Course coordinator
Dr Frederique Bracoud
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Undergraduate
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
The course is an introduction to concepts and theories relevant to students' everyday economic and financial decision-making while at university and after graduation. It covers practical matters that are meaningful for them, such as controlling expenses, preparing a budget, managing debt, choosing a bank account, a saving product or a credit card, financing a car, choosing a car insurance, selecting a mobile phone or internet plan, deciding whether to undertake further education, and activities that are familiar to students. The course equips students with tools to make sound economic decisions and avoid psychological biases. It offers both an intellectual framework based on the latest insights from behavioural economics and practical solutions to students' economic and financial challenges. In-class experiments highlight biases students might have in making economic decisions and increase student engagement.
The course aims at strengtheningﾠfinancial literacyﾠin matters that are relevant to students' lives and at highlighting the psychological biases that affect their decisions. With a very practical focus, ECON1200ﾠis intended to all students at UQ, regardless of their degrees. It builds up financial knowledge using resources from acclaimed sources, such asﾠthe Australian financial regulator ASIC and the Financial Basics Foundation. The course also borrows lessons learnt fromﾠBehavioural Economics, whichﾠfundamentally changed the way we think about human behaviour and received recognition in 2017 when Professor Richard Thaler won the Nobel Memorial Prize in Economic Sciences.
Each topic in the course explicitly addresses a practical financial or economic aspect in students' lives. The teaching of each topic follows the same structure that consists of the following components: 1) it highlights and explains in depths the key concepts; 2) it explicitly refers to the institutions, the products or the contracts in an Australian context, and only those relevant to students; 3) it identifies the risks and traps, linking them to psychological biases whenever relevant 4) it provides tips for budgeting and 5) it describes the public policies and regulations that protect the consumer and address the issues related to that topic.
Dr Frederique Bracoud, the course designer and lecturer, is a theoretical banking microeconomist, trained in France and Belgium; she has a record of more than 20 year-experience in teaching Financial Economics at introductory and advanced levels in the UK and in Australia. In 2016, she was the recipient of a UQ Citation for Outstanding Contribution to Student Learning for her teaching in finance.
Frederique would like to acknowledge the contribution of 'students as partners' in the design of this new course: the topics have been selected and the assessment designed following several meetings with student-consultants in January 2019.
Course requirements
Assumed background
The course does not require any training in Economics or Finance; itﾠis availableﾠas a general electiveﾠto all UQ students, regardless of their degrees. Students who have not doneﾠMaths for a long time will be able to receive assistance if they need it.
Course contact
School enquiries
Student Enquiries, School of Economics
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to ECON1200@uq.edu.au.
Course staff
Lecturer
Dr Frederique Bracoud
Tutor
Mr Phuoc Bao Long Hoang
Mr PATRICK HUEY
Mr Shaun Andersen
Mr Joshua Huisman
Senior tutor
Mr Phuoc Bao Long Hoang
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Students are required to select their preferred class times through My Timetable and attend their allocated timeslot. The timetable is published through the UQ Public Timetable found in the APPs section of myUQ.ﾠ
Tutorials start in teaching week 2.ﾠ
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.
Public Holidays: Wed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
In-Semester Break: 23 - 29 September. Semester 2 classes recommence Mon 30 September.
Students should refer to the timetable prior to the commencement of classes to ensure that they have the most up to date information, as from time to time late room changes may occur.
Aims and outcomes
The course aims at strenghteningﾠfinancial literacyﾠin matters relevant to students' current and future livesﾠand at highlighting the psychological biases that affect economic and financial decisions.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
list and illustrate the biases of the human mind that affect financial decisions.
LO2.
describe the different forms of income and expense and how they affect saving, borrowing, assets, liabilities and net worth.
LO3.
underline the characteristics and risks of common financial products relevant to students.
LO4.
perform the mathematical calculations required to analyze debt and investment.
LO5.
understand the dangers associated with borrowing and investing and the regulation in place to protect consumers.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
Sequence of 4 Quizzes
|
20% |
19/08/2024 4:00 pm 9/09/2024 4:00 pm 8/10/2024 4:00 pm 21/10/2024 4:00 pm |
| Essay/ Critique, Quiz, Tutorial/ Problem Set |
Take home assignment
|
35% |
16/09/2024 4:00 pm |
| Examination |
Final exam
|
45% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
Sequence of 4 Quizzes
- Online
- Mode
- Written
- Category
- Quiz
- Weight
- 20%
- Due date
19/08/2024 4:00 pm
9/09/2024 4:00 pm
8/10/2024 4:00 pm
21/10/2024 4:00 pm
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
Sequence of 4 quizzes
MCQ and True and False questions
60-90 minutes tests; link available for 3 days
There is NO deferred option for this assessment. Students must apply for an extension before the due date and time.
