General Information
Examines the behaviour of aggregate economic variables, such as aggregate demand and aggregate supply, gross national product and the rates of unemployment and the rate of inflations. Topics include fiscal and monetary policies, the impact of budget surpluses and deficits, foreign trade and balance of payments and the determination of currency exchange rates. The subject applies macro-economic principles to the firm’s problem of predicting changes in its macroeconomic environment.
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Details
Academic unit: Bond Business School Subject code: ECON13-302 Subject title: Business Conditions Analysis Subject level: Undergraduate Semester/Year: May 2018 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Lecture: x12 (Total hours: 24) - Weekly Lecture
- Tutorial: x11 (Total hours: 22) - Weekly Tutorial (Starting Week 2)
- Personal Study Hours: x12 (Total hours: 72) - Study time and reviewing materials
Attendance and learning activities: -
Resources
Prescribed resources: Books
- N. Gregory Mankiw MACROECONOMICS. 9th, WORTH PUBLISHERS
iLearn@Bond & Email: iLearn@Bond 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | ECON13-302 |
| Subject title: | Business Conditions Analysis |
| Subject level: | Undergraduate |
| Semester/Year: | May 2018 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
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| Attendance and learning activities: |
| Prescribed resources: | Books
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|---|---|
| iLearn@Bond & Email: | iLearn@Bond 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 |
Enrolment requirements
| Requisites: |
Pre-requisites:Co-requisites:There are no co-requisites |
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| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
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:
- Analyse many contemporary macroeconomic issues. Understand the macroeconomics of the Global Financial Crisis.
- Apply the tools to your personal affairs; political, societal and global issues. This course will lead you to ask deeper questions to gain a better understanding of the economy.
- Demonstrate and apply tools to collect, analyse and organize information and ideas and convey those ideas clearly and fluently in written and oral forms.
- Apply academic wisdom through analytical skills to discuss ethical issues related to contemporary issues in macroeconomic and economic policy in a global world.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Paper-based Examination (Closed) Final Examination 50% Final Examination Period 1,2,3,4 Paper-based Examination (Closed) Mid-semester Examination 30% Week 7 (Mid-Semester Examination Period) 1,2,3,4 Written Report Assignments (2) 20% Ongoing 1,2,3,4 - * 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.
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Assessment criteria
Assessment criteria
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. Quality assurance
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.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Paper-based Examination (Closed) | Final Examination | 50% | Final Examination Period | 1,2,3,4 |
| Paper-based Examination (Closed) | Mid-semester Examination | 30% | Week 7 (Mid-Semester Examination Period) | 1,2,3,4 |
| Written Report | Assignments (2) | 20% | Ongoing | 1,2,3,4 |
- * 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.
Assessment criteria
| 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. |
Quality assurance
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.
Study Information
Submission procedures
Students must check the iLearn@Bond subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Academic Integrity
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.
Bond University utilises Originality Reporting software to inform academic integrity.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
Subject curriculum
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1. Introduction to business condition Indicators and data of Macroeconomics
Provides an overview of business conditions relevant to investors, consumers and policy makers. Moreover this topic introduces how to measure the value of economic activity—GDP, measure the cost of living—consumer prices index, measuring joblessness—the unemployment rate. [N. G. Mankiw (2016): CH. 2; no tutorial class].
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2. National Income: Where it comes from and where it goes
We make distinction between short-run and long-run analysis. This topic discusses the economy in the long run. Further this topic introduces the determinants of total production of goods and services, how national income is distributed to the factor of production. Moreover, it enables the students to understand the determinants of demand for goods and services and the equilibrium that brings the supply and demand for goods and service into balance. [N. G. Mankiw (2016): CH. 3; Tutorial-I].
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3. The monetary system: What it is and how it works
This topic introduces the concept of money role of banks in the monetary system, how central banks influence the money supply. Moreover students would learn about leverage, capital requirements, quantitative easing and the monetary base expansion and problems in monetary control. [N. G. Mankiw (2016): CH. 4; Tutorial 2].
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4. The open economy: Theory and case analysis
This topic introduces the mechanism of international flows of capital and goods, saving and investment in a small open economy. Moreover student would learn variety of exchange rate regimes, trade policies and purchasing power parity concept. [N. G. Mankiw (2016): CH. 6; Tutorial 3].
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5. Inflation: causes, effects and social costs and Unemployment & Labour Market
This topic introduces short-term and long-term relationship between inflation and unemployment—role of expansionary policies in the labour market. Further this topic introduces the concepts of quantity theory of money, seigniorage, inflation and interest rates, job loss, job finding and the natural rate of unemployment. Students will learn the relationship between job search and frictional unemployment, real-wage rigidity and structural unemployment. [N. G. Mankiw (2016): CH. 5 & 7; Tutorial 4].
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6. Economic growth: Theory--Economy in the very long run
This topic introduces the concept of accumulation of capital, the golden rule level of capital and the theory on population growth. Moreover, students would learn about the endogenous growth theory that concerns the technological progress in the Solow model, policies to promote growth. [N. G. Mankiw (2016): CH. 8 Tutorial 5 (Assignment 1 due)].
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7. Midterm Exam
No Lecture/Tutorial Class.
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8. Aggregate demand: Building the IS-LM Model--Keynesian Approach
This topic introduces equilibrium in the goods market—IS curve and money market—LM curve. Students will learn how to explain economic short-run fluctuations using the IS-LM model, and the IS-LM as a theory of aggregate demand. A case study on the great depression will also be discussed. [N. G. Mankiw (2016): CH. 11; Tutorial 6].
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9. Aggregate supply and the short-run tradeoff between inflation and unemployment
This topic Introduces the three Models of aggregate supply. Moreover students will learn the concepts that illustrate the relationship between inflation, unemployment and the Phillips Curve. [N. G. Mankiw (2016): CH. 14; Tutorial 7].
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10. Dynamic model of aggregate demand and aggregate supply
You will learn i) how to incorporate dynamics into the AD-AS model we previously studied ii) how to use the dynamic AD-AS model to illustrate long-run economic growth and how to use the dynamic AD-AS model to trace out the effects over time of various shocks and policy changes on output, inflation, and other endogenous variables. [N. G. Mankiw (2016): CH. 15; Tutorial 8].
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11. Govt. debt and budget deficits: debates
This topic discusses the size of the government debt, the problems in measuring government debt. Student will also learn the traditional view of government debt, the Ricardian view of government debt and other perspectives on government debt such as balanced budget versus optimal fiscal policy, and the fiscal effects on monetary policy [N. G. Mankiw (2016): CH. 19; Tutorial 9 (assignment-2 due)].
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12. The financial system: opportunities and dangers
You will learn the functions a healthy financial system performs; the common features of financial crises and government policies to alleviate or prevent crises. [N. G. Mankiw (2016): CH. 20.; Tutorial 10].