iTeach and Unit Guides will be undergoing maintenance tonight (Tue 10th Feb) from 8:30-11:30pm AEDT. Service may be temporarily unavailable during this time. Apologies for any inconvenience. Updates via https://itstatus.mq.edu.au
Students

ECON1021 – Economics and the Global Economy

2026 – Session 1, In person-scheduled-weekday, North Ryde

General Information

Download as PDF
Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor & Lecturer
Marjan Nazifi
fatemeh.nazifi@mq.edu.au
Contact via email
4ER 440
See iLearn
Lecturer
David Orsmond
david.orsmond@mq.edu.au
Contact via email
4ER 415
See iLearn
Credit points Credit points
10
Prerequisites Prerequisites
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 Submission Penalties

If you submit your assessment late, 5% of the total possible marks will be deducted for each day (including weekends), up to 7 days. Submissions more than 7 days late will receive a mark of 0.

Example 1 (out of 100):

If you score 85/100 but submit 20 hours late, you will lose 5 marks and receive 80/100.

Example 2 (out of 30):

If you score 27/30 but submit 20 hours late, you will lose 1.5 marks and receive 25.5/30.

Extensions

Automatic short extension: Some assessments are eligible for automatic short extension. You can only apply for an automatic short extension before the due date.

Special Consideration: If you need more time due to serious issues and for any assessments that are not eligible for Short Extension, you must apply for Special Consideration. Need help? Review the Special Consideration page for further details.

Please note that Professional Practice: Expert interview is the only assessment in ECON1021 that is eligible for short extensions. 

Assessment Tasks

Name Weighting Hurdle Due Groupwork/Individual Short Extension AI assisted?
Skills development: Economics in practice 20% No Weeks 5 and 10 (during tutorials) Individual No Observed
Professional practice: Expert interview 30% No 01/05/2026 Individual Yes Open AI
Final examination 50% No Exam Period Individual No Observed

Skills development: Economics in practice

Assessment Type 1: Problem-based task
Indicative Time on Task 2: 12 hours
Due: Weeks 5 and 10 (during tutorials)
Weighting: 20%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Observed

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:
  • Critical thinking and problem solving
  • Discipline knowledge
  • Digital skills
Deliverable(s): 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.

Professional practice: Expert interview

Assessment Type 1: Professional task
Indicative Time on Task 2: 10 hours
Due: 01/05/2026
Weighting: 30%
Groupwork/Individual: Individual
Short extension 3: Yes
AI assisted?: Open AI

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:

  • Critical thinking and problem solving
  • Collaboration and communication
  • Discipline knowledge

Deliverable(s): Narrative Report [max 1000 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.

Final examination

Assessment Type 1: Examination
Indicative Time on Task 2: 40 hours
Due: Exam Period
Weighting: 50%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Observed

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(s): 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.

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.

3 An automatic short extension is available for some assessments. Apply through the Service Connect Portal.

Delivery and Resources

See iLearn for details of unit delivery and resources.

Unit Schedule

See iLearn for details of Unit Schedule.

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 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/

Academic Success

Academic Success 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 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.

Changes since First Published

Date Description
10/02/2026 Adding teaching staff contact.

Unit information based on version 2026.04 of the Handbook