pass the final exam or final assessment task in order to pass this unit.You are expected to present yourself for examination at the time and place designated in the Final Examination Timetable. Please note that no special consideration will be given to students who have booked flights out of the country prior to the conclusion of the examination period.
The Final Examination Timetable will be available in provisional form on the MQC Student Portal Noticeboard at https://student.mqc.edu.au/NoticeBoard.htm in approximately week 10 of this Session. You will have 1 week to give feedback to the Student Administration Manager should you have concerns or note any clashes in your final exam timetable. From week 12, you will also be able to view your personal final exam timetable via the MQC Student Portal.
The examination timetable is produced to provide the maximum number of students with the least number of consecutive examinations. It is not uncommon for students of Macquarie University at both the City and North Ryde Campuses to be required to sit two consecutive examinations. A maximum of three consecutive exams is also permitted (for example, two on one day, and one the following morning). However, no student is required to sit four consecutive exams and if any student discovers their examination timetable contains four consecutive exams, they should immediately contact the Student Administration Manager to have an exam rescheduled.
Prior to the examination period, you should ensure that you are familiar with the Examination Rules. You can find these under Exam Information on the MQC Student Portal Noticeboard. A breach in any of these rules will lead to disciplinary action being undertaken.
Students who miss a final exam or final assessment will be awarded a mark of 0 for the task and cannot pass the unit, except for cases where a Disruption to Studies Notification is lodged and a Special Consideration is awarded. Please note that in submitting a Disruption to Studies Notification, a student is acknowledging that they may be required to undertake additional work. The time and date, deadline or format of any required extra assessable work as a result of a Disruption to Studies Notification is not negotiable.
Supplementary final examinations are held during the scheduled Supplementary Final exam Period in the lead up to the subsequent teaching period.
Please note that results for supplementary exams may not be available until the conclusion of Week 2 of the subsequent teaching session and until supplementary results are released, continuing students may be prevented from enrolling in certain units in the subsequent teaching session.
Students in their final semester of study who undertake supplementary final exams should note that Formal Completion of the Foundation Program will not be possible until supplementary results are released and this may impact on their ability to enrol subsequent programs of study on time.
It is the responsibility of the student to retain a copy of any work submitted and produce another copy of all work submitted if requested. Copies should be retained until after the release of final results each Session.
In the event that a student is asked to produce another copy of work submitted and is unable to do so, they may be awarded zero (0) for that particular assessment task.
The University also reserves the right to request and retain the originals of any documentation/ evidence submitted to support notifications of disruptions to studies. Requests for original documentation will be sent to the applicant’s University email address within six (6) months of notification by the student. Students must retain all original documentation for the duration of this six (6) month period and must supply original documents to the University within ten (10) working days of such a request being made.
Students may be requested to submit assessments via Turnitin and in such instances any hard copies submitted without a Turnitin Report will not be marked.
Step by step guidance for Turnitin submissions can be found here. Should you experience any difficulties with Turnitin submission, please see a Lab Demonstrator in Lab 311 at MQC.
If you experience difficulties submitting through Turnitin on the due date, you must email your work in electronic format to your lecturer using the email address provided in the unit guide. Late submissions will be penalised at 10% per day.
This unit will use the following grading system:
Grade descriptors and other information concerning grading are contained in the Macquarie University Grading Policy which is available here.
To pass this unit, you must attempt all assessable components of the unit, pass the final exam and attain an overall mark of at least 50%. Failure to do so will result in an F (fail) grade being recorded.
Please note that this is a level 2 elective unit. All attempts at a level 2 elective unit will count towards your Macquarie University Average (MQA), including failed and withdraw fail results. If you academic advice, please see a Student Adviser prior to the Academic Penalty Date (Friday Week 8).
For further information on progression to an Undergraduate degree, please see Progression into Undergraduate studies section below.
Marks awarded for assessment items will also be available on the MQC Student Portal within fourteen (14) days of the due date. Typically you will also be able to collect your submitted assignments in this same timeframe.
If you wish to receive further feedback from your instructor, you should contact them directly using the contact details provided in this guide.
Students may seek general feedback about their performance in a unit up to 6 months following results release.
Foundation students may approach teaching staff for one-on-one help in one of three ways:
For all university related correspondence, students are required to use their official MQ student email account which may be accessed via the Macquarie University Student Portal. Inquiries from personal email accounts will not be replied to.
Name | Weighting | Due |
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Test 1 | 10% | Week 5 |
Assignment | 20% | Week 11 |
Test 2 | 10% | Week 11 |
Final Exam | 50% | Examination Period |
Participation | 10% | Ongoing |
Due: Week 5
Weighting: 10%
This may consist of a mixture of multiple choice and short answer questions.
