Lecturer
Dr Mohammad Alauddin
Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Postgraduate Coursework
- Location
- St Lucia
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
Introduces professional accounting & management students to both microeconomics & macroeconomics; highlights practical applicability of economics to analysis of contemporary problems; market trends & government policies.
There is an increasing reliance on micro and macroeconomic theories in government, business and personal decision making to improve resource allocation decisions. Equally, when there is evidence of a misallocation of resources, there is increased reliance on economic theories to explain how and why the problem has emerged. The aim of this course is to introduce students to relevant micro and macroeconomic theories and their applications in real world situations. The assessment is designed to encourage students to familiarise themselves with economic concepts and to test the application of these concepts to understand real world problems.
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 of 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 required.
Incompatible
You can't enrol in this course if you've already completed the following:
([ECON1010 or 2400] + 1020) or 1011 or 7000 or 7003 or 7010 or 7011
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 econ7002@uq.edu.au.
Course staff
Course coordinator
Dr Frederique Bracoud
Tutor
Dr Mohammad Alauddin
Mr Siddharth Jain
Ms Keshini Muthukuda
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Tutorial Preferencing: Please refer to My Timetable (available via the my.UQ dashboard) for more information on the tutorial preferencing and allocation process.ﾠﾠTutorialsﾠcommence in Teaching Week 2:
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 most up to date information, as from time to time late room changes may occur. The timetable can be downloaded here:ﾠPublic Timetable.ﾠRefer only to the 2024ﾠtimetableﾠ(click the text in the top right corner of the webpage to change the year).
Please see the Learning Activities section of this Course Profile (Section 4.1) for the timetabling implications of public holidays.
Public Holidays:ﾠWed 14 August (Brisbane Royal Show Holiday), Mon 7 October (King's Birthday).
Mid-Semester Break:ﾠ23ﾠSeptember -29 September. Semester 2 classes recommence Mon 30 September.
Aims and outcomes
The aim of this course is to provide students with a clear understanding of basic microeconomic and macroeconomicﾠtheories and of how these theories relate to real world economic situations. The first part of the course focusses on understanding key components of the market mechanism, theﾠcircumstances under which it operates to efficiently allocate scarce resources, and some circumstances that lead to market failure. The second part of the course introduces students to a range of macroeconomic phenomena and explanatory models. By the end of the course, students should be able to apply the covered theoretical tools in real world contexts to understand, from an economics perspective, the role of markets and of governments in improving their efficiency when necessary.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Default Title - Change as desired - Understand how economists approach model and analyse problems. That is, you should be able to "think like an economist".
LO2.
Default Title - Change as desired - Analyse and explain the principles of consumer behaviour.
LO3.
Default Title - Change as desired - Analyse and explain the principles of firm behaviour.
LO4.
Default Title - Change as desired - Differentiate between and understand different types of market structures and sources of market failures.
LO5.
Default Title - Change as desired - Analyse and explain a range of macroeconomic concepts and models.
LO6.
Default Title - Change as desired - Apply economic principles to policy questions.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
Author, Moderate and Answer Questions via RiPPLE
|
15% (3x5%) |
29/08/2024 4:00 pm 3/10/2024 4:00 pm 24/10/2024 4:00 pm
The submission must be done before 16:00. |
| Essay/ Critique | Markets in Action | 35% |
17/10/2024 4:00 pm |
| Examination |
Final Examination - On Campus Paper-based Exam
|
50% |
End of Semester Exam Period 2/11/2024 - 16/11/2024 |
Assessment details
Author, Moderate and Answer Questions via RiPPLE
- Online
- Mode
- Written
- Category
- Quiz
- Weight
- 15% (3x5%)
- Due date
29/08/2024 4:00 pm
3/10/2024 4:00 pm
24/10/2024 4:00 pm
The submission must be done before 16:00.
Task description
You are required to author resources, moderate resources, and answer questions authored by your peers and teaching staff.
Three rounds of RiPPLE will run during the semester, with assessable items due on Thursday in Weeks 6, 10 and 13 (29 August, 3 October and 24 October, respectively, at 16:00).
