An introduction to economics for postgraduate students, with a focus on microeconomics. An overview of fundamental topics such as opportunity cost, trade-off, relative scarcity and marginal analysis are explained using contemporary issues including minimum wages, carbon taxes, competition policy and state ownership of monopolies. The underlying structure of macroeconomics is also included to provide a framework for understanding the economy as a whole and the news and policy that affects it.
|Academic unit:||Bond Business School|
|Subject title:||Principles of Economics|
Delivery & attendance
|Attendance and learning activities:||Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Explain methods of resource allocation with reference to both efficiency and equity.
- Examine the fundamental principles of microeconomics and macroeconomics, including utility maximisation and the concept of equilibrium.
- Explain the role of individuals and businesses in different types of market structures, including perfect competition, monopolistic competition, monopoly, and oligopoly.
- Critically analyse economic situations using game theoretic techniques and the economics of asymmetric information.
- Critically evaluate regulatory and political environments' impact on business, making use of the concepts of market failure and public choice theory.
- Describe the effect of changes in macroeconomic indicators on business activity.
|Skills Assignment||Multiple Choice and Short answer questions||20%||Ongoing||1, 2, 3, 4, 5.|
|Skills Assignment||Short answer and analytical questions Weeks 6 & 11.||10%||Ongoing||1, 2, 3, 4, 5.|
|Computer-Aided Examination (Open)||Comprehensive Final Examination consisting of short answer and analytical questions.||40%||Final Examination Period||1, 2, 3, 4, 5, 6.|
|Computer-Aided Examination (Open)||Mid-semester Examination consisting of short answer and analytical questions.||30%||Week 6 (Mid-Semester Examination Period)||1, 2, 3, 5.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
Late submissions will normally not be accepted.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
Accessibility and Inclusion Support
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
This is a compulsory subject for eligibility requirements for Certified Practising Accountants Australia (CPA Australia) and Chartered Accountants Australia and New Zealand (CA ANZ). As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Examines the notion of trade-offs and how rational people respond to incentives and think in the margin when making decisions. This is compared with how an economist approaches such decisions and the models used to understand and explain the world around them.
Graphically explains the relationship between demand and supply to provide a framework to analyse policy issues such as minimum wages. Policy-relevant examples such as why a ‘war on drugs’ might lead to an increase in drug-related burglaries are discussed to explain the concept of elasticity.
Consideration of how buyer and seller choices are based on maximising behaviour. Consumer and producer surpluses are introduced to analyse the cost to society of various policies such as rent control.
Explores economics as a discipline and how it can provide useful insights for decision making and policy formation. The concept of comparative advantage is introduced to show a trader is made best-off by specialising in the good where he/she has the lowest comparative opportunity cost.
Under what circumstances will the market outcome be socially optimal? Perfect competition provides us with a benchmark to compare with other market structures discussed in subsequent topics.
Considers the various sources of market power and the respective conditions necessary for monopoly, oligopoly and monopolistic competition to arise. Also presents policy responses to a natural monopoly, concentrated market structures and anticompetitive behaviour.
An introduction to game theory using static games, credible threats and commitments. The topic continues with applications to moral hazard and adverse selection.
Examines the impact of the Coase theorem and Pigovian taxes. The Tragedy of the Commons and property rights are used to explore the use and value of public goods. We also look at the provision of public goods by government and the problems associated with government decision making.
This topic examines imperfections in labour markets. It also examines alternative methods for redistributing income.
An overview of Gross Domestic Product (GDP) measured both in output and expenditure terms. Consideration of the Consumer Price Index and the relationship between inflation and interest rates.
An examination of the components of national savings and households’ choice between savings and consumption. Investment and capital formation is also considered in relation to the willingness of firms to invest in new capital.