Introductory Macroeconomics (ECON1020)

Course overview

Examines functioning of the economy & its interaction with international economy. Studies GDP, unemployment & inflation, interest rates, investment, government expenditure, taxation policies & balance of payments. Alternative macroeconomic theories & models examined.

The macroeconomy affects business conditions and wider social conditions. The behaviour of an economy as a whole is often broadly predictable, but sometimes it can suddenly change. This course is about explaining the patterns of behaviour that we observe. It considers long-term economic growth in living standards in developed and developing economies. It also explains why a national (or global) economy experiences short-term cycles in activities (e.g., recessions and recoveries) around its long-term growth trend. It explains what central banks and governments can do to try to smooth these fluctuations and to raise the trend. Simple and standard theories or ‘models’ (widely used by decision-makers in the government and the private sector) are explained intuitively. The behaviour of the financial system, including the banking system and asset markets, is considered, especially in light of the global financial crisis.

Blended-learning

ECON1020 is a blended-learning course with the following learning activities: 

1. Weekly pre-recorded online lectures during week 1 to 6 (note: there are 10 topics)
2. Weekly 2-hour in-person tutorial during weeks 1 to 7 (note: tutorial starts from week 1)
3. Weekly 2-hour in-person workshop during week 1 to 7 (note: there are 10 workshops)

What is the difference between the workshop and lecture? At the end of each week's online lecture (to be run on an online course platform called UQ Extend), there will be a survey for you to indicate the part of that week's topic that is difficult and needs more elaboration. The course coordinator/instructor will then organise the content of the workshop for that topic based on your suggestions. In addition, the course coordinator/instructor will also use the workshop to discuss some relevant current macroeconomic events in the content of the course.

The tutorial materials and tutorial solutions will be posted on Blackboard each week.

Course requirements

Assumed background

Economics - This is an introductory course without prerequisites. We assume that you have not studied economics before. It is unlikely that much of this course is a mere repetition or compression of high school economics.

Prior or concurrent study of ECON1010 (Introductory Microeconomics) is recommended but not required.

Mathematics - The assumed mathematical background of people enrolling in ECON1020 is modest. You need to know basic arithmetic (+, -, x, /). You will need to perform very simple manipulations of equations (e.g., re-arranging terms).

Note that higher-level courses (e.g. ECON2020, ECON3020) often involve more mathematics. So, if you are planning to take later core microeconomics or macroeconomics courses, we advise you to take ECON1050 or its equivalent early in your degree program, especially if your maths background is weak.

Repeating the course - Although the course contents remain largely the same across semesters, the course coordinator/instructors could be different and therefore have different emphases in their teaching and assessments.

Incompatible

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

ECON2021

Restrictions

Not to be studied by BAdvBus(Hons) and BAdvFin&Econ(Hons) students Minimum quota of 25 for summer semester

Course contact

Course staff

Timetable

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

Additional timetable information

Students should recheck their timetable immediately prior to the commencement of classes as late room changes may occasionally occur.

Important Dates:

• Public Holidays:ﾠWednesday 25 December (Christmas Day), Thursday 26 December (Boxing Day), Wednesday 1 January (New Year's Day)
• In-Semester Break:ﾠMonday 23 December - Wednesday 1 January. Classes recommence Thursday 2 January.

Tutorials start in teaching week 1 (on Thursday, November 28).

All assessment dates are already scheduled (see Assessment section). Please write down all these dates in your personal diary at once. Block also in your diary the days during which you will need to revise to prepare for each assessment.

Please see the Learning Activities section of this Course Profile for the timetabling implications of public holidays.

Tutorial Registration: Students must select their preferred tutorial times before the end of Teaching Week 1. Please refer to your My Timetable (available via the my.UQ dashboard) for details about the tutorial preferencing and allocation process.ﾠ

Aims and outcomes

This course aims to provide you with a grasp of essential macroeconomic concepts and theories, enablingﾠyou to understand contemporary domestic and international macroeconomic issues.ﾠ

Learning outcomes

After successfully completing this course you should be able to:

Assessment

Assessment summary

Assessment details

CML Quizzes

Mode

Activity/ Performance

Category

Participation/ Student contribution, Quiz

Weight

30% (Best 5 of 6)

Due date

CML 1 28/11/2024 - 6/12/2024

CML 2 5/12/2024 - 13/12/2024

CML 3 12/12/2024 - 20/12/2024

CML 4 19/12/2024 - 10/01/2025

CML 5 9/01/2025 - 17/01/2025

CML 6 1/02/2025 - 5/02/2025

CML 1-5: due 5pm Friday

CML 6: Exam Weeks (online submission)

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

The quizzes are posted and answered on Blackboard.

Deferral or extension

You cannot defer or apply for an extension for this assessment.

Late submission

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

For CML assessments, no late submission is possible. No extensions are possible, even with a medical certificate. CML access is blocked after the due date and time. Hence, you should complete as many of the CML assessments as possible during the semester to avoid not having enough CML assessments completed by end of the semester (e.g., due to sickness).

Country Report

• Online

Mode

Written

Category

Paper/ Report/ Annotation

Weight

35%

Due date

19/12/2024 1:00 pm

Learning outcomes

L01, L03, L05

Task description

Submission guidelines

Submit report electronically via Turnitin on Blackboard by the deadline date and time.

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

For the Reports, when an extension has not been previously approved, a penalty of 10 marks (out of 100) will be deducted for every 24-hour block up to 7 calendar days, at which point any submission will not receive any marks. Each 24 hour block is recorded from the time the submission is due. That is:

• 10 marks penalty if submitted within 24 hours after the deadline;
• 20 marks penalty if submitted between 24 to 48 hours after the deadline;
• 30 marks penalty if submitted between 48 to 72 hours after the deadline;
• 40 marks penalty if submitted between 72 to 96 hours after the deadline;
• 50 marks penalty if submitted between 96 to 120 hours after the deadline;
• 60 marks penalty if submitted between 120 to 144 hours after the deadline;
• 70 marks penalty if submitted between 144 to 168 hours after the deadline;
• After 168 hours, a zero mark will be given.

Impact Report

• Online

Mode

Written

Category

Paper/ Report/ Annotation

Weight

35%

Due date

16/01/2025 1:00 pm

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

Submit report electronically via Turnitin on Blackboard by the deadline date and time.

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

For the Reports, when an extension has not been previously approved, a penalty of 10 marks (out of 100) will be deducted for every 24-hour block up to 7 calendar days, at which point any submission will not receive any marks. Each 24 hour block is recorded from the time the submission is due. That is:

• 10 marks penalty if submitted within 24 hours after the deadline;
• 20 marks penalty if submitted between 24 to 48 hours after the deadline;
• 30 marks penalty if submitted between 48 to 72 hours after the deadline;
• 40 marks penalty if submitted between 72 to 96 hours after the deadline;
• 50 marks penalty if submitted between 96 to 120 hours after the deadline;
• 60 marks penalty if submitted between 120 to 144 hours after the deadline;
• 70 marks penalty if submitted between 144 to 168 hours after the deadline;
• After 168 hours, a zero mark will be given.

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%.

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

It is important to visitﾠBlackboardﾠregularly for announcements, and other support material.

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.