Detailed information about RiPPLE will be provided on Learn.UQ (Blackboard) > Assessment > RiPPLE.
This assessment task evaluates student's abilities, skills, and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI to develop responses is prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Ripple accessed through 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.
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.
Markets in Action
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 35%
- Due date
17/10/2024 4:00 pm
Task description
Choose a real-world market and find a real-world company that operates in that market. Students must use the template* provided in the Course Blackboard and write a 1,300** word essay using the tools of economic analysis to describe and explain, and relevant diagrams to illustrate, how a current or upcoming domestic and/or international government policy could affect the company and its competitiveness.
(*) Note 1: essays that do not follow the template will be penalised.
(**) Note 2: 1,300 is the maximum number of words allowed and word counts in excess of 1,300 will be penalised.
-----------------------------------------------------
In completing the essay, you need to provide the following sections (as per the template):
1) Introduction
1.1) Briefly describe the nature and characteristics of the chosen company and its operating environment.
1.2) Outline the market structure of the market you have chosen. Also, argue for the price elasticity of demand and the price elasticity of supply of such product.
*Note 1: If the company produces many types of product/ service, choose only one product/ service to analyse.
*Note 2: If the product/ service is sold in more than one country, you must specify a particular geographical area to identify the relevant competitors and to help establish the market structure.
2) Analysis of the government intervention
-Outline the reason(s) why the government wants/wanted to influence the market (e.g. to alter the market price and/or the market quantity sold or demanded).
-Explain the means by which it could achieve this. How would this impact market suppliers and consumers?
-Describe one real-life example of the current or upcoming government intervention in the market. Note that "current or upcoming" in this context means occurring and/or being reported on no earlier than 12 months before the assignment submission date, i.e., 19 May 2022 onwards. A reference for the reported government intervention must be provided. Do not make it up yourself.
-What do you think the intervention was meant to achieve?
-If applicable, how do the price elasticity of demand and the price elasticity of supply affect the magnitude of impact from this market intervention?
-Overall, who is likely to benefit and who is likely to be disadvantaged by the intervention? Is the company you chose likely to benefit or likely to be disadvantaged by the intervention?
3) Cross comparison
-Provide other government intervention, previously engaged in a similar market, that was meant to achieve the similar outcome(s) as in section 2. Compare the outcome(s) to section 2.
4) Critical Reflection
-Critical reflection of the analytical approach, emphasising its strengths and weaknesses for the real world.
5) Reference
----------------------------------------------------------
**The assignment must be submitted electronically via Turnitin on the course Blackboard site by the due date and time.**
Please consult the Assessment section of the Blackboard course website for detailed information, including assignment and submission instructions, marking criteria, and recommendations about how to do well.
This assessment task evaluates student's abilities, skills, and knowledge without the aid of Artificial Intelligence (AI). Students are advised that the use of AI to develop responses is prohibited and may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
The essay must be submitted electronically via Blackboard/TurnitIn. The instructions for submission are on the course Blackboard site.
Deferral or extension
You may be able to apply for an extension.
Requests for the granting of extensions must be submitted through my.UQ: Applying for an extension - my.UQ - University of Queensland with supporting documentation before the submission due date/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.
Late submission
A penalty of 1 grade for each 24 hour period from time submission is due will apply for up to 7 days. After 7 days you will receive a mark of 0.
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.
Final Examination - On Campus Paper-based Exam
- In-person
- Mode
- Written
- Category
- Examination
- Weight
- 50%
- Due date
End of Semester Exam Period
2/11/2024 - 16/11/2024
Task description
- Students will sit the exam on campus (paper-based).
- Exam may cover all material presented in the lectures and tutorials.
- The final examination will have two parts. Part A will consist of multiple choice questions. Part B will consist of short answer/essay and/or problem solving questions.
- The final exam will be held during the examination period at a time and place set by the Examinations Section. The final examination timetable will be published on my.UQ under "Important Info" as soon as it becomes available
- You will be alerted to further information about the final exam via our course Blackboard site.