Due: Week 11
Weighting: 20%
This assessment will consist of several short response questions based on revision and research on a topic given in class. Late submissions will be penalised at 10% per day.
Due: Week 11
Weighting: 10%
Students will be required to carry out research and answer questions on a pre-set topic.
Due: Examination Period
Weighting: 50%
Students will be assessed on participation in classes and activities throughout the semester. Participation will entail attendance, punctuality, contribution to class discussions, completion of set class and homework activities, asking and answering questions, and adhering to the MQC and Macquarie University Student Codes of Conduct. A comprehensive guide outlining Participation marking criteria will be provided on iLearn.
Due: Ongoing
Weighting: 10%
Students will be assessed on participation in classes and activities throughout the semester. Participation will entail attendance, punctuality, contribution to class discussions, completion of set class and homework activities, asking and answering questions, and adhering to the MQC and Macquarie University Student Codes of Conduct. A comprehensive guide outlining Participation marking criteria will be provided on iLearn. Please note that you must pass the final exam in order to pass this unit.
Weekly contact will be 5 hours consisting of a 2 hour lecture, a 2 hour tutorial and 1 hour consultation session.
During Lectures, new content will typically be presented and explained by the lecturer. During tutorials participants will have more opportunities to engage in discussion and activities.
In the one-hour consultation session, students will be given individual guidance and assistance with their assessment and homework tasks and assignments. This hour is also an opportunity for students to engage in independent research and reading related to the unit, complete additional tasks to extend their knowledge of the field or catch up on any work they have missed.
Attendance of all three sessions (lectures, tutorials and consultation sessions) is compulsory and students must attend at least one consultation session per week.
Timetables for lectures and tutorials as well as consultation sessions can be found on the Noticeboard on the City Campus Student Portal.
If any scheduled class falls on a public holiday a make-up lesson may be scheduled, usually on a Saturday. Where appropriate, the instructor may instead organise an online make-up lesson which would require students to access online learning materials and/or complete activities outside of class rather than attending a make-up lesson. Scheduled make-up days are noted in the Teaching Schedule and attendance is taken for both weekend and online make-up lessons.
This unit will encompass a mixture of theory and practical exercises. Students will be required to work independently as well as in small groups and engage in class discussions.
It is expected that all students purchase the prescribed text and read in advance to ensure that they are well prepared for the content covered in each lecture. It is also expected that students come to class equipped so that they can participate in and complete class work. Typically, several coloured pens and a ruler will be required.
iLearn will also be used to post lecture and tutorial materials and also communicate with students so it is expected that students will check this resource on a regular basis.
Other sources of material and media will also be utilised to both supplement and complement the course content. These have been outlined in the “Technology Used and Required” section below.
iLearn is Macquarie's online learning management systems. The following unit specific information will be available on the website:
Please note that you must enrol in a unit via eStudent in gain access to the unit in iLearn.
You are required to regularly check the website and use it as an information and resource centre to assist with your learning.
Ensure that when you have finished using the website, you log out. Failure to do so could allow unauthorised access to your account.
Please contact the IT helpdesk (Ph. 02 9850 4357) or lodge a ticket using OneHelp if you need assistance accessing iLearn.
Prescribed textbook(s):
Please note that these two books can be bought as a package through the Co-Op Bookshop (ISBN 9314994251173).
All prescribed textbooks will be made available to students to purchase at the Phillip Street Coop Bookshop. Students can view a full list of textbooks for all units on the Macquarie City Campus Student Portal Noticeboard at https://student.mqc.edu.au/NoticeBoard.htm.
Reference text available in the library:
Supplementary textbooks:
Technology Used and Required
Students should be prepared to frequently utilise the campus’ computer and internet facilities. A personal computer and internet connection is desirable, but not necessary.
Technology used for this unit includes:
iLearn will be utilised to put up lecture slides and additional resources, so students should login to http://ilearn.mq.edu.au on a regular basis.
