Students

ECON1021 – Principles of Economics 2

2022 – Session 1, In person-scheduled-weekday, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Lecturer and Unit Convenor
Marjan Nazifi
Contact via Email
4ER Room 429
Thursday 11-12
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://www.mq.edu.au/study/calendar-of-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

Late submissions of assessments

Unless a Special Consideration request has been submitted and approved, no extensions will be granted. There will be a deduction of 10% of the total available assessment-task marks made from the total awarded mark for each 24-hour period or part thereof that the submission is late. Late submissions will only be accepted up to 96 hours after the due date and time.

No late submissions will be accepted for timed assessments – e.g., quizzes, online tests.

Table 1: Penalty calculation based on submission time

Submission time after the due date (including weekends)

Penalty (% of available assessment task mark)

Example: for a non-timed assessment task marked out of 30

<24 hours

10%

10% x 30 marks = 3-mark deduction

24-48 hours

20%

20% x 30 marks = 6-mark deduction

48-72 hours

30%

30% x 30 marks = 9-mark deduction

72 – 96 hours

40%

40% x 30 marks = 12-mark deduction

>96 hours

100%

Assignment won’t be accepted

 

Special Consideration

To request an extension on the due date/time for a timed or non-timed assessment task, you must submit a Special Consideration application. An application for Special Consideration does not guarantee approval.

The approved extension date for a student becomes the new due date for that student. The late submission penalties above then apply as of the new due date.

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 University 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: University Examination Period
Weighting: 50%

 

A two-hour open book examination, consisting of multiple-choice questions, short answer questions, or 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 Writing Centre 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 (one hour recorded lecture, slides, discussion forums, etc) and synchronous  (either one hour F2F lecture or one hour Online lecture via live Zoom meeting) and 1 hour tutorial per week (either F2F or Online via live Zoom meeting). Note: the intended delivery mode may need to change after the start of the session due to the evolving covid situation and students need to ensure they keep up with iLearn Announcements made during the session accordingly.

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, attending classes, and undertaking the relevant reading for the week. It is assumed that students will attend all live classes and 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 and live classes 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.

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://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

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

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

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

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

The Writing Centre

The Writing Centre provides resources to develop your English language proficiency, academic writing, and communication skills.

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

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via AskMQ, or contact Service Connect.

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.

Changes since First Published

Date Description
29/01/2022 A note has been added to the delivery mode section.