Economics for Business (ECON1011)

Course overview

This course aims to set students on the path to becoming effective decision makers. It equips students with the core economic principles that are necessary to understand how decision makers make choices and how choices can be made that make the best possible use of limited available resources. Whether you are operating in the role of a consumer apportioning your income, a company manager striving to maximise profits, or a government policy-maker seeking to tackle environmental degradation, these principles are fundamental to effective decision making.

ECON1011 is an introductory economics course, covering principles of Micro- and Macroeconomics. It is taught in an "issue-based" format, meaning that we will be discussing contemporary social and economic issues, introducing relevant fundamental economic principles as we come across them. We would like to showcase the relevance and versatility of economics, and help you to acquire an "economic mindset". Through these applications, we will cover topics such as how price and output (for a particular product or general price and output level of an economy) are determined, how we explain why governments may need to intervene in a particular type of market but not in others, and how some government policies are more efficient than others. These basic concept will provide stepping stones for further studies in economics and business.

Course requirements

Assumed background

There is a mathematical requirement for entry into degree programs offered by the Faculty of Business, Economics and Law. The mathematical requirements for this course are modest. However, just as in most knowledge-intensive private and public sector jobs, basic arithmetic and an ability to understand and manipulate simple graphs and equations are required in order to make good progress. No previous study in the field of economics, micro or macro, is assumed or required.

Incompatible

You can't enrol in this course if you've already completed the following:

ECON1010, ECON2011, ECON2012

Restrictions

This course is not available to students enrolled in Economics programs.

Course contact

Course staff

Timetable

The timetable for this course is available on the UQ Public Timetable.

Additional timetable information

Tutorial Sign On: Students must select their preferred tutorial times as described below. This should be completed before the end of Teaching Week 1.

The timetable is published through the UQ Public Timetable found in the APPs section of myUQ. Students should refer to the timetable prior to the commencement of classes to ensure that they have the up-to-date information, as from time to time late room changes may occur.

Tutorials commence in Teaching Week 2.

Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays. Except for tutorials falling on public holidays, students should attend only their allocated sessions.

Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).

In-Semester Break: 23 September - 27 September. Semester 2 classes recommence Mon 30 September.

Aims and outcomes

ECON1011 aims to introduce students to economics through contemporary social issues such as the Housing Crisis, Cost of Living, and Climate Change. By understanding how incentives intertwines with market structure, students are invited to interpret and analyse, through the lens of economics, the challenges our society faces, and evaluate proposed policies or solutions to these issues.

Learning outcomes

After successfully completing this course you should be able to:

Assessment

Assessment summary

Assessment details

Video - Critique a Celebrity

• Identity Verified
• Online

Mode

Activity/ Performance, Oral

Category

Presentation

Weight

35%

Due date

Issue Identification (10%) 6/09/2024 3:00 pm

One-minute Video (25%) 25/10/2024 3:00 pm

Learning outcomes

L01, L02, L03, L04

Task description

Submission guidelines

The issue identification is to be submitted electronically to Turnitin through the submission link on the course Blackboard site. The one-minute video is to be submitted electronically to Blackboard Assignments through the submission link on the course Blackboard site.

Deferral or extension

You may be able to apply for an extension.

The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.

Late submission

A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.

Requests for the granting of extensions must be made online via Applying for an extension - my.UQ - University of Queensland with supporting documentation before the submission due date and time. If an extension is approved, the new agreed date for submission will be noted on the application and the student notified through their student email. Extensions cannot exceed the number of days you suffered from a medical condition, as stated on the medical certificate.”

Where an extension has not been previously approved, the following penalties apply to late or non-submission of an assessment item (e.g. essay) in alignment with PPL 3.10.02: 

Video (Topic identification and/or the one-minute video): 

A penalty of 10% of the maximum possible mark allocated for the assessment item will be deducted per day for up to 7 calendar days, at which point any submission will not receive any marks unless an extension has been approved. Each 24 hour block is recorded from the time the submission is due.

If students experience interruptions to their assessments, they are required to collect suitable evidence, e.g. screenshots, photos, or emails from AskUs and advise the course coordinator.

Students can lodge a grievance to the Head of School prior to the date of finalisation of results of the course or the Associate Dean (Academic) after the date of finalisation of results of the course, in accordance with 3.60.02 Student Grievance Resolution procedures.

