Logo Students

ECON1020 – Principles of Economics 1

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

Pdf icon Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Dr Paul Crosby
Contact via Contact via email
Teaching Assistant
Mr Dylan Thompson
Contact via Contact via email
Credit points Credit points
10
Prerequisites Prerequisites
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit provides an introduction to the main ideas and concepts involved in modern economics, and attempts to provide students with an understanding of how the economy works, what type of problems economists attempt to solve, and how they set about trying to solve them. The unit is primarily concerned with the analysis of individual decision-making agents, the behaviour of firms and industries in the economy (microeconomics), and on the economy as a whole (macroeconomics). Topics can include: consumer choice and demand analysis, the firm and its production and costs, market structures and performance, and labour markets and inequality.

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 describe the importance of economics in the appropriate management of contemporary economic issues.
  • ULO2: Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • ULO3: Communicate solutions and apply theories and concepts to real life economic problems.
  • ULO4: Evaluate economic policy from broad ethical and equity perspectives.

Assessment Tasks

Name Weighting Hurdle Due
Weekly online participation 10% No Weekly
Assignment 30% No Week 7
Online quizzes 10% No Weeks 5 & 10
Online final examination 50% No University Exam Period

Weekly online participation

Assessment Type 1: Participatory task
Indicative Time on Task 2: 13 hours
Due: Weekly
Weighting: 10%

Online participation is expected throughout the session. Each week, you are expected to make two posts in the relevant forum thread based on the lecture/tutorial content. Your participation will be recorded each week based on the number and the quality of your posts. In order to get full marks for this component, you need to demonstrate active participation in at least 10 weeks throughout the session.


On successful completion you will be able to:
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • Communicate solutions and apply theories and concepts to real life economic problems.

Assignment

Assessment Type 1: Problem set
Indicative Time on Task 2: 15 hours
Due: Week 7
Weighting: 30%

There will be one individual assignment to be completed during the session. The assignment will be in the form of written short and long answer questions (2,000 words in total).


On successful completion you will be able to:
  • Communicate solutions and apply theories and concepts to real life economic problems.
  • Evaluate economic policy from broad ethical and equity perspectives.

Online quizzes

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

There will be two online quizzes conducted throughout the session. The first online quiz will cover lecture material from weeks 1-4; the second online quiz will cover lecture material from weeks 5-9. The quizzes are of equal value (5% each).


On successful completion you will be able to:
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • Communicate solutions and apply theories and concepts to real life economic problems.

Online final examination

Assessment Type 1: Examination
Indicative Time on Task 2: 33 hours
Due: University Exam 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. The examination will be administered online.


On successful completion you will be able to:
  • Identify and describe the importance of economics in the appropriate management of contemporary economic issues.
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses 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

Prescribed 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.core-econ.org/project/core-the-economy/. You will need to register on the site as a student. It is also possible to purchase a hard copy textbook if desired, see the CORE ECON project site for more information. 

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

Technology Used and Required

The unit uses the learning management system (iLearn) that can be accessed via iLearn.mq.edu.au. All of the learning materials and important information related to ECON1020 will be provided and can be accessed via iLearn. Students are expected to check the ECON1020 iLearn site regularly. It also allows students to put questions to an Online-Tutor. The Online-Tutor will attempt to answer your questions in a timely manner.

This unit uses Zoom for all online meetings which include live tutorial sessions and consultations. See iLearn for details. 

Learning and Teaching Activities

This unit is taught as a mix of lectures and tutorials. The lectures are designed to provide the tools which can then be applied in tutorials. ECON1020 relies heavily on independent learning where students read the relevant chapter(s), revise lecture notes, and prepare answers to the tutorial questions.

Lectures (2 hours for each topic)

Lectures are intended to provide an overview of the key concepts explored in the unit. Students are expected to read the relevant chapter(s) and watch the lectures provided on iLearn.

Tutorials (1 hour for each topic)

Tutorials constitute a critical learning experience of this unit. Students are expected to attempt tutorial questions prior to engaging in tutorial activities (see iLearn for details).

 

Unit Schedule

  Lecture Topic CORE Unit Number Assessment Task Due
Week 1 The capitalist revolution 1  
Week 2 Technology, population, and growth 2  
Week 3 Scarcity, work, and choice 3  
Week 4 Scarcity, work, and choice 3  
Week 5 Social interactions 4 Online quiz 1 (5%)
Week 6 Property and power: Mutual gains and conflict 5  
Week 7 The firm: Owners, managers, and employees 6 Assignment (30%)
Week 8 The firm and its customers 7  
Week 9 Supply and demand: Price-taking and competitive markets 8  
Week 10 Supply and demand: Price-taking and competitive markets 8 Online quiz 2 (5%)
Week 11 The labour market: Wages, profits, and unemployment 9  
Week 12 Economic inequality 19  
Week 13 Revision    
Exam Period     Final exam (50%)

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.