Students

ECON649 – Economic Analysis

2019 – S1 Day

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor
Dr Alison Vicary
Contact via Email
4ER Room 427
TBA
Teaching Assistant
Leeanne Mendonca de Mello
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E4R Room 223
TBA
Lecturer
Dr Edwin Franks
Contact via Email
4ER Room 421
TBA
Lecturer
Dr Sayma Rahman
Contact via Email
4ER Room 223
TBA
Lecturer
Dr Prashan Karunaratne
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4ER Room 449
TBA
Lecturer
Dr Andrew Evans
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4ER Room 223
TBA
Lecturer
Dr Marjan Nazifi
4ER Room 432
TBA
Xiaoman Selma Huang
Credit points Credit points
4
Prerequisites Prerequisites
Admission to MAccg or MAccg(Adv) or MAcc(Prof) or MAcc(Prof)MCom or MCom or MBkgFin or MIntBus or MIntBusMIntComm or MIntBusMIntRel
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description
This unit provides an introduction to modern economic analysis. The first half of the unit deals with the theory and application of microeconomics, while the second half is devoted to macroeconomics, which examines the problems associated with inflation, unemployment and the business cycle in the context of the Australian economy.

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:

  • Understand the key economic concepts and models of introductory microeconomics and macroeconomics
  • Identify, apply and manipulate diagrammatic representations of economic concepts and models
  • Distinguish between the different market structures in an economy
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy
  • Appraise and suggest policy using these concepts and models to deal with real-world economic problems

General Assessment Information

Your final result is the summation of all marked assessment.

Assessment Tasks

Name Weighting Hurdle Due
Worksheets 40% No Most Weeks
Final exam 60% No University Examination Period

Worksheets

Due: Most Weeks
Weighting: 40%

  • In each class, you will spend time working on a series of questions referred to collectively as a Worksheet. 
  • Most weeks you will submit your completed Worksheet via iLearn.  A submission link will appear in the relevant topic folder. 
  • You must submit your Worksheet, two (2) days after the day of the class in which you are formally enrolled.  For example, if your class is on Monday, you must submit your Worksheet before 11.55 p.m on Wednesday.  If your class is on Thursday, you must submit your Worksheet before 11.55 pm on Saturday.
  • You must submit all the Worksheets, but only four (4) of these Worksheets are marked.  Each marked Worksheet is worth 10% of your total assessment.   You will not know in advance which Worksheets are marked.  You will only know if a particular Worksheet was marked when the marking for the Worksheet is completed.  
  • Failure to submit within the stated period (and the Worksheet for that week is marked), means you will receive a mark of zero.  
  • It is your responsibility to seek assistance in class, via iLearn Discussion Forum and during consultation times if you do not understand the content, questions or the approach.  
  • You will work in a group during the class to assist you in completing the Worksheets.  However, the answers and diagrams must be your work.
  • Further instructions governing the Worksheets will be provided on iLearn and in class.  
  • Read the Academic Integrity Policy (see the "Policies and Procedures" section).  Failure to submit individual answers to the Worksheets and conform to the Academic Integrity Policy will result in a mark of zero.
  • There is a Special Consideration Policy which establishes the principles that support students seeking to notify the University when they experience short-term, unexpected, serious and unavoidable circumstances, which affect their performance in assessment.  To access further information see the "Policies and Procedures" section of this Unit Guide.  
  • If a Special Consideration is granted, another Worksheet will be marked instead of the Worksheet you failed to submit.  

On successful completion you will be able to:
  • Understand the key economic concepts and models of introductory microeconomics and macroeconomics
  • Identify, apply and manipulate diagrammatic representations of economic concepts and models
  • Distinguish between the different market structures in an economy
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy
  • Appraise and suggest policy using these concepts and models to deal with real-world economic problems

Final exam

Due: University Examination Period
Weighting: 60%

The final examination for this unit will be held during the Macquarie University final examination period.  

  • The exam will be 2-hours + 10 minutes reading time.  
  • All topics (microeconomic and macroeconomic sections) studied during the semester are examinable.   More detail about the structure will be provided about the exam towards the end of the session. 
  • Failure to attend the final exam on the designated day and time will result in a mark of zero.
  • There is a Special Consideration Policy which establishes the principles that support students seeking to notify the University when they experience short-term, unexpected, serious and unavoidable circumstances, which affect their performance in assessment.  To access further information see the "Policies and Procedures" section of this Unit Guide. 
  • If your application for Special Consideration is accepted, you will be granted a Supplementary Exam, which is held during the Supplementary Exam period.  

