General Information
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.
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Details
Academic unit: Bond Business School Subject code: ECON71-100 Subject title: Principles of Economics Subject level: Postgraduate Semester/Year: January 2024 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Standard Workload items: - Forum: x12 (Total hours: 24) - Forum
- Tutorial: x12 (Total hours: 24) - 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
- Robert H. Frank,Ben Bernanke (2021). Principles of Economics. 8th, McGraw Hill
iLearn@Bond & Email: iLearn@Bond is the Learning Management System at Bond University and is used to provide access to subject materials, class 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: | ECON71-100 |
| Subject title: | Principles of Economics |
| Subject level: | Postgraduate |
| Semester/Year: | January 2024 |
| 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 Learning Management System at Bond University and is used to provide access to subject materials, class 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:
- Explain methods of resource allocation with reference to both efficiency and equity.
- Examine the 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.
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 (Closed) Comprehensive Final Examination consisting of short answers and analytical questions. 40.00% Final Examination Period 1,2,3,4,5,6 Computer-Aided Examination (Closed) Mid-semester Examination consisting of short answer and analytical questions. 20.00% Week 7 (Mid-Semester Examination Period) 1,2,3,5 Skills Assignment Analytical short answer questions. Students will be required to demonstrate an advanced level of understanding of the material by answering questions with diagrams and/or calculations and short explanations. 10.00% Week 4 1,2,3,5 Skills Assignment Analytical short answer questions. Students will be required to demonstrate an advanced level of understanding of the material by answering questions with diagrams and/or calculations and short explanations. 10.00% Week 10 3,4,5 Written Report This assignment will involve students using the economics they have learnt to analyse reports (or sections of reports) written by the Productivity Commission, the ACCC or similar agencies. 20.00% Week 12 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.
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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 (Closed) | Comprehensive Final Examination consisting of short answers and analytical questions. | 40.00% | Final Examination Period | 1,2,3,4,5,6 |
| Computer-Aided Examination (Closed) | Mid-semester Examination consisting of short answer and analytical questions. | 20.00% | Week 7 (Mid-Semester Examination Period) | 1,2,3,5 |
| Skills Assignment | Analytical short answer questions. Students will be required to demonstrate an advanced level of understanding of the material by answering questions with diagrams and/or calculations and short explanations. | 10.00% | Week 4 | 1,2,3,5 |
| Skills Assignment | Analytical short answer questions. Students will be required to demonstrate an advanced level of understanding of the material by answering questions with diagrams and/or calculations and short explanations. | 10.00% | Week 10 | 3,4,5 |
| Written Report | This assignment will involve students using the economics they have learnt to analyse reports (or sections of reports) written by the Productivity Commission, the ACCC or similar agencies. | 20.00% | Week 12 | 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.
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
Bond University‘s Student Code of Conduct Policy , Student Charter, Academic Integrity Policy and our Graduate Attributes guide expectations regarding student behaviour, their rights and responsibilities. Information on these topics can be found on our Academic Integrity webpage recognising that academic integrity involves demonstrating the principles of integrity (honesty, fairness, trust, professionalism, courage, responsibility, and respect) in words and actions across all aspects of academic endeavour.
Staff are required to report suspected misconduct. This includes all types of plagiarism, cheating, collusion, fabrication or falsification of data/content or other misconduct relating to assessment such as the falsification of medical certificates for assessment extensions. The longer term personal, social and financial consequences of misconduct can be severe, so please ask for help if you are unsure.
If your work is subject to an inquiry, you will be given an opportunity to respond and appropriate support will be provided. Academic work under inquiry will not be marked until the process has concluded. Penalties for misconduct include a warning, reduced grade, a requirement to repeat the assessment, suspension or expulsion from the University.
Feedback on assessment
Feedback on assessment will be provided to students according to the requirements of the Assessment Procedure Schedule A - Assessment Communication Procedure.
Whilst in most cases feedback should be provided within two weeks of the assessment submission due date, the Procedure should be checked if the assessment is linked to others or if the subject is a non-standard (e.g., intensive) subject.
Accessibility and Inclusion Support
Support is available to students where a physical, mental or neurological condition exists that would impact the student’s capacity to complete studies, exams or assessment tasks. For effective support, special requirement needs should be arranged with the University in advance of or at the start of each semester, or, for acute conditions, as soon as practicable after the condition arises. Reasonable adjustments are not guaranteed where applications are submitted late in the semester (for example, when lodged just prior to critical assessment and examination dates).
As outlined in the Accessibility and Inclusion Policy, to qualify for support, students must meet certain criteria. Students are also required to meet with the Accessibility and Inclusion Advisor who will ensure that reasonable adjustments are afforded to qualifying students.
For more information and to apply online, visit BondAbility.
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.
Subject curriculum
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Comparative Advantage
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.
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Perfect Competition and The Invisible Hand
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.
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Monopoly, Oligopoly and monopolistic competition
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.
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Games and Information
An introduction to game theory using static games, credible threats and commitments. The topic continues with applications to moral hazard and adverse selection.
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Externalities, Public Goods and The Environment
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.
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Labour Markets, Poverty and Income Distribution
This topic examines imperfections in labour markets. It also examines alternative methods for redistributing income.
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National Accounting and Adjusting for Inflation
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.
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National Savings
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.
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Demand, Supply and Welfare
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.
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Demand, Supply and Elasticity
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.
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Thinking Like an Economist
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.