KING S OWN INSTITUTE* Success in Higher Educatin ECO100 INTRODUCTION TO ECONOMICS T318 - Brief All infrmatin cntained within this Subject Outline applies t all students enrlled in the trimester as indicated. 1. General Infrmatin 1.1 Administrative Details Assciated HE Award(s) Duratin Level Subject Crdinatr B Bus (Accg); B Bus (Mgt & Finance) Dip Accg; Dip Mgt 1 trimester Level 1 Mr Atta Adu-Osae atta.adusae@ki.edu.au P: 92833583 (Ext.156) L: Level 1, 545 Kent St. Cnsultatin: via Mdle r by appintment 1.2 Cre / Elective This is a cre subject fr all f the abve curses. 1.3 Subject Weighting Indicated belw is the weighting f this subject and the ttal curse pints. Subject Credit Pints Ttal Curse Credit Pints 4 Dip Accg 32; Dip Mgt 32; BBus(Accg) 96; BBus(Mgt & Finance) 96 1.4 Student Wrklad Indicated belw is the expected student wrklad per week fr this subject N. timetabled hurs/week* N. persnal study hurs/week** Ttal wrklad hurs/week*** 4 hurs/week (2 hur Lecture + 2 hur Tutrial) 6 hurs/week 10 hurs/week * Ttal time spent per week at lectures and tutrials ** Ttal time students are expected t spend per week in studying, cmpleting assignments, etc. *** Cmbinatin f timetable hurs and persnal study. 1.5 Mde f Delivery On-campus 1.6 Pre-requisites Nil 1.7 General Study and Resurce Requirements Students are expected t attend classes with the weekly wrksheets and subject supprt material prvided in Mdle. Students shuld read this material befre cming t class t imprve their ability t participate in the weekly activities. Students will require access t the internet and their KOI email and shuld have basic skills in wrd prcessing sftware such as MS Wrd, spreadsheet sftware such as MS Excel and visual presentatin sftware such as MS PwerPint. Cmputers and WIFI facilities are extensively available fr student use thrughut KOI. Students are encuraged t make use f the campus Library fr reference materials. ECO100 INTRODUCTION TO ECONOMICS T3 2018 02/11/2018 16:35 PAGE 1 OF 5
Resurce requirements specific t this subject: Students will need a nn-prgrammable calculatr fr sme parts n this subject. Applicatins in smart phnes will nt be sufficient t perfrm the required calculatins. Smartphnes and smartwatches will nt be allwed in the final exam. 2. Academic Details 2.1 Overview f the Subject This subject is an intrductin t ecnmics. The first half f the subject deals with micrecnmic issues fcusing n the behaviur f individual ecnmic agents (cnsumers, resurce-wners, businesses), with the chices and decisins made by these agents and with the effects f these decisins n ther agents. The secnd half deals with key macrecnmic issues such as GDP, ecnmic grwth, unemplyment, inflatin, fiscal plicy with taxes and gvernment spending, mnetary plicy with interest rates and mney supply, the exchange rate, the current and capital accunts, ther gvernment ecnmic plicies related t these issues, and the impact f changes in such plicies and ecnmic envirnment n natinal and glbal ecnmy as a whle, including financial markets, husehlds and firms. It is expected that upn cmpletin f this subject students will have a sufficiently gd wrking knwledge f basic ecnmic thery and practice t be able t read and understand ecnmic cmmentaries in surces such as the Australian Financial Review, The Ecnmist, the finance sectin f the daily newspapers and varius business and financial jurnals. 2.2 Graduate Attributes fr Undergraduate Curses Graduates f the Bachelr f Business (Accunting), and the Bachelr f Business (Management and Finance) curses frm King s Own Institute will gain the graduate attributes expected frm successful cmpletin f a Bachelr s degree under the Australian Qualificatins Framewrk (2 nd editin, January 2013). Graduates at this level will be able t apply an advanced bdy f knwledge in a range f cntexts fr prfessinal practice r schlarship and as a pathway fr further learning. King s Own Institute s key generic graduate attributes fr a bachelr s level degree are summarised belw: KOI Bachelr Degree Graduate Attributes Knwledge Critical Thinking Cmmunicatin Infrmatin Literacy Prblem Slving Skills Ethical and Cultural Sensitivity Teamwrk Prfessinal Skills Detailed Descriptin Current, cmprehensive and cherent knwledge Critical thinking and creative skills t analyse and synthesise infrmatin and evaluate new prblems Cmmunicatin skills fr effective reading, writing, listening and presenting in varied mdes and cntexts and fr transferring knwledge and skills t thers Infrmatin and technlgical skills fr accessing, evaluating, managing and using infrmatin prfessinally Skills t apply lgical and creative thinking t slve prblems and evaluate slutins Appreciatin f ethical principles, cultural sensitivity and scial respnsibility, bth persnally and prfessinally Leadership and teamwrk skills t cllabrate, inspire clleagues and manage respnsibly with psitive results Prfessinal skills t exercise judgement in planning, prblem slving and decisin making Acrss the curse, these skills are develped prgressively at three levels: Level 1 Fundatin Students learn the basic skills, theries and techniques f the subject and apply them in basic, stand-alne cntexts. Level 2 Intermediate Students further develp skills, theries and techniques f the subject and apply them in mre cmplex cntexts, beginning t integrate the applicatin with ther subjects.
