ECON1020
Principles of Economics 1
Session 2, Special circumstance 2020
Department of Economics
Contents
Disclaimer
General Information 2 Macquarie University has taken all reasonable
measures to ensure the information in this
Learning Outcomes 3 publication is accurate and up-to-date. However,
the information may change or become out-dated
as a result of change in University policies,
Assessment Tasks 3 procedures or rules. The University reserves the
right to make changes to any information in this
Delivery and Resources 5 publication without notice. Users of this
publication are advised to check the website
Unit Schedule 7 version of this publication [or the relevant faculty
or department] before acting on any information in
Policies and Procedures 7 this publication.
Notice
As part of Phase 3 of our return to campus plan,
most units will now run tutorials, seminars and ot
her small group learning activities on campus for
the second half-year, while keeping an online ver
sion available for those students unable to return
or those who choose to continue their studies onli
ne.
To check the availability of face-to-face and onlin
e activities for your unit, please go to timetable vi
ewer. To check detailed information on unit asses
sments visit your unit's iLearn space or consult yo
ur unit convenor.
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Unit guide ECON1020 Principles of Economics 1
General Information
Unit convenor and teaching staff
Unit Convenor
Dr Sunny Shin
[Link]@[Link]
Contact via email
Teaching Staff
Dr Craig MacMillan
[Link]@[Link]
Contact via email
Teaching Staff
Dr Danielle Kent
[Link]@[Link]
Contact via email
Teaching Assistant
Mr Dylan Thompson
[Link]@[Link]
Contact via email
Aditya Srivastava
[Link]@[Link]
Credit points
10
Prerequisites
Corequisites
Co-badged status
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Unit guide ECON1020 Principles of Economics 1
Unit description
This unit provides an introduction to the main ideas and concepts involved in modern
economics, and attempts to provide students with an understanding of how the economy
works, what type of problems economists attempt to solve, and how they set about trying to
solve them. The unit is primarily concerned with the analysis of individual decision-making
agents, the behaviour of firms and industries in the economy (microeconomics), and on the
economy as a whole (macroeconomics). Topics can include: consumer choice and demand
analysis, the firm and its production and costs, market structures and performance, monetary
policy, unemployment and fiscal policy.
Important Academic Dates
Information about important academic dates including deadlines for withdrawing from units are
available at [Link]
Learning Outcomes
On successful completion of this unit, you will be able to:
ULO1: Identify and describe the importance of economics in the appropriate
management of contemporary economic issues.
ULO2: Analyse and explain how principles of economics are relevant in analysing and
describing decision-making by individuals, businesses and government.
ULO3: Communicate solutions and apply theories and concepts to real life economic
problems.
ULO4: Evaluate economic policy from broad ethical and equity perspectives.
Assessment Tasks
Name Weighting Hurdle Due
Weekly online participation 10% No Weekly
Online quizzes 10% No Weeks 5 & 10
Assignment 30% No 2pm, Friday, 2/10/2020
Online final examination 50% No University Exam Period
Weekly online participation
Assessment Type 1: Participatory task
Indicative Time on Task 2: 13 hours
Due: Weekly
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Unit guide ECON1020 Principles of Economics 1
Weighting: 10%
Online participation is expected throughout the session. Each week, you are expected to make
two posts in the relevant forum thread based on the lecture/tutorial content. Your participation will
be recorded each week based on the number and the quality of your posts. In order to get full
marks for this component, you need to demonstrate active participation in at least 10 weeks
throughout the session.
On successful completion you will be able to:
• Analyse and explain how principles of economics are relevant in analysing and
describing decision-making by individuals, businesses and government.
• Communicate solutions and apply theories and concepts to real life economic problems.
Online quizzes
Assessment Type 1: Quiz/Test
Indicative Time on Task 2: 2 hours
Due: Weeks 5 & 10
Weighting: 10%
There will be two online quizzes conducted throughout the session. The first online quiz will
cover lecture material from weeks 1-4; the second online quiz will cover lecture material from
weeks 5-9. The quizzes are of equal value (5% each).
On successful completion you will be able to:
• Analyse and explain how principles of economics are relevant in analysing and
describing decision-making by individuals, businesses and government.
• Communicate solutions and apply theories and concepts to real life economic problems.
Assignment
Assessment Type 1: Problem set
Indicative Time on Task 2: 15 hours
Due: 2pm, Friday, 2/10/2020
Weighting: 30%
There will be one individual assignment to be completed during the session. The assignment will
be in the form of written short and long answer questions (2,000 words in total).
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Unit guide ECON1020 Principles of Economics 1
On successful completion you will be able to:
• Communicate solutions and apply theories and concepts to real life economic problems.
• Evaluate economic policy from broad ethical and equity perspectives.
Online final examination
Assessment Type 1: Examination
Indicative Time on Task 2: 33 hours
Due: University Exam Period
Weighting: 50%
A two-hour open-book examination, consisting of descriptive short and long answer questions,
will be held during the University Examination Period. The examination will be administered
online.
On successful completion you will be able to:
• Identify and describe the importance of economics in the appropriate management of
contemporary economic issues.
• Analyse and explain how principles of economics are relevant in analysing and
describing decision-making by individuals, businesses and government.
1
If you need help with your assignment, please contact:
• the academic teaching staff in your unit for guidance in understanding or completing this
type of assessment
• the Writing Centre for academic skills support.
2 Indicative time-on-task is an estimate of the time required for completion of the assessment
task and is subject to individual variation
Delivery and Resources
Prescribed textbook:
Students will need to consult this textbook:
• The Economy: Economics for a Changing World.
This text is produced by the CORE ECON team and is available free online at [Link]
[Link]/project/core-the-economy/. You will need to register on the site as a student. It is
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Unit guide ECON1020 Principles of Economics 1
possible to obtain hard copies if desired.
