Foundations in Microeconomics (ECON7000)

Course overview

This course provides students with a basic knowledge of the core economic principles. These principles will be explained and developed using a variety of examples involving businesses, governments, and households. Topics include supply and demand analysis, imperfect competition, producer and consumer theory, marginal analysis, welfare analysis, benefits and costs.

ECON7000 is an introductory course in Microeconomics. It focuses on how decision-making agents within the economy (e.g. consumers, firms, government departments) make choices and how choices can be made in a way that makes the best possible use of limited available resources. Making choices is an integral aspect of everyday life - this course will help you understand how economic decision-making operates, and, in doing so, shed light on how it might be changed for the better. For example, why do firms discount certain products but not others? Why is it so hard to find a good quality used car? Why does the government heavily tax petrol but not fast food? Why has the divorce rate increased over the past 50 years? This course will set you on the path to thinking critically about all areas of life where choices are made. Emphasis is placed on core economic principles that are immediately applicable rather than on specialised mathematical theorising.

Course requirements

Assumed background

This is an introductory economics course. Previous study in economics is neither expected nor assumed.

There is a mathematical requirement for entry into degree programs offered by the Faculty of Business, Economics and Law. The mathematical requirements of this course are modest. However, just as in most knowledge-intensive private and public sector positions, basic arithmetic and an ability to understand and manipulate simple graphs and equations are required in order to make satisfactory progress.

Incompatible

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

ECON1010 or 7002 or 7010

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:ﾠWed 14 August (Royal Queensland Show), Mon 7 October (King's Birthday).
• Mid-Semester Break:ﾠ23 - 29 September. Semester 2 classes recommence Mon 30 September.

Lectures commence in Teaching Week 1.

Tutorials and consultation 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 registered sessions.

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 is tailored to foster an economist's mode of thinking within your intellectual framework, elevating your proficiency in connecting economic principles with everyday contexts and empowering you to formulate independent views.

Learning outcomes

After successfully completing this course you should be able to:

Assessment

Assessment summary

A hurdle is an assessment requirement that must be satisfied in order to receive a specific grade for the course. Check the assessment details for more information about hurdle requirements.

Assessment details

CML 1 - Thinking Like an Economist

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

CML 1 (1st attempt) 31/07/2024 - 13/08/2024

CML 1 (2nd attempt) 14/08/2024 - 16/08/2024

Opens 9am, closes 4pm

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that the first attempt for each CML quiz will generally be available for almost two weeks. A student that misses the first attempt for any CML quiz will generally be able to complete an optional second attempt. Except for CML 6, each optional second attempt will become available after the first attempt closes.

CLEAR-JE No.1

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

2/08/2024 - 15/08/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE number Turnitin link found on the course Blackboard site.

Deferral or extension

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

There are no second attempts for any CLEAR-JEs.  Extensions will not be given. The best 5 out of 6 CLEAR-JE scores will contribute to the student's overall mark. Thus, students may miss submitting up to one CLEAR-JE and still obtain the maximum possible total.

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

CML 2 - Demand and Supply

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

CML 2 (1st attempt) 15/08/2024 - 27/08/2024

CML 2 (2nd attempt) 28/08/2024 - 30/08/2024

Opens 9am, closes 4pm

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that the first attempt for each CML quiz will generally be available for almost two weeks. A student that misses the first attempt for any CML quiz will generally be able to complete an optional second attempt. Except for CML 6, each optional second attempt will become available after the first attempt closes.

CLEAR-JE No.2

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

16/08/2024 - 29/08/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE numbered Turnitin link found on the course Blackboard site.

Deferral or extension

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

There are no second attempts for any CLEAR-JEs. Extensions will not be given. The best 5 out of 6 CLEAR-JE scores will contribute to the student's overall mark. Thus, students may miss submitting up to one CLEAR-JE and still obtain the maximum possible total.

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

CML 3 - Elasticity and Perfectly Competitive Supply

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

CML 3 (1st attempt) 28/08/2024 - 10/09/2024

CML 3 (2nd attempt) 11/09/2024 - 13/09/2024

Opens 9am, closes 4pm

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that the first attempt for each CML quiz will generally be available for almost two weeks. A student that misses the first attempt for any CML quiz will generally be able to complete an optional second attempt. Except for CML 6, each optional second attempt will become available after the first attempt closes.

CLEAR-JE No.3

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

30/08/2024 - 12/09/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE numbered Turnitin link found on the course Blackboard site.

Deferral or extension

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

There are no second attempts for any CLEAR-JEs. Extensions will not be given. The best 5 out of 6 CLEAR-JE scores will contribute to the student's overall mark. Thus, students may miss submitting up to one CLEAR-JE and still obtain the maximum possible total.

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

CML 4 - The Quest for Profit, Imperfect Comp & Monopoly

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

CML 4 (1st attempt) 11/09/2024 - 1/10/2024

CML 4 (2nd attempt) 2/10/2024 - 4/10/2024

Opens 9am, closes 4pm

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that the first attempt for each CML quiz will generally be available for almost two weeks. A student that misses the first attempt for any CML quiz will generally be able to complete an optional second attempt. Except for CML 6, each optional second attempt will become available after the first attempt closes.

CLEAR-JE No.4

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

13/09/2024 - 3/10/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE numbered Turnitin link found on the course Blackboard site.

Deferral or extension

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

There are no second attempts for any CLEAR-JEs. Extensions will not be given. The best 5 out of 6 CLEAR-JE scores will contribute to the student's overall mark. Thus, students may miss submitting up to one CLEAR-JE and still obtain the maximum possible total.