This assessment task evaluates students' abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
On Blackboard test
Deferral or extension
You may be able to apply for an extension.
Maximum extension is 2 days as it is essential that the feedback be available to the rest of the cohort well on time before the take home assignment or the final exam.
Late submission
You will receive a mark of 0 if this assessment is submitted late.
Take home assignment
- Online
- Mode
- Written
- Category
- Essay/ Critique, Quiz, Tutorial/ Problem Set
- Weight
- 35%
- Due date
16/09/2024 4:00 pm
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
The take home assignment is composed of mcq, exercises, short answers, and research questions involving research on the web on topics 1-6.
The assignment is open book, which in our case means that students can access all resources on Blackboard during the exam. Communication among students is forbidden.
The assignment link is available during 3 days. Once started, the assignment must be completed within 4 hours (timer with auto-submission). It will take around 2.5 hours to complete if the student does not need to check notes and is uninterrupted.
The writing standards are very high in this course. Very precise and complete answers are expected, with concepts to be defined before being used, choice of approach to be justified, all stages of calculation to be shown, and result to be interpreted. Giving directly a result with no details and explanations will give students half the marks at the most. More information will be provided closer to the date.
This assessment task evaluates students' abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Blackboard test
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.
Requests for the granting of extensions must be made online via https://my.uq.edu.au/information-and-services/manage-my-program/exams-and-assessment/applying-extension?p=2#2 with supporting documentation before the submission date and time. [If you wait the last minute to apply you may find out that the application was rejected and you cannot any longer take the assignment.] Requests by email are not valid. 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, and will not exceed 7 days for the take home assignment.
If you missed the deadline for applying for an extension or if the application is rejected based on a lack of evidence, you will be subject to a late submission penalty [See below]. Special consideration will be given to students who submitted their request for extension late because they were incapacitated when that request was due.
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.
Final exam
- Identity Verified
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 45%
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
- Other conditions
- Time limited.
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
This assessment is a closed-book, supervised exam held on Campus at a day and time scheduled by the University.
It comprises mcq, exercises, and short answers on topics 7-12.
The writing standards are very high in this course. Very precise and complete answers are expected, with concepts to be defined before being used, choice of approach to be justified, all stages of calculation to be shown, and result to be interpreted. Giving directly a result with no details and explanations will give students half the marks at the most. More information will be provided closer to the date.
This assessment task evaluates students' abilities, skills and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.
Exam details
| Planning time | 10 minutes |
|---|---|
| Duration | 120 minutes |
| Calculator options | (In person) Casio FX82 series only or UQ approved and labelled calculator |
| Open/closed book | Closed Book examination - specified written materials permitted |
| Materials | One A4 sheet of handwritten notes , single sided, is permitted bilingual dictionary |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Deferred exam is run centrally during the period Tuesday 10th - Friday 13th December 2024. Students eligible for a deferred exam cannot graduate during the December graduation ceremonies.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0% - 29% |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30% - 46% |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47% - 49% |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50% - 64% |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65% - 74% |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75% - 84% |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85% - 100% |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
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.
Additional assessment information
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism. Further information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies & Guidelines. Please refer to the link to the Academic Integrity Module (AIM). It is strongly recommended that you complete the AIMﾠif you have not already done so.
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
Library resources are available on the UQ Library website.