Note that the CORE ECON project site contains significant additional resources that you should
aim to make use of in aiding your learning.
Additional References (in alphabetical order):
Apart from the textbook above, students may find the following resources useful as well. Most
reputable microeconomics textbooks cover the same economic theories, but perhaps you may
want to refer to supplementary chapters from these texts for topics that you need extra help on.
Note that the CORE ECON approach can differ substantially from standard texts, so it will be
necessary to consider alternatives judiciously:
• Gans, J., King, S., Byford, M. & Mankiw, N. G. Principles of Microeconomics: Australia
and New Zealand Edition 6th Ed., Cengage Learning.
• Hubbard, G., Garnett, A, Lewis, P. & O'Brien, T. Microeconomics 3rd Ed., Pearson,
Australia.
• McEachern, W., Microeconomics: A Contemporary Introduction 11th Ed., Cengage
Learning.
• Stiglitz, J., Walsh, C.E.,Gow, J. & Richmond, B. Introductory Microeconomics: First
Australian Edition, Wiley.
Students interested in a very readable and non-technical account of where many of the
economic ideas studied in this course come from are encouraged to consult:
• Kishtainy, N. (2017). A Little History of Economics. London: Yale University Press.
Technology Used and Required
The unit uses the learning management system (iLearn) that can be accessed via
[Link]. All of the learning materials and important information related to ECON1020
will be provided and can be accessed via iLearn. Students are expected to check the
ECON1020 iLearn site regularly. It also allows students to put questions to an Online-Tutor. The
Online-Tutor will attempt to answer your questions in a timely manner.
This unit uses Zoom for all online meetings which include live tutorial sessions, consultations,
and extra webinars. See iLearn for details.
This unit provides a platform on Microsoft Teams for peer-to-peer communication. See iLearn for
details.
Learning and Teaching Activities
This unit is taught as a mix of lectures and tutorials. The lectures are designed to provide the
tools which can then be applied in tutorials. ECON1020 relies heavily on independent learning
where students read the relevant chapter(s), revise lecture notes, and prepare answers to the
tutorial questions.
Lectures (2 hours for each topic)
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Unit guide ECON1020 Principles of Economics 1
Lectures are intended to provide an overview of the key concepts explored in the unit. Students
are expected to read the relevant chapter(s) and watch pre-recorded lectures provided
on iLearn.
Tutorials (1 hour for each topic)
Tutorials constitute a critical learning experience of this unit. Students are expected to attempt
tutorial questions prior to engaging in tutorial activities (see iLearn for details). Brief tutorial
solutions will be posted on iLearn at the end of each teaching week.
PAL, Peer Assisted Learning (1 hour for each topic)
Revision of the material from both lectures and tutorials via Zoom.
Unit Schedule
Lecture Topic CORE Unit Number Assessment Task Due
Week 1 The capitalist revolution 1
Week 2 Technology, population, and growth 2
Week 3 Scarcity, work, and choice 3
Week 4 Scarcity, work, and choice 3
Week 5 Social interactions 4 Online quiz 1 (5%)
Week 6 Property and power: Mutual gains and conflict 5
Week 7 The firm: Owners, managers, and employees 6
Week 8 The firm and its customers 7 Assignment (30%)
Week 9 Supply and demand: Price-taking and competitive markets 8
Week 10 Supply and demand: Price-taking and competitive markets 8 Online quiz 2 (5%)
Week 11 The labour market: Wages, profits, and unemployment 9
Week 12 Economic inequality 19
Week 13 Revision
Exam Period Final exam (50%)
Policies and Procedures
Macquarie University policies and procedures are accessible from Policy Central ([Link]
[Link]/work/strategy-planning-and-governance/university-policies-and-procedures/policy-centr
al). Students should be aware of the following policies in particular with regard to Learning and
Teaching:
• Academic Appeals Policy
• Academic Integrity Policy
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Unit guide ECON1020 Principles of Economics 1
• Academic Progression Policy
• Assessment Policy
• Fitness to Practice Procedure
• Grade Appeal Policy
• Complaint Management Procedure for Students and Members of the Public
• Special Consideration Policy (Note: The Special Consideration Policy is effective from 4
December 2017 and replaces the Disruption to Studies Policy.)
Students seeking more policy resources can visit the Student Policy Gateway ([Link]
[Link]/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you
need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (http
s://[Link]/work/strategy-planning-and-governance/university-policies-and-procedures/p
olicy-central).
Student Code of Conduct
Macquarie University students have a responsibility to be familiar with the Student Code of
Conduct: [Link]
Results
Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) or released
directly by your Unit Convenor, are not confirmed as they are subject to final approval by the
University. Once approved, final results will be sent to your student email address and will be
made available in eStudent. For more information visit [Link] or if you are a Global MBA
student contact [Link]@[Link]
Student Support
Macquarie University provides a range of support services for students. For details, visit [Link]
[Link]/support/
Learning Skills
Learning Skills ([Link]/learningskills) provides academic writing resources and study
strategies to help you improve your marks and take control of your study.
• Getting help with your assignment
• Workshops
• StudyWise
• Academic Integrity Module
The Library provides online and face to face support to help you find and use relevant
information resources.
• Subject and Research Guides
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Unit guide ECON1020 Principles of Economics 1
• Ask a Librarian
Student Services and Support
Students with a disability are encouraged to contact the Disability Service who can provide
appropriate help with any issues that arise during their studies.
Student Enquiries
For all student enquiries, visit Student Connect at [Link]
If you are a Global MBA student contact [Link]@[Link]
IT Help
For help with University computer systems and technology, visit [Link]
offices_and_units/information_technology/help/.
When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy.
The policy applies to all who connect to the MQ network including students.
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