Week Beginning: |
Topic |
Readings |
Week 1 Mon 20 October |
Topic I4: Monopolistic Competition |
Textbook, Chapter 5 Study Guide, Chapter 7 |
Week 2 Mon 27 October |
Topic I4: Oligopoly |
Textbook, Chapter 5Study Guide, Chapter 7 |
Week 3 Mon 3 November |
Topic I5: Market Failure and Public Goods
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Textbook, Chapter 7 Study Guide, Chapter 8 |
Week 4 Mon 10 November |
Topic I6: Labour Market
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Textbook, Chapter 6 Study Guide, Chapter 9 |
Week 5 Mon 17 November |
Topic I6: Labour Market
Test 1 |
Textbook, Chapter 6 Study Guide, Chapter 9
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Week 6 Mon 24 November |
Topic A4: Aggregate Demand and Aggregate Supply |
Textbook, Chapter 11 Study Guide, Chapter 13 |
Week 7 Mon 1 December |
Topic A4: Inflation and Unemployment |
Textbook, Chapter 11 Lewis, Chapter 11 (Library) |
Week 8 Mon 8 December |
Topic A5: Fiscal Policy Assignment questions distributed |
Textbook, Chapter 12 Study Guide, Chapter 14 |
Week 9 Mon 15 December |
Topic A5: Monetary Policy |
Textbook, Chapter 12 Study Guide, Chapter 14 |
Week 10 Mon 22 December |
Topic A6: Exchange Rates |
Textbook, Chapter 13 Study Guide, Chapter 15 |
Week 11 Mon 5 January |
Topic A6: Balance of Payments Assignment Due Test 2 |
Textbook, Chapter 13 Study Guide, Chapter 16 |
Week 12 Mon 12 January |
Revision Complete LEU surveys in class |
Textbook, Chapter 14 Study Guide, Chapter 16 |
Week 13 Mon 19 January |
Revision & Final Exam (Final Exams may be Held in Week 13 or 14, during the scheduled final exam period. Please refer to the Information Provided on the Portal Noticeboard). Please note that you must pass the final exam in order to pass this unit. |
Public holidays & make-up days New Year’s Day Make-up: Saturday 20 December (Please note that online lessons may be organised in lieu of make-up day). |
Session Break Thursday 25 December 2014 – Thursday 1 January 2015 inclusive |
Exam Period: Monday 19 January 2015 – Wednesday 28 January 2015 (Sat & Sun excluded) Please note all final exams will be held in the City Campus. |
Results Release: Session 3 2014 results are scheduled to be released to students via e-Student and MQC Student Portal on Friday 13 February 2015 |
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.
Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/support/student_conduct/
The nature of scholarly endeavour, dependent as it is on the work of others, binds all members of the University community to abide by the principles of academic honesty. Its fundamental principle is that all staff and students act with integrity in the creation, development, application and use of ideas and information. This means that:
Further information on the academic honesty and schedule of penalties that will apply to breaches please consult the Academic Honesty Policy.
If you are unsure about how to incorporate scholarly sources into your own work, please speak to your Instructor or the Student Services team well in advance of your assessment. You may also enrol in StudyWise or visit the University's Library Webpage for more resources.
If, at the conclusion of the unit, you have performed below expectations, and are considering lodging an appeal of grade and/or viewing your final exam script please refer to http://www.city.mq.edu.au/new_and_current_students/appeals/ for information about associated cut off dates.
Please note that any requests to view exam papers must be booked in immediately following results release.
Before submitting a Grade Appeal, please ensure that you read the Grade Appeal Policy and noted valid grounds for appeals.
Please refer to the Attendance Policy for Foundation Students.
A minimum level of 80% attendance is compulsory for all classes, including consultation sessions and any make-up classes scheduled on weekends. Attendance will be recorded in every lesson and note made of any lateness or period of absence from class.
Where a student is present for only for a minor portion of a lesson (for example arrives late, leaves early, leaves the class frequently or for lengthy periods, engages in inappropriate or unrelated activities or does not participate actively in the majority of the lesson) the instructor reserves the right to mark a student absent for that particular lesson and make note of such incidents.
Students should note that absenteeism (including partial absenteeism) not only has a negative impact on not only their overall attendance record and their academic progress, but could also have ramifications for their visas or eligibility for social benefits where relevant.
In cases of unavoidable non-attendance due to illness or circumstances beyond control, students are advised to lodge a Disruption to Studies Notification via ask.mq.edu.au even if they have not missed a formal assessment task so that appropriate records of the reasons for unavoidable attendance can be made on their record.
Macquarie City Campus monitors Foundation students' course progress. Please refer to the Course Progress Policy.
To maintain satisfactory program performance students are required to pass 50% or more of their enrolled units in each session.
Students who fail to make satisfactory course progress will be classified as "at risk" students and may have conditions placed upon their enrolment.
International students must comply with the Course Progress policy in order to meet the conditions of their visa.
Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/
Learning Skills (mq.edu.au/learningskills) provides academic writing resources and study strategies to improve your marks and take control of your study.
Macquarie City Campus students who require assistance or support are encouraged to contact Student Services (studentadvisor@city.mq.edu.au) or make an appointment to see a student advisor at Reception on Level 2.