Adaptive Learning Exercises - Author, Moderate, and Answer Questions via RIPPLE

• Online

Mode

Activity/ Performance

Category

Quiz

Weight

15% (3 x 5%)

Due date

23/08/2024

13/09/2024

18/10/2024

Learning outcomes

L01, L02

Task description

Submission guidelines

The resources will be created, moderated and answered on RiPPLE via the course Blackboard site. See detailed information posted on Blackboard.

Deferral or extension

You may be able to apply for an extension.

The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.

Late submission

You will receive a mark of 0 if this assessment is submitted late.

Requests for the granting of extensions must be made online via Applying for an extension - my.UQ - University of Queensland with supporting documentation before the submission due date and time. If an extension is approved, the new agreed date for submission will be noted on the application and the student notified through their student email. Extensions cannot exceed the number of days you suffered from a medical condition, as stated on the medical certificate.”

Where an extension has not been previously approved, the following penalties apply to late or non-submission of an assessment item (e.g. essay) in alignment with PPL 3.10.02: 

Adaptive Learning Exercises (Author, Moderate and Answer Questions via RiPPLE):

A 100% penalty (zero mark) for the relevant assessment round will apply to late submissions. RiPPLE automatically assigns marks, in line with the marking criteria, based on the time you created a resource, moderated a resource or answered a question. If you do not meet the criteria, RiPPLE will award zero marks.

End of Semester Exam

• Identity Verified
• In-person

Mode

Written

Category

Examination

Weight

50%

Due date

End of Semester Exam Period

2/11/2024 - 16/11/2024

Refer to description

Other conditions

Time limited.

See the conditions definitions

Learning outcomes

L01, L02, L03

Task description

Exam details

Submission guidelines

Deferral or extension

You may be able to defer this exam.

Course grading

Full criteria for each grade is available in the Assessment Procedure.

Additional course grading information

A student's final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%.

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Supplementary assessment

Supplementary assessment is available for this course.

Learning resources

You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.

Library resources

Find the required and recommended resources for this course on the UQ Library website.

Additional learning resources information

There is no required textbook for this course. Lecture notes/slides and tutorial materials will be made available to students through Blackboard. However, students who wish to have a structured reference may find the textbooks listed under Recommended Learning Resources, below.

Hubbard, R. G., O'Brien, A., Garnett, A. M., & Lewis, P. (2021). Essentials of Economics (5th edition). Pearson Education Australia.

Students wanting to further study the theory and applications of microeconomics should consider:

Microeconomics, 9th Edition, by Robert S. Pindyck, Daniel L. Rubinfeld (2017, Pearson)

Announcements and Support Materials

Announcements and support materials are made through:

1. The course Blackboard site;
2. The course Ed Discussion board; or
3. Your student email.

Please visit the course Blackboard site, Ed Discussion board and check your student email regularly. You are deemed to have received any message sent to your UQ email address.

UQ Library Resources

UQ Library offers a series of Digital Essentials modules. Feel free to explore as many as you need. The following modules are of particular relevance to ECON1011:

• Write, cite and submit: For planning, referencing and submitting assignments
• Choose the right tool: For finding the right tool to make your video
• Find and use media: If you intend to use media (e.g., images, music) in your video

See also UQ Library's referencing guide for the APA 7th citation style (adopted by this course).

UQ Student Services Resources

UQ Student Central offers a range of student support services, ranging from handling day-to-day student life to crisis support. The following resources may be of particular interest to ECON1011 students:

• Academic English support: Your English is probably better than you think -- if you are willing to use it.
• General study skills: General tips on developing effective study strategies.
• Study skills workshops: Join a workshop to improve your academic, life and well-being skills!
• Study and Exam adjustments: The ECON1011 Team supports students with a disability, mental health or medical condition, illness, injury or exceptional circumstances. If a condition or circumstance is impacting your ability to study, make an appointment with an adviser to create a plan and discuss the support available to you. You may also be eligible for exam adjustments if you have a condition or circumstance that impacts on your exams.

Learning activities

The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.

Policies and procedures

University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:

• Student Code of Conduct Policy
• Student Integrity and Misconduct Policy and Procedure
• Assessment Procedure
• Examinations Procedure
• Reasonable Adjustments - Students Policy and Procedure

Learn more about UQ policies on my.UQ and the Policy and Procedure Library.