General Information
Students are introduced to economic analysis and its applications. Topics include: decision making, analysis of constraints, analysis of benefits and costs, maximisation, competitive pressures and market forces, and public policy issues. By the end of the subject, successful students will be equipped with the tools of economics and prepared to address economic problems in their day to day lives, industry, politics, society, and the environment.
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Details
Academic unit: Bond Business School Subject code: ECON11-100 Subject title: Principles of Economics Subject level: Undergraduate Semester/Year: May 2021 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: x12 (Total hours: 24) - Weekly Tutorial
- Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
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. -
Resources
Prescribed resources: Books
- Joshua Gans,Stephen King,Martin Byford,Gregory Mankiw (2020). Principles of Microeconomics. 8th, Cengage AU
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: | ECON11-100 |
| Subject title: | Principles of Economics |
| Subject level: | Undergraduate |
| Semester/Year: | May 2021 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Standard |
| Workload items: |
|
| 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: | Books
|
|---|---|
| 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: |
Nil |
|---|---|
| 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:
- Define economic concepts and apply these to economic problems using precise economic terminology and appropriate graphical and numerical representations.
- Differentiate between perfect competition, monopoly and oligopoly and critique their implications for efficiency.
- Evaluate a given market failure using appropriate microeconomic concepts and theory.
- Relate interdependence with the gains from trade.
- Interpret recent movements in key macroeconomic indicators of the national economy.
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 Computer-Aided Examination (Open) Comprehensive final exam, short answer and analytical questions 40% Final Examination Period 1,2,3,4,5 Computer-Aided Examination (Open) Mid-semester exam, short answer and analytical questions 30% Week 6 (Mid-Semester Examination Period) 1,2,3,4 *Homework Homework Short answer and analytical questions Weeks 6 & 11. 10% Week 6 1,2,3,4 *Online Quiz Multiple Choice and Short answer questions 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 |
|---|---|---|---|---|
| Computer-Aided Examination (Open) | Comprehensive final exam, short answer and analytical questions | 40% | Final Examination Period | 1,2,3,4,5 |
| Computer-Aided Examination (Open) | Mid-semester exam, short answer and analytical questions | 30% | Week 6 (Mid-Semester Examination Period) | 1,2,3,4 |
| *Homework | Homework Short answer and analytical questions Weeks 6 & 11. | 10% | Week 6 | 1,2,3,4 |
| *Online Quiz | Multiple Choice and Short answer questions | 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
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.
Subject curriculum
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How people make decisions and thinking like an economist
An introduction to economic perspectives of human decision making. Economists try to approach the subject with scientific objectivity. This process involves making appropriate assumptions to build simplified models in order to understand the world around them. This includes how people respond to incentives and think in the margin when making decisions.
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Market forces of supply and demand & elasticity
Economists use a supply and demand model to analyse competitive markets. As well as price, there are other determinants of demand and supply e.g. income, expectations etc. If one of these changes it will shift the demand or supply curve or both. The price signal determined by the model guide economic decision making. Explores specific effects of how some event or policy might affect a market. 5.
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Avoiding Market failures
An examination of government policy using the tools of supply and demand. The unintended consequences of some of these policies are also considered.
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Market Efficiency
An allocation of resources that maximises consumer and producer surplus is efficient. Policymakers are concerned with efficiency, as well as the equity of economic outcomes. Markets can be inefficient when market failures such as market power and externalities are present. Taxes reduce welfare and this loss of surplus exceeds the revenue raised by taxation. This loss of surplus is deadweight loss. Deadweight loss flows from the under-consumption and underproduction the tax causes.
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International Trade
Interdependence and trade are desirable because they allow everyone to enjoy a greater quantity and variety of goods and services. Absolute and comparative advantage are two ways to measure or compare the ability of two people (or countries) to produce a good. Trade makes people better off because it allows specialisation in activities that a person (or country) has a comparative advantage. Economists use the principle of comparative advantage to advocate free trade among countries.
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Externalities and Public Goods
Transactions between buyers and sellers can affect a third party. This creates positive or negative externalities. This market failure may be solved privately using Coase Theorem. However, often the government uses command and control policies or market oriented approaches to solve the problem. Goods can be excludable or rival. This allows classification as private, public, common resources or club goods. Public goods create positive externalities. Common resources create negative externalities.
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The economics of production
The goal of the firm is to maximise profit. Including opportunity cost in the calculation of profit is important. A firm’s costs reflect its production process and involves both fixed and variable costs. When analysing firm behaviour it sometimes useful to graph average and variable costs to understand the relationship between the cost curves. Understanding the role fixed costs play in analysing the short-run and long-run is important.
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Perfect Competition
A competitive firm chooses a quantity of output such that marginal revenue equals marginal cost. In a market with free entry and exit this level of output will drive economic profit to zero in the long-run.
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Monopoly & competition policy
Like competitive firms, a monopolist also will produce at an output level where marginal revenue equals marginal cost. However, due to barrier to entry to this market positive economic profit can be sustained in the long-run. Monopolists may also be able to increase their profit by charging different prices for the same good to different consumers.
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Business Strategy
Oligopolists maximise their total surplus by forming cartels and acting like a monopolist. This however creates tension between cartel members since making decisions about production levels individually can lead to greater short-run profits. The prisoners’ dilemma is used to show that self-interest can prevent people from maintaining cooperation even when cooperation is in their mutual interest.
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Open-economy Macroeconomics
Key macroeconomic indicators are used to analyse an open economy's interactions with the rest of the world.