Macquarie University Campus Wellbeing services are also available at the City Campus. If you would like to make an appointment, please email info@city.mq.edu.au or visit their website at: http://www.campuslife.mq.edu.au/campuswellbeing.
Macquarie city campus provides free tutoring / support classes to its student. Support is available for Accounting, numeracy and essay and report writing, research presentation and referencing skills.
Students who are experiencing difficulties in these areas are advised to attend these classes on a drop-in basis. So that the tutor can assist best, students must bring the work (e.g. assignment draft, essay draft, homework problem) with which that they are having difficulties.
For further information about tutoring services, please refer to the City Campus Portal Noticeboard under Timetables, Tutor Availability.
If you require additional support with university skills, you may also consider enrolling in UNIWISE. UNIWISE is an iLearn resource which provides:
Additional study spaces are also available on Level 1.
Students with a disability are encouraged to contact the Disability Service who can provide appropriate help with any issues that arise during their studies.
For all student enquiries, visit Student Connect at ask.mq.edu.au
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.
A lab demonstrator is situated in Lab 311 and can help you with any usage of university systems or resetting your password.
You may also refer to the Online Systems Password Document which has been made available on the City Campus Student Portal Noticeboard.
Whilst utilising the City Campus IT facilities, students are expected to act responsibly. The following regulations apply to the use of computing facilities and online services:
Non-compliance with these conditions may result in disciplinary action without further notice.
Students may borrow headphones for use in the Macquarie City Campus computer labs (210, 307, 311, 608) or a video recorder.
Please ask at Level 2 Reception for details. You will be required to provide your MQC Student ID card which will be held as a deposit while using the equipment.
We want our graduates to have emotional intelligence and sound interpersonal skills and to demonstrate discernment and common sense in their professional and personal judgement. They will exercise initiative as needed. They will be capable of risk assessment, and be able to handle ambiguity and complexity, enabling them to be adaptable in diverse and changing environments.
This graduate capability is supported by:
Our graduates will have enquiring minds and a literate curiosity which will lead them to pursue knowledge for its own sake. They will continue to pursue learning in their careers and as they participate in the world. They will be capable of reflecting on their experiences and relationships with others and the environment, learning from them, and growing - personally, professionally and socially.
This graduate capability is supported by:
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:
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:
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:
Our graduates will also be capable of creative thinking and of creating knowledge. They will be imaginative and open to experience and capable of innovation at work and in the community. We want them to be engaged in applying their critical, creative thinking.
This graduate capability is supported by:
We want to develop in our students the ability to communicate and convey their views in forms effective with different audiences. We want our graduates to take with them the capability to read, listen, question, gather and evaluate information resources in a variety of formats, assess, write clearly, speak effectively, and to use visual communication and communication technologies as appropriate.
This graduate capability is supported by:
As local citizens our graduates will be aware of indigenous perspectives and of the nation's historical context. They will be engaged with the challenges of contemporary society and with knowledge and ideas. We want our graduates to have respect for diversity, to be open-minded, sensitive to others and inclusive, and to be open to other cultures and perspectives: they should have a level of cultural literacy. Our graduates should be aware of disadvantage and social justice, and be willing to participate to help create a wiser and better society.
This graduate capability is supported by:
We want our graduates to be aware of and have respect for self and others; to be able to work with others as a leader and a team player; to have a sense of connectedness with others and country; and to have a sense of mutual obligation. Our graduates should be informed and active participants in moving society towards sustainability.
This graduate capability is supported by:
When you successfully complete your Macquarie Foundation Program to the required level, you can articulate into a bachelor's degree at Macquarie University, either the North Ryde campus or the City Campus. Students who successfully complete the Macquarie University Foundation Program but are not eligible for direct admission into an undergraduate degree can still apply to study an SIBT diploma either at Macquarie University or city campus.
In the Macquarie Foundation Program, students' performance is measured against the MQA (Macquarie University Average). This MQA score is used to determine whether a student is eligible for entry into their chosen bachelor degree at Macquarie University. The MQA is calculated as the average of each student's performance in their level 2 elective units only.
For further information about the MQA and progression into your Undergraduate degree, please see the Entry pathways to Macquarie University webpage.
An information session will be held in Week 10 for students in their final session of the Foundation Program. You will receive an invitation to attend this session in Week 9 of your final semester, via your student email. At the session you will be provided with information on how to apply for your preferred degree and will be given an opportunity to ask questions, so it is strongly recommended that you attend the Information Session for Finishing Foundation Students.
Date | Description |
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28/10/2014 | To pass this unit, you must attempt all assessable components of the unit, pass the final exam and attain an overall mark of at least 50%. Failure to do so will result in an F (fail) grade being recorded. |