Outline

Overview

Introductory Macroeconomics addresses the analysis of the level of employment and economic activity in the economy as a whole. The unit examines the main factors that determine the overall levels of production and employment in the economy, including the influence of government policy and international trade. This analysis enables an exploration of money, interest rates and financial markets, and a deeper examination of inflation, unemployment and economic policy. Prior knowledge of algebraic equations and differential calculus is assumed.

Unit details and rules

Academic unit	Economics
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	None
Assumed knowledge ?	Minimum result of Band 4 in HSC Mathematics Advanced (or equivalent); or Band E3 in HSC Mathematics Extension 1 or 2 (or equivalent). Students who do not possess the assumed knowledge are strongly advised to enrol in ECON1003 prior to or concurrently with this unit.
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Kadir Atalay, kadir.atalay@sydney.edu.au
Lecturer(s)	Gilliane Angela De Gorostiza, gilliane.degorostiza@sydney.edu.au

Assessment

The census date for this unit availability is 31 January 2025

Details
Criteria

Type	Description	Weight	Due	Length
Supervised exam ?	Final exam Paper-based exam	50%	March exam week	2 hours
Outcomes assessed:
Participation	Lecture and tutorial participation Participation in lectures and tutorials	10%	Ongoing	Every lecture and tutorial
Outcomes assessed:
Small test	Early feedback task Quiz #earlyfeedbacktask	10%	Week 01 Due date: 24 Jan 2025 at 11:30 Closing date: 24 Jan 2025	30 min
Outcomes assessed:
Supervised test ?	In-semester test Paper-based test	30%	Week 03 Due date: 07 Feb 2025 at 10:30	1 hour
Outcomes assessed:
= early feedback task ?

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
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.

Support for students

The Support for Students Policy 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. 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

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction to Macroeconomics and Measuring macroeconomic performance: Chapters 1 & 2	Lecture and tutorial (3 hr)
	Measuring the price level and inflation, Savings and Wealth: Chapters 3 & 4	Lecture and tutorial (3 hr)
	Unemployment and the labour market; An introduction to short-term economic fluctuations: Chapters 5 & 6	Lecture and tutorial (3 hr)
Week 02	Macroeconomics in the short-run: the basic Keynesian model and fiscal policy: Chapter 7	Lecture and tutorial (3 hr)
	Fiscal policy; Money, prices and the Reserve Bank: Chapters 8 and 9	Lecture and tutorial (3 hr)
	The Reserve Bank, monetary policy and the economy: Chapter 10	Lecture and tutorial (3 hr)
Week 03	Aggregate demand and aggregate supply; Macroeconomic policy: Chapters 11 & 12	Lecture and tutorial (3 hr)
Week 03	The economy in the long run: An introduction to economic growth: Chapters 13 & 14	Lecture and tutorial (3 hr)
Week 04	Savings, capital formation and economic growth: Chapter 15	Lecture and tutorial (3 hr)
	Exchange rates and the open economy: Chapter 17	Lecture and tutorial (3 hr)
	The balance of payments; Net exports and international capital flows: Chapter 18	Lecture and tutorial (3 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.
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

Textbook: Bernanke, Ben; Olekalns, Nilss; Frank, Robert, Principles of Macroeconomics, McGraw-Hill.

There are two editions of this book which are suitable for this unit:

5th Edition 2019, (BOF) This will be the edition that will be used in class.

Link here: https://www.vitalsource.com/en-au/products/principles-of-macroeconomics-ben-bernanke-nilss-olekalns-v9781760424053

Please note that you can still purchase the hard-copy version of the textbook if you wish, although there may be a price differential with the e-version.

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. interpret the meaning and measurement of macroeconomic aggregates such as GDP, unemployment and inflation
LO2. understand how the economy behaves in the short-run using the Keynesian model
LO3. analyse critically short-run macroeconomic policies
LO4. describe the role of money and the financial system in the macroeconomy
LO5. explain what determines unemployment and inflation
LO6. understand and explain macroeconomic policies that improve standards of living
LO7. analyse the factors influencing the balance of payments and the exchange rate
LO8. understand a day-by-day macroeconomic issue and critically evaluate current macroeconomic policies.

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.

Lecture and tutorial programs have been updated.

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

Early feedback task

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

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

On this page

Useful links

ECON1002: Introductory Macroeconomics

Intensive January - February, 2025 [Block mode] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

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

On this page

Useful links