Please refer to 5.3 Late Submission for penalties on late submission of your final exam.
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 - no written materials permitted |
| Exam platform | Paper based |
| Invigilation | Invigilated in person |
Submission guidelines
Deferral or extension
You may be able to defer this exam.
Requests for Deferral of End of Semester examinations apply to examinations held at the end of semester during the University’s examination period. A student who is unable to sit a scheduled final examination must apply for a deferred examination no later than 5 days after the date the original examination was held.
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 Section 6.1 - Assessment Related Policies & Guidelines. Please refer to Section 6.1 and the link to the Academic Integrity Tutorial (AIT). It is strongly recommended that you complete the AIT if you have not already done so.
SUBMISSION OF ASSIGNMENTS
All assignments must be submitted by the due date and time stated in the course profile. For this course, students are required to submit the essayﾠelectronically via Turnitin on Blackboard.
DEFERRED EXAMINATIONS
If you are unable to attend a scheduled exam: an In-Class Quiz, Mid-Semester or Final Exam (e.g. due to illness or other unavoidable circumstances which can be evidenced – e.g. medical certificate), you may be eligible to sit a deferred examination at a later time.
Information on grounds for applying for deferred examinations can be viewed here:
https://my.uq.edu.au/information-and-services/manage-my-program/exams-and-assessment/deferring-examﾠ
How to apply for a deferred exam can be found on the web at:
https://my.uq.edu.au/node/189/3#3
Please read this information very carefully before submitting your request.ﾠ
Requests for deferred examinations and supporting documentation must be submitted online via mySI-net > myRequests tab
https://www.sinet.uq.edu.au/psp/ps/?cmd=loginﾠ
Requests for Deferral of End of Semester examinations apply to examinations held at the end of semester during the University’s examination period.
If you are unable to sit a deferred exam, you can apply to defer an already approved deferred exam. Information can be viewed here:ﾠhttps://my.uq.edu.au/information-and-services/manage-my-program/exams-and-assessment/deferring-exam
Application Rulings:
Application rulings will be notified to you by email to your University student email address. Should you not receive a response to your application for an end of semester deferred examination by the time the final results are released, please contact Examinations Section or your faculty, as appropriate.
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.
Own copy required
You'll need to have your own copy of the following reading resources. We've indicated below if you need a personal copy of the reading materials or your own item.
| Item | Description |
|---|---|
| Book |
Essentials of economics
by Hubbard; R. Glenn; O'Brien; Anthony; Garnett; Anne; Lewis; Philip - 2022 Edition: Fifth edition Publisher: Pearson Australia ISBN: 9780655702870; 9780655702887 |
Additional learning resources information
Lecture notes and tutorial questions will be made available on Blackboard throughout the semester. Solutions to tutorial questions will be posted after the last tutorial class for the week.
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. Introduction & Key Economic Concepts Reading HGLO (Ch. 1-2); OpenStax (Ch. 1-2) |
Week 2 (29 Jul - 04 Aug) |
Tutorial |
