Students
ECON1021 – Economics and the Global Economy
2025 – Session 1, In person-scheduled-weekday, North Ryde
General Information
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| Unit convenor and teaching staff |
Unit convenor and teaching staff
Unit Conveynor/Lecturer
David Orsmond
Lecturer
Marjan Nazifi
|
|---|---|
| Credit points |
Credit points
10
|
| Prerequisites |
Prerequisites
ECON1020, or FOSE1005, or FOSE1015, or FOSE1025, or STAT1170, or COMP1000
|
| Corequisites |
Corequisites
|
| Co-badged status |
Co-badged status
|
| Unit description |
Unit description
This unit extends the concepts introduced in ECON1020 to analyse economy-wide employment, economic activity, inflation and financial market prices such as interest rates and exchange rates. It covers the sources of long-run economic growth, especially specialisation and trade and technology innovation and diffusion, and their impact on wages inequality. It outlines why short-run business cycles occur and how they can be addressed by budgetary and interest rate policies. The unit also focuses on the importance of well-functioning financial markets and recent economic crises. |
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 the appropriate management of national, social, business and individual economic affairs over the short and longer run.
- ULO2: Understand how principles of economics are relevant to an understanding of aggregate decision-making by individuals, business and government.
- ULO3: Apply theory and concepts to solve real-life economic challenges.
- ULO4: Critically evaluate economic policy trade-offs and choices from a broad perspective.
General Assessment Information
Late Assessment Submission Penalty (written narrative interview assessment only)
Unless a Special Consideration request has been submitted and approved, a 5% penalty (of the total possible mark) will be applied each day a written assessment is not submitted, up until the 7th day (including weekends). After the 7th day, a grade of ‘0’ will be awarded even if the assessment is submitted. Submission time for all written assessments is set at 11.55pm. A 1-hour grace period is provided to students who experience a technical concern. For any late submissions of time-sensitive tasks, such as scheduled tests/exams, performance assessments/presentations, and/or scheduled practical assessments/labs, students need to submit an application for Special Consideration
Assessment Tasks
| Name | Weighting | Hurdle | Due |
|---|---|---|---|
| Final examination | 50% | No | Exam Period |
| Professional practice: Expert interview | 30% | No | 02/05/2025 |
| Skills development: Economics in practice | 20% | No | Quiz in Weeks 6 and 11 |
Final examination
Assessment Type 1: Examination
Indicative Time on Task 2: 40 hours
Due: Exam Period
Weighting: 50%
The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit.
You will participate in a 2-hour exam held during the University Examination period. Important information about the exam will be made available on the unit iLearn page. You should also review the MQ Exams website for general tips.
Deliverable: Formal exam Individual assessment
On successful completion you will be able to:
- Identify and explain the importance of the appropriate management of national, social, business and individual economic affairs over the short and longer run.
- Understand how principles of economics are relevant to an understanding of aggregate decision-making by individuals, business and government.
Professional practice: Expert interview
Assessment Type 1: Report
Indicative Time on Task 2: 10 hours
Due: 02/05/2025
Weighting: 30%
The purpose of this assessment is for you to explore the premise of economic decision making and how the surrounding environment informs our understanding and choices, in order to develop an appreciation of the strengths and limitations of the macroeconomic approach.
You will conduct a narrative interview and report on your interviewees' understanding of the processes that operate in a market-based economy and the implied role for government. The interview will be based on common topics discussed in the media.
Skills in focus: - Analytical and critical thinking skills - Communication - Discipline knowledge
Deliverable: Narrative Report [max. 1,000 words] Individual assessment
On successful completion you will be able to:
- Identify and explain the importance of the appropriate management of national, social, business and individual economic affairs over the short and longer run.
- Critically evaluate economic policy trade-offs and choices from a broad perspective.
Skills development: Economics in practice
Assessment Type 1: Problem set
Indicative Time on Task 2: 12 hours
Due: Quiz in Weeks 6 and 11
Weighting: 20%
The purpose of this assessment is for you to develop technical and analytical skills to tackle complex economic issues.
You will undertake two quizzes to check your understanding of the material covered in tutorials.
Skills in focus: - Problem solving and critical thinking - Technical skills - Discipline knowledge
Deliverable: Two quizzes Individual assessment
On successful completion you will be able to:
- Understand how principles of economics are relevant to an understanding of aggregate decision-making by individuals, business and government.
- Apply theory and concepts to solve real-life economic challenges.
- Critically evaluate economic policy trade-offs and choices from a broad perspective.
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
The unit consists weekly of a one hour pre-recorded lecture, a one hour live Lectorial where the pre-recorded material of the week is applied to real-world issues, and a one hour tutorial. Attendance at tutorials is compulsory. Further information on the textbook and other resources is available on the iLearn page for the unit.
Unit Schedule
Refer iLearn page for this unit
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:
- Academic Appeals Policy
- Academic Integrity Policy
- Academic Progression Policy
- Assessment Policy
- Fitness to Practice Procedure
- Assessment Procedure
- Complaints Resolution Procedure for Students and Members of the Public
- Special Consideration Policy
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 connect.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.
- Workshops
- Chat with a WriteWISE peer writing leader
- Access StudyWISE
- Upload an assignment to Studiosity
- Complete the Academic Integrity Module
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:
- IT Support
- Accessibility and disability support with study
- Mental health support
- Safety support to respond to bullying, harassment, sexual harassment and sexual assault
- Social support including information about finances, tenancy and legal issues
- Student Advocacy provides independent advice on MQ policies, procedures, and processes
Student Enquiries
Got a question? Ask us via the Service Connect Portal, 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.
Unit information based on version 2025.03 of the Handbook