Level 3 Advanced Students have a demnstrated ability t plan, research and apply the skills, theries and techniques f the subject in cmplex situatins, integrating the subject cntent with a range f ther subject disciplines within the cntext f the curse. 2.3 Subject Learning Outcmes This is a Level 1 subject. Listed belw, are key knwledge and skills students are expected t attain by successfully cmpleting this subject: Subject Learning Outcmes Cntributin t Curse Graduate Attributes a) Describe the ecnmic prblems that cnfrnt all scieties, and examine the key cncepts assciated with the micrecnmics and macrecnmics. b) Explain hw different markets wrk t determine prices, demand and supply and analyse the efficiency f markets. c) Examine and explain the relatinships between the natinal ecnmy, GDP and ecnmic grwth and the key macrecnmic variables such as inflatin, unemplyment, interest rates and mney supply, and exchange rates. d) Apply ecnmic thery t analyse and evaluate tpical micr and macrecnmic issues in real wrld events and cmmunicate arguments effectively in writing. 2.4 Subject Cntent and Structure Belw are details f the subject cntent and hw it is structured, including specific tpics cvered in lectures and tutrials. Reading refers t the text unless therwise indicated. Weekly Planner: Week (beginning) Tpic cvered in each week s lecture Reading(s) Expected wrk (Tutrial) 1 05 Nv The Ecnmic Prblem; Demand and Supply Ch. 1 & 2 Tutrial exercises 2 12 Nv Markets in Actin: Elasticity f Demand & Supply, and Incme Ch. 3 Tutrial exercises 3 19 Nv Market efficiency and Gvernment plicy Ch. 7 Tutrial exercises 4 26 Nv The supply decisin & perfectly cmpetitive market Ch. 4 & 5 Tutrial exercises 5 03 Dec Mnply, Mnplistic cmpetitin & Oligply Ch. 5 & 6 Tutrial exercises 6 10 Dec Mid-trimester test Mid-trimester exams 7 17 Dec GDP and Ecnmic grwth Ch. 10.1-10.2 Tutrial exercises
23 Dec 2018 Mid-trimester break 06 Jan 2019 8 07 Jan Unemplyment and Inflatin 9 19 Jan 10 21 Jan 11 28 Jan 12 04 Feb 13 11 Feb 14 18 Feb 15 25 Feb 16 04 Mar Aggregate demand and supply, and the Keynesian multiplier Ch.10.4 & 12.5 12.6 Ch. 10.3 & 12.1-12.3 Grup Assignment due Tutrial exercises Tutrial exercises Deferred Mid Trimester Exams - see Sectin 2.6 belw fr mre infrmatin Fiscal plicy Ch. 13.1-13.2 Tutrial exercises Mnetary plicy Ch. 13.3 Tutrial exercises Balance f payments & exchange rates Study review week Final Examinatin T119 begins 11 Mar 2019 1 11 Mar 2.7 Teaching Methds/Strategies Student Vacatin begins Enrlments fr T119 pen Results Released 05 Mar 2019 Certificatin f Grades 08 Mar 2019 Ch. 15 Tutrial Exercises See exam timetable fr exam date, time and lcatin Week 1 f classes fr T119 Friday 08 Mar 2019 Review f Grade Day fr T318 see Sectins 2.6 and 3.6 belw fr mre infrmatin. Briefly described belw are the teaching methds/strategies used in this subject: On-campus lectures (2 hurs/week) are cnducted in seminar style and address the subject cntent, prvide mtivatin and cntext and draw n the students experience and preparatry reading. Tutrials (2 hurs/week) include class discussin f case studies and research papers, practice sets and prblem-slving and syndicate wrk n grup prjects. Tutrial participatin is an essential cmpnent f the subject and cntributes t the develpment f graduate attributes (see sectin 2.2 abve). It is intended that specific tutrial material such as case studies, recmmended readings, review questins etc. will be made available each week in Mdle. Online teaching resurces include class materials, readings, mdel answers t assignments and exercises and discussin bards. All nline materials fr this subject as prvided by KOI will be fund in the Mdle page fr this subject. Students shuld access Mdle regularly as material may be updated at any time during the trimester Other cntact - academic staff may als cntact students either via Mdle messaging, r via email t the email address prvided t KOI n enrlment. 2.8 Student Assessment Prvided belw is a schedule f frmal assessment tasks and majr examinatins fr the subject. Assessment Type When assessed Weighting Learning Outcmes Assessed Attendance & Participatin Weekly 10% a, b, c, d Mid-trimester test (1.5 hurs) Week 6 25% a, b, d
Assessment Type When assessed Weighting Learning Outcmes Assessed Individual assignment Prblem slving questins Week 8 20% a, b, d Final examinatin (3 hurs) Final Exam Week 45% a, c, d Requirements t Pass the Subject: T gain a pass r better in this subject, students must gain a minimum f 50% f the ttal available subject marks. 2.9 Prescribed and Recmmended Readings Prescribed Text: Slman J., Nrris K., and Garrett D, 2014. Principles f Ecnmics. 4 th ed. Australia: Pearsn.