 


On successful completion you will be able to:
  • Identify, apply and manipulate diagrammatic representations of economic concepts and models
  • Distinguish between the different market structures in an economy
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy
  • Appraise and suggest policy using these concepts and models to deal with real-world economic problems

Delivery and Resources

Classes

  • Each student must attend the 3 hours of classes each week.  The 3 hours are a mixture of lecture and exercises.  Your lecturer will guide you through the Worksheet, though you are expected to discuss the ideas with your peers.  Students are encouraged to seek assistance in the classroom from your lecturer and peers.
  • You are expected to attend the class time in which you are formally enrolled.  Remember the class in which you enrol determines the due date for each Worksheet.  You can not change your class time after the official date.  Access to class times depends on availability. 

Textbook

  • The textbook for this course can be found at the following: http://www.core-econ.org/
  • You will need to register using your student email to access the textbook.
  • The electronic version of the textbook is free.  You can choose to purchase a hard copy of the textbook from the website.

Technology

  • Students will require a non-programmable calculator.  A calculator is non-programmable if it does not have any memory, or if it is capable of storing only numerical data within its memory.
  • Students will also require access to a computer to view the iLearn website and to access the ebook that forms the textbook for the course. 
  • You should also bring your laptop to class.   

Unit Web Page

Unit Schedule

PART A: MICROECONOMICS

Topic 1: The Capitalist Revolution

Topic 2: The Technological Revolution(s) and Economic Models

Topic 3: Scarcity, Work and Choice

Topic 4: The Firm: Owners, Managers & Employees

Topic 5: The Firm and Its Customers

Topic 6: Supply and Demand: Price Taking and Competitive Markets

PART B: MACROECONOMICS

Topic 1: Banks and Money

Topic 2: Economic Fluctuations and Unemployment

Topic 3: Unemployment, Fiscal and Monetary Policy

Topic 4: Inflation

Topic 5: Economic Inequality

More information about the specifics of the topics and the associated readings will be provided each week. 

 

Learning and Teaching Activities

Classroom Time

The 3-hour class contact will include a lecture and the opportunity for students to discuss and work on the Worksheets.

Textbook: Readings and Exercises

You are expected to use the textbook, which consists of interactive graphical material to help you understand the material. The lecturers cannot use the interactive material from the textbook for technological reasons during class. Each week you will be provided with the sections within each of the chapters that constitute the required reading. You will rarely be required to read the entire chapter for each week, so please watch out for the reading updates.

Worksheets

Some class time is allocated for you to work in groups on the Worksheets. However, you are expected to engage in some preparation prior to your class and to review/complete the Worksheets after your class.

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:

Undergraduate 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/study/getting-started/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 improve your marks and take control of your study.

Student Services and 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.

Student Enquiries

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

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.

Graduate Capabilities

Discipline Specific Knowledge and Skills

Our graduates will take with them the intellectual development, depth and breadth of knowledge, scholarly understanding, and specific subject content in their chosen fields to make them competent and confident in their subject or profession. They will be able to demonstrate, where relevant, professional technical competence and meet professional standards. They will be able to articulate the structure of knowledge of their discipline, be able to adapt discipline-specific knowledge to novel situations, and be able to contribute from their discipline to inter-disciplinary solutions to problems.

This graduate capability is supported by:

Learning outcomes

  • Understand the key economic concepts and models of introductory microeconomics and macroeconomics
  • Identify, apply and manipulate diagrammatic representations of economic concepts and models
  • Distinguish between the different market structures in an economy
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy
  • Appraise and suggest policy using these concepts and models to deal with real-world economic problems

Assessment tasks

  • Worksheets
  • Final exam

Critical, Analytical and Integrative Thinking

We want our graduates to be capable of reasoning, questioning and analysing, and to integrate and synthesise learning and knowledge from a range of sources and environments; to be able to critique constraints, assumptions and limitations; to be able to think independently and systemically in relation to scholarly activity, in the workplace, and in the world. We want them to have a level of scientific and information technology literacy.

This graduate capability is supported by:

Learning outcomes

  • Understand the key economic concepts and models of introductory microeconomics and macroeconomics
  • Identify, apply and manipulate diagrammatic representations of economic concepts and models
  • Distinguish between the different market structures in an economy
  • Evaluate the role of the government and the central bank and the instruments available to them to manage the economy
  • Appraise and suggest policy using these concepts and models to deal with real-world economic problems

Assessment tasks

  • Worksheets
  • Final exam

Problem Solving and Research Capability

Our graduates should be capable of researching; of analysing, and interpreting and assessing data and information in various forms; of drawing connections across fields of knowledge; and they should be able to relate their knowledge to complex situations at work or in the world, in order to diagnose and solve problems. We want them to have the confidence to take the initiative in doing so, within an awareness of their own limitations.

This graduate capability is supported by:

Learning outcome

  • Identify, apply and manipulate diagrammatic representations of economic concepts and models

Assessment task

  • Worksheets