Topic 1. Introduction & Key Economic Concepts Reading: HGLO (Ch. 1-2); OpenStax (Ch. 1-2) |
Lecture |
Topic 2. Demand, Supply and Elasticity I Reading: HGLO (Ch. 3-4); OpenStax (Ch. 3, 5) Learning outcomes: L02 |
|
Week 3 (05 Aug - 11 Aug) |
Tutorial |
Topic 2. Demand, Supply and Elasticity I Reading: HGLO (Ch. 3-4); OpenStax (Ch. 3, 5) Learning outcomes: L02 |
Lecture |
Topic 3. Elasticity II & Economic Efficiency Reading: HGLO (Ch. 4-5); OpenStax (Ch. 4-5) |
|
Week 4 (12 Aug - 18 Aug) |
Tutorial |
Topic 3. Elasticity II & Economic Efficiency NOTE: Wed 14 August is a public holiday (EKKA day). Affected students are advised to attend another tutorial session, for this week only. Reading: HGLO (Ch. 4-5); OpenStax (Ch. 4-5) |
Lecture |
Topic 4. Firm Behaviour & Perfect Competition I NOTE rescheduled due to Royal Queensland Show - Monday 12th August 2024 10 am - Zoom online delivery only Reading: HGLO (Ch. 6-7); OpenStax (Ch. 7-8) Learning outcomes: L03, L04 |
|
Week 5 (19 Aug - 25 Aug) |
Tutorial |
Topic 4. Firm Behaviour & Perfect Competition I Reading: HGLO (Ch. 6-7); OpenStax (Ch. 7-8) Learning outcomes: L03, L04 |
Lecture |
Topic 5. Perfect Competition II & Monopoly Reading: HGLO (Ch. 8); OpenStax (Ch. 9) Learning outcomes: L03, L04, L06 |
|
Week 6 (26 Aug - 01 Sep) |
Tutorial |
Topic 5. Perfect Competition II & Monopoly Reading: HGLO (Ch. 8); OpenStax (Ch. 9) Learning outcomes: L03, L04, L06 |
Lecture |
Topic 6. Government Intervention in Markets Reading: HGLO (Ch. 11); OpenStax (Ch. 12-13) Learning outcomes: L04, L06 |
|
Week 7 (02 Sep - 08 Sep) |
Tutorial |
Topic 6. Government Intervention in Markets Reading: HGLO (Ch. 11); OpenStax (Ch. 12-13) Learning outcomes: L04, L06 |
Lecture |
Topic 7. The Macroeconomic Perspective |
|
Week 8 (09 Sep - 15 Sep) |
Tutorial |
Topic 7. The Macroeconomic Perspective Reading: HGLO (Ch. 13); OpenStax (Ch. 19-20) |
Lecture |
Topic 8. Inflation and Unemployment I Reading: HGLO (Ch. 14); OpenStax (Ch. 21-22) |
|
Week 9 (16 Sep - 22 Sep) |
Tutorial |
Topic 8. Inflation and Unemployment I Reading: HGLO (Ch. 14); OpenStax (Ch. 21-22) |
Mid Sem break (23 Sep - 29 Sep) |
No student involvement (Breaks, information) |
Mid-Semester Break No lecture or tutorials this week. |
Week 10 (30 Sep - 06 Oct) |
Lecture |
Topic 9. Employment and Inflation II Reading: HGLO (Ch. 15); OpenStax (Ch. 24) Learning outcomes: L05, L06 |
Tutorial |
Topic 9. Inflation and Employment II NOTE: Monday 2 October is a Public holiday, therefore no classes will be held on this day. Students are advised to attend another session, for this week only. Reading: HGLO (Ch. 15); OpenStax (Ch. 24) Learning outcomes: L05, L06 |
|
Lecture |
Topic 10. AD-AS Model Reading: HGLO (Ch. 15-16); OpenStax (Ch. 24) |
|
Week 11 (07 Oct - 13 Oct) |
Tutorial |
Topic 10. AD-AS Model NOTE: Public holiday for the King's birthday; students from Monday tutorial can attend any of the other tutorials. Reading: HGLO (Ch. 15-16); OpenStax (Ch. 24) |
Lecture |
Topic 11. Monetary Policy Reading: HGLO (Ch. 16 & 17); OpenStax (Ch. 28 & 30) Learning outcomes: L05, L06 |
|
Week 12 (14 Oct - 20 Oct) |
Tutorial |
Topic 11. Monetary Policy Reading: HGLO (Ch. 16 & 17); OpenStax (Ch. 28 & 30) Learning outcomes: L05, L06 |
Lecture |
Topic 12. Fiscal Policy Reading: HGLO (Ch. 18); OpenStax (Ch. 28, 30) Learning outcomes: L05, L06 |
|
Week 13 (21 Oct - 27 Oct) |
Tutorial |
Topic 12. Fiscal Policy Reading: HGLO (Ch. 18); OpenStax (Ch. 28, 30) Learning outcomes: L05, L06 |
Lecture |
Topic 13. Review |
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.