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Unit of study_

ECON5040: Foundation in Economics

This unit focuses on microeconomics, the study of choice under scarcity. All businesses, consumers and even countries and their governments have limited resources. This unit provides an introduction to microeconomic analysis focusing on concepts and applications relevant to business. It addresses how individual consumers and firms make decisions and how they interact in markets. Tools are introduced for analysing government policies that address market failures. The unit provides a rigorous platform for further study and a specialisation in business economics as well as providing valuable analytical tools that complement a general business training, regardless of area of study.

Details

Academic unit Economics
Unit code ECON5040
Unit name Foundation in Economics
Session, year
? 
Semester 2, 2022
Attendance mode Normal day
Location Camperdown/Darlington, Sydney
Credit points 6

Enrolment rules

Prohibitions
? 
ECON5001
Prerequisites
? 
None
Corequisites
? 
None
Available to study abroad and exchange students

Yes

Teaching staff and contact details

Coordinator Timothy Fisher, tim.fisher@sydney.edu.au
Type Description Weight Due Length
Final exam (Record+) Type B final exam Final exam
Multiple-choice, fill-in-the-blank, and short-answer questions
55% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Online task Quizzes
Multiple-choice questions
10% Multiple weeks Varies
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
In-semester test (Record+) Type B in-semester exam In-semester test
Multiple-choice, fill-in-the-blank, and short-answer questions
35% Week 07
Due date: 13 Sep 2022 at 10:00

Closing date: 13 Sep 2022
1.5 hours
Outcomes assessed: LO1 LO2 LO3 LO4 LO5 LO6
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?

Detailed information for each assessment can be found in the Canvas site for this unit.

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

 

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 sydney.edu.au/students/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.

Special consideration

If you experience short-term circumstances beyond your control, such as illness, injury or misadventure or if you have essential commitments which impact your preparation or performance in an assessment, you may be eligible for special consideration or special arrangements.

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.

WK Topic Learning activity Learning outcomes
Week 01 Introduction and economic models Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 02 Utility and choice Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 03 Demand curves Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 04 Uncertainty Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 05 Production Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 06 Costs Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 08 Profit maximisation and supply Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 09 Perfect competition in a single market Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 10 General equilibrium and welfare Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 11 Monopoly Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 12 Game theory Lecture (3 hr) LO1 LO2 LO3 LO4 LO5 LO6
Week 13 Imperfect competition Lecture (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. If a unit of study has a participation mark, your attendance may influence this mark. For more information on attendance, see http://sydney.edu.au/policies/showdoc.aspx?recnum=PDOC2014/345&RendNum=0.
  • 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 on the Library eReserve link available in the Canvas site for this unit.

Required textbook: Intermediate Microeconomics and its Application by Walter Nicholson and Christopher Snyder, 12th Edition, 2014.

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. understand the basic techniques of microeconomics at an intermediate level
  • LO2. be familiar with the main microeconomic models describing consumer choice and firm behaviour
  • LO3. identify the likely outcome arising from the interaction of firms and consumers
  • LO4. understand microeconomic concepts and apply analytical models to describe “real world” economic situations
  • LO5. understand the limitations of various models, distinguish between competing explanations of market behaviour and critically evaluate competing theories
  • LO6. be intellectually ready to participate in public policy discussions arising in business and government environments.

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
No changes have been made since this unit was last offered

Disclaimer

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