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Semester 1, Summer, Trimester 1 & Trimester 3

Dr. Mark Dodd
mark.dodd@adelaide.edu.au
Room 3.24, Level 3, Nexus 10 Building
Office phone: 8313 4931

Semester 2

Dr. Raul A. Barreto
raul.barreto@adelaide.edu.au
Room 4.26, Level 4, Nexus 10 Building
Office phone: 8313 3240

Economics is often divided into two streams: microeconomics and macroeconomics. Microeconomics focuses on the behaviour of the economic units, such as firms, households and individuals. Macroeconomics looks at the economy as a whole, especially the behaviour of aggregate measures such as the rate of unemployment, the rate of inflation, gross domestic product, exchange rates, economic growth and the business cycle. We will be selecting issues from both fields for your attention. Basic theoretical tools are introduced as required to deal with the issues being discussed. In the process, we will introduce you to a large number of economic concepts, analytical tools, the ‘language’ of economists and why it is pertinent that all students including non-economists understand these. The aim of the course is to provide students with an understanding of the key macroeconomic and microeconomic principles in order to make effective business decisions.

As you study each topic it will be related to a current economic policy question, management or business strategy issue or social issue. By the time you complete this course, you should be able to analyse a business problem from an economic perspective and then be able to effectively communicate economic concepts with economists and non-economists in a variety of contexts.


On successful completion of this course students will be able to:

1	Understand the more important concepts, tools and language of economics
2	Relate basic economic theory and principles to current microeconomic and macroeconomic issues and evaluate related public policy
3	Apply economic principles and reasoning to solving business problems
4	Interpret charts, graphs, and tables and use the information to make informed judgments
5	Communicate their knowledge and understanding of economic issues using written, verbal and visual expression
6	Understand the broader social consequences of economic decision making

Hubbard, R.G., Garnett, A.M., Lewis, P., and O’Brien, A.P. 'Essentials of Economics' 3rd Edition, Pearson.
Paperback edition ISBN: 9781486022847
An eBook edition is also available from the publisher.

This course makes use of MyUni for the posting of course materials, assessment tasks, and important announcements. It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts.

Each week will include a lecture, a workshop, a tutorial, and an online quiz.
This is an intensive course, so you should expect a commensurate workload, and plan to study intensively between the sessions.

At the Monday lecture we will cover some of the content for the week's topics, but you must also refer to the textbook and other resources made available on MyUni.

At the Tuesday workshop, you will undertake tasks in groups that are for marks. It is important that you come to these classes prepared. These workshops will be on the topic of Monday's lecture just the day before, so it is a good idea to pre-read the textbook and study materials prior to the lecture to make sure that you are sufficiently prepared for Tuesday.

At the tutorial session, you will go through additional exercises that are not for marks. These sessions will give you further practice on the same topic. You will not be provided with written answers for these exercises, so it is important to attend the class to go through those answers. Due to the fact that the final exam has a relatively heavy weighting in assessment and that this is an intensive course, it is important to make sure that you are well practiced on each topic as we go through them each week.

The standard coursework workload for a full-time student is 48 hours per week which equates to 12 hours per week for a 3 unit course over a standard teaching semester.  Note that this course is delivered intensively during the summer semester, and this means that workload for this course is 24 hours per week.

Note: This schedule is subject to change.

Week	Topic	Textbook Reading
1	Introduction / The Economic Problem Demand & Supply	Hubbard Ch 1, 2 & 3
2	Elasticity / Economic Efficiency The Role of Government	Hubbard Ch 4, 5 & 11
3	Firms, Production and Costs Perfect Competition and Monopoly	Hubbard Ch 6, 7 & 8
4	Monopolistic Competition and Oligopoly GDP, Unemployment and Inflation	Hubbard Ch 9, 12 & 13
5	Aggregate Demand and Aggregate Supply Money and Monetary Policy	Hubbard Ch 14, 15 & 16
6	Fiscal Policy The Exchange Rate and International Trade	Hubbard Ch 17, 18 & 19

Workshop Group Assignments	20%
Weekly Online Quiz	10%
Final Exam	70%

Students must attend the full workshop session on Tuesdays and actively take part in the group task to be eligible for the workshop group assignment marks for that week.
If you will have difficulty attending the workshop due to medical or other circumstances, please contact the lecturer in advance of the session to discuss your situation.

Workshop Group Assignments 20%
At the Tuesday workshop session, students will be randomly allocated to a group, and in that group students will work through a series of problems provided at the class. The problems will be due for submission at the end of the workshop, either electronically or on paper, depending on how the group has chosen to produce the assignment. All students in the group will receive the same mark. Students will be randomly allocated to different groups each week. Students must be in attendance at the workshop and actively participating for the entire time to receive the marks. Workshops will be held in Weeks 1-3 & 5-6 (due to a public holiday in Week 4), making a total of 5 sessions. Each student's final marks will be calculated based only on their best 4 marks out of 5.

Weekly Online Quiz 10%
Quizzes will be conducted online each week from Week 1 to Week 6. The grade for this component will be based only on the score of the student's best 5 quizzes out of the total 6. Further details on how and when to access these quizzes will be provided on MyUni.

Final exam 70%
The final exam will be a 3-hour exam, plus 10 minutes reading time. This exam may assess all topics covered in the course. Details regarding the structure will be posted on MyUni. Please note that this is a closed book exam. Dictionaries of any type will not be allowed in the exam. Calculators will be allowed in the exam, but calculators that can store text, are programmable, or have wireless functions will not be permitted. This means graphics calculators are not permitted, and some particular scientific calculators may not be permitted.

Refer to MyUni for further instructions regarding submission.

Additional Assessment

If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.