Foundations in Macroeconomics (ECON7001)

Course overview

This is an introductory course in Macroeconomics. This course covers important macroeconomic issues such as growth, inflation, unemployment, interest rates, exchange rates, technological progress, and budget deficits. The course will provide a unified framework to address these issues and to study the impact of different policies, such as monetary and fiscal policies, on the aggregate behavior of individuals.

Overview

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.ﾠIt considers long-term economic growth in living standards in developed and in developing economies.ﾠ 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. ﾠIt 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 the light of the global financial crisis.

Blended-learning

ECON7001 is a blended-learning course with the following learning activities:ﾠ

1. Weeklyﾠpre-lecture online material on UQ Extendﾠduring Week 1 to 6 and 10 to 13 (note: there are only 10 topics)
2. Weeklyﾠ2-hour in-person tutorialsﾠduring Week 1 to 13 (note:ﾠtutorial starts from Week 1).
3. Weekly 2-hour in-person lecturesﾠduring Week 1 to 13

Students must complete the pre-lecture online material on UQ Extend for each topic before attending the in-person lecture. Rather than repeating the online material, the lecturer will cover additional content during the in-person lecture, assuming that students have already completed the pre-lecture online material. At the end of each week's pre-lecture online material on UQ Extend, there is aﾠsurveyﾠfor you to indicate which part of that week's topic you findﾠdifficultﾠand would like further explanation. The course coordinator/instructor will then organise the content of the in-person lecture for that topic based on your suggestions. Additionally, the course coordinator/instructor will also use the workshop to discuss assessments, do exam-preparation exercises, and discuss current events relevant to the course content.

In-Person Mode Only

This course is offered via an in-person mode only (despite the online material on UQ Extend). This means that both tutorials and lectures will be held in person on campus only. Students must attend their sign-on tutorial or lecture for a presentation.

Course requirements

Assumed background

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 ECON7000ﾠ(Foundations inﾠMicroeconomics) is recommended but not required.

Mathematicsﾠ-ﾠThe assumed mathematical background of people enrolling in ECON7001ﾠis 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. ECON7021, ECON7040) often involve more mathematics. So, if you are planning to take later core microeconomics or macroeconomics courses, we advise you to take ﾠECON7150 ﾠor its equivalent ﾠearly ﾠin your degree program, especially if your maths background is weak.

Incompatible

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

ECON1020 and ECON7020

Course contact

Course staff

Timetable

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

Additional timetable information

Lectures commence in Week 1

Tutorials commence in Week 1

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

Important Dates:

·        Public Holidays: Wed 13 August (Royal Queensland Show Holiday), Mon 6 October (King’s Birthday public holiday).

·        Mid-Semester Break: 29 September – 3 October. Semester 2 classes recommence on Tue 7 October.

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

This course aims to provide you with a grasp of essential macroeconomic concepts and theories, enablingﾠ you 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

Tutorial Preparation

Mode

Written

Category

Tutorial/ Problem Set

Weight

10% (Only the best 7 of the 9 submissions will be counted. Each submission can receive a maximum mark of 2, and the total mark for these 7 submissions will contribute 10% to the course mark.)

Due date

4/08/2025 - 1/09/2025

6/10/2025 - 27/10/2025

Each tutorial submission is due at 1 pm on Monday every week except

• Week 1 (no submission) and Weeks 7-9 (no tutorial submission)
• Week 10 (due 1 pm Tuesday, as Monday is the King's Birthday holiday).

Although there are no tutorial submissions in Weeks 7-9, tutorial sessions will continue as normal for presentations.

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

Handwritten or typed answers will be accepted. You must submit either a PDF file (for handwritten or typed answers) or a Word file (for typed answers) via Blackboard by the due date. You can resubmit your work an unlimited number of times before the due date.

Deferral or extension

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

As the answers could be released the day following the due date, and only the best 7 out of 9 scores are counted toward the final mark for this assessment, there is no extension.

Late submission

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

Policy Analysis Part A: Poster Draft + Presentation

• In-person

Mode

Oral, Written

Category

Presentation, Poster

Weight

15% (Maximum 100 marks, contributes 15% to the course mark)

Due date

1/09/2025 1:00 pm

1. Students must present their poster during the randomly allocated timeslot in their sign-on tutorial or lecture in Weeks 7-9.
2. The Presentation Slides (in PDF format) are due at 1 pm Monday, 1 Sept (regardless of the allocated time slot for the presentation).

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

The Presentation Slides (in PDF format) must be submitted through Turnitin on the course's 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.

• The presentation slides submission can be extended up to a maximum of 7 calendar days or 24 hours before the allocated presentation timeslot, whichever is earlier.
• The in-person presentation can be extended up to a maximum of 7 calendar days.
• Students who want to apply for an extension for the presentation slides and the presentation must submit an extension application for each, i.e., two (2) applications in total.

Late submission

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

1. Any student who fails to attend the presentation during the allocated timeslot will incur a late penalty of 100% of the maximum mark for this assessment.

2. For the presentation slides submission, a penalty of 10% of the maximum possible mark will be deducted per 24 hours from the submission due date/time for up to 7 days. After 7 days, you will receive a mark of 0..

Policy Analysis Part B: Poster-Policy Brief + Data Files

Mode

Written

Category

Paper/ Report/ Annotation, Poster

Weight

40% (Maximum 100 marks, contributes 40% to the course mark)

Due date

13/10/2025 1:00 pm

Learning outcomes

L01, L02, L03, L04, L05

Task description

Submission guidelines

The Poster and Policy Brief are submitted electronically as a single PDF file via Turnitin on Blackboard by the deadline date and time.

Data Files are submitted electronically via the Blackboard Submission link 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

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.

Refer to the instruction on Blackboard for the Late Submission Penalty Information if either B1 or B2 is submitted late.

End-of-Semester Exam

• In-person

Mode

Written

Category

Examination

Weight

35%

Due date

End of Semester Exam Period

8/11/2025 - 22/11/2025

Learning outcomes

L01, L02, L03, L04, L05

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%.

Supplementary assessment

Supplementary assessment is available for this course.

Additional assessment information

Using AI at UQ

Visit the AI Student Hub for essential information on understanding and using Artificial Intelligence in your studies responsibly. 

Plagiarism

The School of Economics is committed to reducing the incidence of plagiarism. You are encouraged to read the UQ Student Integrity and Misconduct Policy available in the Policies and Procedures section of this course profile.

The Academic Integrity Module (AIM) outlines your obligations and responsibilities as a UQ student. It is compulsory for all new to UQ students to complete the AIM.

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 for Students Policy and Procedure

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