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Unit outline_

ECON1005: The Australian Economy

Semester 2, 2024 [Normal day] - Camperdown/Darlington, Sydney

This unit explores the Australian economy and introduces students to the application of economic reasoning and techniques to real-world problems. A focus of the unit is how government policy is affected by the influences brought to bear by both domestic issues and the international environment. Each issue is addressed within an economic framework. The methods of instruction, learning and assessment are designed to develop a range of graduate attributes, with an emphasis on developing communication skills and creative thinking.

Unit details and rules

Academic unit Economics
Credit points 6
Prerequisites
? 
None
Corequisites
? 
None
Prohibitions
? 
None
Assumed knowledge
? 

None

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Hugh Harley, hugh.harley@sydney.edu.au
The census date for this unit availability is 2 September 2024
Type Description Weight Due Length
Supervised exam
? 
Final exam
Paper-based exam: written answers
45% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Small test Early Feedback Task
Written, closed-book response testing lecture 2 content #earlyfeedbacktask
5% Week 03
Due date: 16 Aug 2024 at 11:30

Closing date: 16 Aug 2024
25 min
Outcomes assessed: LO1
Supervised test
? 
In-semester test
Paper-based test: multiple-choice and/or short-answer questions
20% Week 08
Due date: 20 Sep 2024 at 11:00
1 hour
Outcomes assessed: LO1 LO2
Assignment Individual assignment
Individual assignment on economic policy issue (assignment provided in L7)
20% Week 11
Due date: 18 Oct 2024 at 23:59
1500 words
Outcomes assessed: LO1 LO2 LO3 LO4 LO5
Participation Participation
Equally weighted to tutorial attendance and contribution to discussion
10% Weekly n/a
Outcomes assessed: LO1 LO5 LO4 LO3 LO2

Early feedback task

This unit includes an early feedback task, designed to give you feedback prior to the census date for this unit. Details are provided in the Canvas site and your result will be recorded in your Marks page. It is important that you actively engage with this task so that the University can support you to be successful in this unit.

Assessment summary

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy (Schedule 1).

As a general guide, a High Distinction indicates work of an exceptional standard, a Distinction a very high standard, a Credit a good standard, and a Pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

A detailed command of the material with a clear and insightful personal interpretation directed specifically to the question.

Distinction

75 - 84

A higher level of achievement than a Credit but not at HD level on all criteria

Credit

65 - 74

A solid understanding of the material well directed to the question with personal interpretation.

Pass

50 - 64

A basic understanding of the material only directed to the question in a general way and with limited personal interpretation.

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

WK Topic Learning activity Learning outcomes
Week 01 Introduction to the Australian Economy. Key concepts and measures: population, GDP, and productivity Lecture (2 hr) LO1 LO2 LO4 LO5
Week 02 Key concepts and measures: employment and inflation Lecture (2 hr) LO1 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 03 Key concepts and measures: finance and trade Lecture (2 hr) LO1 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 04 Summary of Key Measures and Concepts; Introduction to Australian Economic History Lecture (2 hr) LO1 LO2
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 05 Indigenous and C19th Australian History - Chau Chak Wing Museum Lecture (2 hr) LO2 LO3
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 06 Australian Economic History - Gold to Federation Lecture (2 hr) LO2
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO2 LO4 LO5
Week 07 Australian Economic History - Federation to WW2 Lecture (2 hr) LO1 LO2 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr)  
Week 08 In-semester test (1 hour) followed by class discussion Lecture (2 hr) LO1 LO2
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 09 Australian Economic History - Post-war growth and reform Lecture (2 hr) LO1 LO3 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 10 Australian Economic History - Recent Decades Lecture (2 hr) LO1 LO3 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 11 Australia today Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 12 Economics as a career option in Australia Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO4 LO5
Week 13 Common themes and future perspectives Lecture (2 hr) LO1 LO2 LO3 LO4 LO5
Case study on Australian economy/policy Tutorial (1 hr) LO1 LO2 LO3 LO4 LO5

Attendance and class requirements

  • Attendance: According to Faculty Board Resolutions, students in the Faculty of Arts and Social Sciences are expected to attend 90% of their classes. If you attend less than 50% of classes, regardless of the reasons, you may be referred to the Examiner’s Board. The Examiner’s Board will decide whether you should pass or fail the unit of study if your attendance falls below this threshold.
  • Preparation: Students should commit to spend approximately three hours’ preparation time (reading, studying, homework, essays, etc.) for every hour of scheduled instruction.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

All readings for this unit can be accessed through the Library’s reading list system Leganto, available on Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. demonstrate an understanding of the basic principles and tools of economics
  • LO2. understand Australian economic history and its relevance to Australia’s economic future
  • LO3. understand the benefits of objects-based learning
  • LO4. identify critical economic issues facing Australia and analyse them using economic methods
  • LO5. critically evaluate government policy responses.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

Key feedback from 2023 was a desire for more focus on post-WW2 Australian history and this year's syllabus reflects that. It also extends the very successful input from the Chau Chak Wing Museum in 2023, which also received excellent feedback.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.