ECON1005: Semester 2, 2022

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Units ECON1005 Semester 2 2022 [Normal day]

Unit of study_

ECON1005: The Australian Economy

Semester 2, 2022 [Normal day] - Remote

Overview

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 the 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

Unit code	ECON1005
Academic unit	Economics
Credit points	6
Prohibitions ?	None
Prerequisites ?	None
Corequisites ?	None
Assumed knowledge ?	None
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Hugh Harley, hugh.harley@sydney.edu.au
Lecturer(s)	Hugh Harley, hugh.harley@sydney.edu.au
Tutor(s)	Cynthia Wen, cynthia.wen@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Open book)	Final Exam Open-book exam of 2 hours duration involving written answers	45%	Formal exam period	2 hours
Outcomes assessed:
In-semester test (Open book)	In-semester exam 50-minute exam involving written answers	20%	Week 08 Due date: 23 Sep 2022 at 11:00	50 minutes
Outcomes assessed:
Assignment	Group assignment Group assignment on economic issue, including a tutorial presentation.	25%	Week 10 Due date: 14 Oct 2022 at 11:00	2000 words
Outcomes assessed:
Participation	Participation n/a	10%	Weekly	n/a
Outcomes assessed:
= group assignment ? = Type C final exam ? = Type C in-semester exam ?

Assessment summary

Participation: equally weighted to tutorial attendance and to contribution to the tutorial discussion. This will be assessed by the course tutor.
Group Assignment: You will be allocated into groups of 3 and 4 in your tutorials to work on a written assignment of no more than 2000 words (excluding references) on a topic allocated to the group.
Mid-semseter Exam: Multi-choice and/or short-answer questions (50 mins duration)

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (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 sydney.edu.au/students/guide-to-grades.

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.

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	People, growth and disease - Australia 2022 in a global context	Lecture (2 hr)
Week 01	Studying economics	Tutorial (1 hr)
Week 02	Basic characterisation of the Australian economy - employment, GDP and inflation	Lecture (2 hr)
Week 02	Case study on Australian economy/policy	Tutorial (1 hr)
Week 03	Basic characterisation of the Australian economy - key policy tools	Lecture (2 hr)
Week 03	Case study on Australian economy/policy	Tutorial (1 hr)
Week 04	Australian Economic History Part 1 - Establishment	Lecture (2 hr)
Week 04	Case study on Australian economy/policy	Tutorial (1 hr)
Week 05	Australian Economic History Part 2 - Transition to Nationhood	Lecture (2 hr)
Week 05	Case study on Australian economy/policy	Tutorial (1 hr)
Week 06	Australian Economic History Part 3 - War, Depression and Prosperity	Lecture (2 hr)
Week 06	Case study on Australian economy/policy	Tutorial (1 hr)
Week 07	Australian Economic History Part 4 - Reform, growth and risk - Australia to 2022 and beyond	Lecture (2 hr)
Week 07	Case study on Australian economy/policy	Tutorial (1 hr)
Week 08	Mid-semester exam one hour followed by class discussion	Lecture (2 hr)
Week 08	Case study on Australian economy/policy	Tutorial (1 hr)
Week 09	The reality of financial crises	Lecture (2 hr)
Week 09	Case study on Australian economy/policy	Tutorial (1 hr)
Week 10	The fault lines of the global financial crisis	Lecture (2 hr)
Week 10	Case study on Australian economy/policy	Tutorial (1 hr)
Week 11	Lessons and challenges from the global financial crisis	Lecture (2 hr)
Week 11	Case study on Australian economy/policy	Tutorial (1 hr)
Week 12	Common themes and future perspectives	Lecture (2 hr)
Week 12	Case study on Australian economy/policy	Tutorial (1 hr)
Week 13	Common themes and future perspectives (continued)	Lecture (2 hr)
Week 13	Case study on Australian economy/policy	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.
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 eReserve, available on Canvas.

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. demonstrate an understanding of the basic principles and theories of economics
LO2. understand Australian economic history and its relevance to Australia’s economic future
LO3. understand the causes of financial crises and policy responses to financial crises
LO4. identify critical economic issues facing Australia and analyse them using economic methods
LO5. critically evaluate potential government policy responses and to argue for the most appropriate policy response.

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.

No changes have been made since this unit was last offered.

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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