Students

ECON1021 – Principles of Economics 2

2021 – Session 1, Special circumstances

Notice

As part of Phase 3 of our return to campus plan, most units will now run tutorials, seminars and other small group activities on campus, and most will keep an online version available to those students unable to return or those who choose to continue their studies online.

To check the availability of face-to-face and online activities for your unit, please go to timetable viewer. To check detailed information on unit assessments visit your unit's iLearn space or consult your unit convenor.

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Lecturer and Unit Convenor
Marjan Nazifi
Contact via Email
4ER Room 429
Thursday 3-4pm
Credit points Credit points
10
Prerequisites Prerequisites
ECON1020 or ECON110 or ECON111
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit builds upon ECON1020 Principles of Economics 1, providing extensions of the ideas and concepts covered in terms of both microeconomics and macroeconomics. Topics can include: Pareto efficiency, market dynamics, inflation and long-run economic growth.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://students.mq.edu.au/important-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Identify and explain the importance of economics in the appropriate management of national, social, business and individual economic affairs.
  • ULO2: Understand how principles of economics are relevant to an understanding of decision-making by individuals, business and government.
  • ULO3: Apply theory and concepts to solve real-life economic problems.
  • ULO4: Critically evaluate economic policy from a broad policy perspective.

General Assessment Information

There is no option for completing the assessment tasks after the submission closing time. No extensions will be granted. Students who have not submitted the task prior to the deadline will be awarded a mark of 0 for the task, except for cases in which an application for Special Consideration is made and approved. There will be a deduction of 10% of the total available marks  made from the total awarded mark for each 24 hour period or part thereof that the submission is late (up to 48 hours, for example, 25 hours late in submission – 20% penalty and 49 hours late in submission a mark of 0). This penalty does not apply to cases in which an application for special considerations is made and approved. Students who have plagiarised will be awarded a mark of zero, will not be permitted to resubmit, and may be reported to the University Disciplinary Committee for further action.

Assessment Tasks

Name Weighting Hurdle Due
Tutorial problems 20% No Weekly
Quiz 15% No Weeks 5 and 10
Narrative interview assignment 15% No Week 8
Final online examination 50% No Examination Period

Tutorial problems

Assessment Type 1: Problem set
Indicative Time on Task 2: 12 hours
Due: Weekly
Weighting: 20%

 

Tutorial problem workouts

 


On successful completion you will be able to:
  • Understand how principles of economics are relevant to an understanding of decision-making by individuals, business and government.
  • Apply theory and concepts to solve real-life economic problems.
  • Critically evaluate economic policy from a broad policy perspective.

Quiz

Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 5 hours
Due: Weeks 5 and 10
Weighting: 15%

 

Online quizz

 


On successful completion you will be able to:
  • Understand how principles of economics are relevant to an understanding of decision-making by individuals, business and government.
  • Apply theory and concepts to solve real-life economic problems.

Narrative interview assignment

Assessment Type 1: Media presentation
Indicative Time on Task 2: 5 hours
Due: Week 8
Weighting: 15%

 

Expert interview

 


On successful completion you will be able to:
  • Identify and explain the importance of economics in the appropriate management of national, social, business and individual economic affairs.
  • Critically evaluate economic policy from a broad policy perspective.

Final online examination

Assessment Type 1: Examination
Indicative Time on Task 2: 40 hours
Due: Examination Period
Weighting: 50%

 

A two-hour open book examination, consisting of descriptive short and long answer questions, will be held during the University Examination Period.

 


On successful completion you will be able to:
  • Identify and explain the importance of economics in the appropriate management of national, social, business and individual economic affairs.
  • Understand how principles of economics are relevant to an understanding of decision-making by individuals, business and government.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Learning Skills Unit for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation

Delivery and Resources

CLASSES

This unit provides 2 hours teaching per week adopting a combination of asynchronous (recorded lectures, slides, discussion forums, etc) and synchronous  (Zoom meetings, etc.) and 1 hour tutorial per week.

The timetable for lectures and tutorials can be found on the university web site at: http://www.timetables.mq.edu.au

Technology Used and Required Unit Web Page on iLearn

Lecture and and all teaching material as well as up to date information concerning any aspect of the unit, including any changes to the schedule, will be available to students by logging on to the unit web page at http://ilearn.mq.edu.au.  Students are strongly advised that their learning is significantly enhanced by regularly following the videos and undertaking the relevant reading for the week. It is assumed that students will attend all tutorials. Students who do not regularly follow the video lectures put themselves at a significant disadvantage, including that not all the material in the text is covered in the unit and not all the material in the unit is covered in the text. In some places the text deals with issues in greater depth than is necessary for the unit, and in other places it doesn’t go far enough. The video lectures contain key unit material taught at the level required for the assessment tasks and are the guide to the unit content. The tutorials will demonstrate the way questions in macroeconomics are approached. The lectures and tutorials will include significant guidance about the style and content of the final exam and recommendations about study technique. It is difficult to provide meaningful assistance to students outside class times on topics for which they did not follow in advance the relevant lectures and tutorials. Tutorials constitute a critical learning experience of this unit and students must attend their set tutorial. In ECON1021 we emphasise peer-to-peer learning by working through the exercises and learning from others within the tutorial. Your tutor's role is to help you understand the material. Ask your tutor for guidance on how to approach questions and problems. Brief tutorial solutions will be posted on iLearn after completion of all classes of each week.

Textbook

Students will need to consult this textbook:

• The Economy: Economics for a Changing World. This text is produced by the CORE ECON team, and is available free online at https://www.coreecon.org/project/core-the-economy/. You will need to register on the site as a student. It is possible to obtain hard copies if desired.

Note that the CORE ECON project site contains significant additional resources that you should aim to make use of in aiding your learning.

Additional Readings For some topics students will be required to read material in addition to the textbook. All additional readings will be posted on iLearn.

Unit Schedule

Week 1:  Microeconomic foundations (Catch-up)

Week 2: Banks, money, and the credit market I (Chapter 10)

Week 3: Banks, money, and the credit market II (Chapter 10)

Week 4: Rent-seeking, price-setting, and market dynamics (Chapter 11)

Week 5: Markets, efficiency, and public policy (Chapter 12)

Week 6: Economic fluctuations and unemployment (Chapter 13)

Week 7: Unemployment and fiscal policy (Chapter 14)

Week 8: Inflation, unemployment, and monetary policy  (Chapter 15)

Week 9: Technological progress, employment, and living standards in the long run  (Chapter 16)

Week 10: Capstone: The great depression and the global financial crisis (Chapter 17)

Week 11: Capstone: The nation and the world economy (Chapter 18)

Week 12: Capstone: The Economics of pandemic (Extra materials)

Week 13: Review lecture - what have we learnt

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/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/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 or if you are a Global MBA student contact globalmba.support@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 help you improve your marks and take control of your study.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Enquiry Service

For all student enquiries, visit Student Connect at ask.mq.edu.au

If you are a Global MBA student contact globalmba.support@mq.edu.au

Equity 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.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.