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

CML 5 - Imperfect Comp (cont.), Externalities, Prop Rights

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

CML 5 (1st attempt) 2/10/2024 - 15/10/2024

CML 5 (2nd attempt) 16/10/2024 - 18/10/2024

Opens 9am, closes 4pm

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that the first attempt for each CML quiz will generally be available for almost two weeks. A student that misses the first attempt for any CML quiz will generally be able to complete an optional second attempt. Except for CML 6, each optional second attempt will become available after the first attempt closes.

CLEAR-JE No.5

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

4/10/2024 - 17/10/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE numbered Turnitin link found on the course Blackboard site.

Deferral or extension

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

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

CML 6 - Public Goods and Economics of Information

• Hurdle
• Online

Mode

Written

Category

Quiz

Weight

10% (Best 5 out of 6)

Due date

16/10/2024 - 25/10/2024

Opens 9am, closes 4pm

NO SECOND ATTEMPT

Learning outcomes

L01, L02, L03, L04

Task description

Hurdle requirements

Submission guidelines

Enter answers into Blackboard prior to due date and time.

Deferral or extension

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

Late submission

Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time elapses. Note that CML 6 will not have an optional second attempt. Students are encouraged to complete at least one attempt for all six CMLs to help maximise their overall CML mark.

CLEAR-JE No.6

• Hurdle
• Online

Mode

Written

Category

Reflection

Weight

10% (Best 5 out of 6)

Due date

18/10/2024 - 4/11/2024

Due 4pm

Learning outcomes

L01, L02, L05

Task description

Hurdle requirements

Submission guidelines

Submit using the relevant CLEAR-JE numbered Turnitin link found on the course Blackboard site.

Deferral or extension

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

There are no second attempts for any CLEAR-JEs. Extensions will not be given. The best 5 out of 6 CLEAR-JE scores will contribute to the student's overall mark. Thus, students may miss submitting up to one CLEAR-JE and still obtain the maximum possible total.

Late submission

Late submissions of CLEAR-JEs are not allowed. If CLEAR-JEs are not submitted by the due date and time the student will be awarded zero (0) marks.

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.

Additional assessment information

Plagiarism

The School of Economics is committed to reducing the incidence of plagiarism.ﾠFurther information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies & Guidelines. Please refer to theﾠAcademic Integrity Module (AIM). It is strongly recommended that youﾠcomplete the AIM if you have not already done so.

To successfully pass ECON7000, a student needs to achieve all three of the following requirements:ﾠ

1. Receive a combined total assessment mark of at least 50 marks out of 100 marks from their CML Quizzes (50 marks available) and CLEAR-JEs (50 marks available).
2. Receive at least 20 marks out of 50 marks from their best five CML Quizzes (each being worth 10 marks).
3. Receive at least 20 marks out of 50 marks from their best five CLEAR-JEs (each being worth 10 marks).

In determining a student's final overall grade for the course, the following will apply:

• If the CML Quizzes aggregate final mark is less than 20/50 and the CLEAR-JE aggregate final mark is less than 20/50, the maximum possible grade will be 2.
• If the CML Quizzes aggregate final mark is less than 20/50 or the CLEAR-JE aggregate final mark is less than 20/50, the maximum possible grade will be 3.

Details regarding the two assessable items (CML Quizzes and CLEAR-JEs) are outlined below.

CML Quizzes

• For step-by-step instructions on accessing, completing and submitting CMLﾠquizzes, please refer to the course Blackboard site under Assessment > CML Quizzes > CML Administrative Folder.
• A student's best 5ﾠ(out of 6)ﾠCML marks will be used in calculating the aggregate result that contributes to a student's overall mark.
• An optional second attempt is given for each CML quiz, except for the final quiz (CML 6). If only one attempt is submitted and a score received for a CML quiz (either the first attempt or just the second attempt), that quiz score will contribute towards the student's aggregate CML quiz result. If both the first and second attempts are submitted, the student's best score from the 2 attempts for a CML quiz will contribute towards their aggregate CML quiz result.

CLEAR-JEs

CLEAR-JEs aim to allow students to apply their learning of economic theory in an authentic, contextualised setting that is personally relevant to them. Students are required to select a context based on their own personal life experiences and observations as people go about their lives. For example, a context could involve music, sport, eating out, hobbies, starting your own side hustle, workﾠ– anything involving life or the society we live in. The context selected is entirely up to the student's own choice! Each CLEAR-JE relies on a pair of weekly learning materials including lectures, tutorialsﾠand CML quizzes. A maximum of six (6) CLEAR-JEs can be submitted during the course, with the best five (5) contributing to the student’s overall mark. Each CLEAR-JE needs to be between a minimum of 550 words and a maximum of 650 words. Students are expected to submit a CLEAR-JE every two weeks during the course. There are no second attempts for any CLEAR-JEs. Extensions will not be given. Students are able to miss submitting a CLEAR-JE if need be and still obtain the maximum mark possible. This is partly the reason why only the best 5 out of 6 CLEAR-JEs will contribute to a student's overall mark.

Students need to refer to the course Blackboard site under Assessment > CLEAR-JEs for:

• The full details required on how to write a CLEAR-JE. Details can be found in the Word document titled CLEAR-JE Task Description for Students.
• A copy of the CLEAR-JE Template for Students that must be used for writing each CLEAR-JE submission.
• The individually numbered Turnitin links for each CLEAR-JE submission. Students must match their CLEAR-JE number to the same numbered Turnitin link when submitting their work.

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.

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.