ECON1040: Semester 1, 2023

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Units ECON1040 Semester 1 2023 [Normal day]

Unit outline_

ECON1040: Principles of Economics

Semester 1, 2023 [Normal day] - Remote

Overview

This unit of study is designed for students who have an interest in economics and its application to critical issues in everyday life. Students will gain an understanding of how the economy works; how individuals, firms and governments form and shape their decisions using economic principles; and the role of public policy on outcomes including the trade-offs faced in making policy decisions. Students will develop skills to critically analyse real-world issues using the perspective of an economist, and communicate ideas and arguments about economics in a logical, coherent and evidenced based manner.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	AGEC1006 or ECON1001 or BUSS1040
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Juliana Silva Goncalves, juliana.goncalves@sydney.edu.au
Lecturer(s)	Edwin Jiang, edwin.jiang@sydney.edu.au
Lecturer(s)	Juliana Silva Goncalves, juliana.goncalves@sydney.edu.au

Type	Description	Weight	Due	Length
Monitored exam ?	Final exam Final written exam	50%	Formal exam period	2 hours
Outcomes assessed:
Monitored test ?	In-semester test Written test	30%	Week 08 Due date: 21 Apr 2023 at 10:00	1 hour
Outcomes assessed:
Assignment	Essay Essay applying principles of economics to a concrete issue	20%	Week 12 Due date: 19 May 2023 at 09:59	1000 words
Outcomes assessed:

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
Distinction	75 - 84
Credit	65 - 74
Pass	50 - 64
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.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

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.

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction; Scarcity, Work & Choice	Lecture (2 hr)
Week 02	Social interactions, Power & Property	Lecture (2 hr)
Week 02	Tutorial 1	Tutorial (1 hr)
Week 03	The firm and its customers	Lecture (2 hr)
Week 03	Tutorial 2	Tutorial (1 hr)
Week 04	Supply & Demand: price taking & competitive markets	Lecture (2 hr)
Week 04	Tutorial 3	Tutorial (1 hr)
Week 05	The labour market, Banks, Money & Credit market	Lecture (2 hr)
Week 05	Tutorial 4	Tutorial (1 hr)
Week 06	Markets, Efficiency & Public policy	Lecture (2 hr)
Week 06	Tutorial 5	Tutorial (1 hr)
Week 08	In-semester test	Lecture (2 hr)
Week 08	Tutorial 6	Tutorial (1 hr)
Week 09	Unemployment & Fiscal Policy	Lecture (2 hr)
Week 09	Tutorial 7	Tutorial (1 hr)
Week 10	Inflation, Unemployment & Monetary policy	Lecture (2 hr)
Week 10	Tutorial 8	Tutorial (1 hr)
Week 11	Economic inequality & Social policy	Lecture (2 hr)
Week 11	Tutorial 9	Tutorial (1 hr)
Week 12	Economics of the environment	Lecture (2 hr)
Week 12	Tutorial 10	Tutorial (1 hr)
Week 13	International Trade & Revision	Lecture (2 hr)
Week 13	Tutorial 11	Tutorial (1 hr)

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.
Lecture recording: Most lectures (in recording-equipped venues) will be recorded and may be made available to students on the LMS. However, you should not rely on lecture recording to substitute your classroom learning experience.
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 online through the University Library site.

The CORE Team (2018), The Economy. Oxford University Press is available online (free of charge) at https://www.core-econ.org/ . Alternatively, students may wish to purchase a hard copy of the text – details are available online at the CORE site.

Learning outcomes

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.

Outcomes
Graduate qualities

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

LO1. apply economic concepts to examine real-world problems from both an individual’s and policymaker’s perspective
LO2. develop problem-solving skills
LO3. critically evaluate the assumptions and limitations of the theories and arguments presented in class
LO4. develop written communication skills
LO5. employ technologies effectively in gathering information from written, oral, and electronic sources
LO6. demonstrate the ability to manage, analyse, evaluate and use information efficiently and effectively.

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
Learning outcomes

Responding to student feedback

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

The quantity of the materials covered in class will be adjusted to reflect feedback about the overall volume of learning.

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Disclaimer

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