Additional learning resources information
The course uses resources created by MoneySmart (ASIC) and the Financial Basics foundation.ﾠ
The list of compulsory reading is listed in the first slides of each topic; the reading is available free of charge on Blackboard.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 (22 Jul - 28 Jul) |
Lecture |
Topic 1 Importance of financial literacy Overview of the content and assessment; Role of students as partners in co-creation of content; Topic 0 Importance of financial literacy; Distinction financial knowledge and financial attitude; Main principles of Behavioural Economics through Predictably Irrational. Personal Financial literacy test (not marked); Various apps to track spending; Budgeting: track your spending for 2 weeks Learning outcomes: L01, L05 |
Week 2 (29 Jul - 04 Aug) |
Lecture |
Topic 2 Money and personal accounting Money: Different types of money; bank transaction accounts;distinction money and facilitator of payment; settlement of payment; - Personal accounting: Components of Income, expense, durable goods, assets, liabilities, net worth; Different nature of spending: different frequency; Needs versus wants; expected/non-expected; link between income/expense and surplus/deficit; link between surplus/deficit and assets/liability/net wealth; role of assets and debt in affecting future income and/or expense. Virtuous circle of saving versus vicious circle of debt. Learning outcomes: L01, L02, L04, L05 |
Tutorial |
Topic 1 Learning outcomes: L01, L05 |
|
Week 3 (05 Aug - 11 Aug) |
Lecture |
Topic 3 Income I Work regulation and taxation Work place regulation (minimum wage, work hours, enterprise agreement, ombudsman); pay discrimination (gender pay gap); taxation (taxable income from work, deductibles, tax brackets, tax exemption, tax return) Mind: impostor syndrome, gender differences in bargaining Learning outcomes: L01, L02, L04, L05 |
Tutorial |
Topic 2 Learning outcomes: L01, L02, L04, L05 |
|
Week 4 (12 Aug - 18 Aug) |
Lecture |
Topic 4 Income II Social Benefits Centrelink youth allowance, youth allowance combined with work, unemployment benefits Learning outcomes: L01, L02, L04 |
Tutorial |
Topic 3 NOTE: Public holiday (Brisbane Royal Show) on Wednesday 14 August; students enrolled in Wednesday cancelled tutorials are encouraged to attend another tutorial. Learning outcomes: L01, L02, L04, L05 |
|
Week 5 (19 Aug - 25 Aug) |
Lecture |
Topic 5 Expenses I Expenses tracking and budgeting Tracking expenses and classifying them. Budgeting: spreading expense; capping expenses; avoiding compulsive spending and identifying the budget blowers (dine-out, drug addictions and gambling/betting); danger of tap and go; limiting expense to avoid debt or to save; Mind: overconfidence; availability effect; status quo bias; mental accounting; Guest speaker: Deanna from Student services Learning outcomes: L01, L02, L04, L05 |
Tutorial |
Topic 4 Learning outcomes: L01, L02, L04 |
|
Week 6 (26 Aug - 01 Sep) |
Lecture |
Topic 6 Expenses II Rent, Insurance, Addiction Understanding some components of spending: rent (application process, bond and consumer protection); car and health insurance; mobile phone and internet contracts (terms and conditions); Mind: overconfidence Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 5 Learning outcomes: L01, L02, L04, L05 |
|
Week 7 (02 Sep - 08 Sep) |
Lecture |
Topic 7 Saving I Rationales and Bank products Rationales for savings: paying expected future bills; unexpected spending; a project (car, holiday, house deposits); retirement. Distinguishing transactional account (payment), saving accounts and term deposits. Interest calculation (compounding, comparison); fees. Mind issues: hyperbolic discounting and lack of saving Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 6 Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 8 (09 Sep - 15 Sep) |
Lecture |
Topic 8 Saving II Superannuation Retirement. Superannuation Mind issues: hyperbolic discounting and lack of saving Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 7 Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 9 (16 Sep - 22 Sep) |
Lecture |
Topic 9 Saving III Shares, bonds and managed funds Description of characteristics of different products: shares, bonds, managed fund units and foreign currency and cryptocurrencies; Components of return: interest/dividend and capital gains/losses. Risks of major investments including changes in value/price. Comparison returns and risk to bank products; Access to financial securities for retail investors; taxation of returns; financial scams. Mind issues: bias in assessing risk Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 8 Learning outcomes: L01, L02, L03, L04, L05 |
|
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
In-semester break |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Topic 10 Borrowing I Credit cards calculation of the balance; Minimum payment ; interest; traps; balance transfers. Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 9 Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 11 (07 Oct - 13 Oct) |
Lecture |
Topic 11 Borrowing II After pay, predatory loans personal bank loans, predatory lending (payday loans, pay later deals); Credit Support for financial hardship; Debt consolidation; Personal bankruptcy Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 10 NOTE: Public holiday (King's birthday) on Monday 7 October; students enrolled in Monday cancelled tutorials are encouraged to attend another tutorial. Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 12 (14 Oct - 20 Oct) |
Lecture |
Topic 12 To be chosen by the class Choice of the timing of a purchase and its funding (saving or borrowing?); illustrations: budgeting for a car; budgeting for a holiday; Minimalism for early retirement.Guest speakers on budgeting and financial hardship (may need to be cancelled if there is no online facility available) |
Tutorial |
Topic 11 Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 13 (21 Oct - 27 Oct) |
Lecture |
Revisions and preparations for exams Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Topic 12 |
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.