Unit Outline

BEA111 introduces the key concepts in economicsand microeconomics. It demonstrates how these concepts can be used to describe and explain the decisions of businesses and individuals and their reactions to world events, social and economic change and government policy.

The unit explains why and when markets work and fail. Many of the problems that nations face such as pollution, unemployment, climate change, deflation, inflation, poverty, education and health can be considered market failures. The unit explainshow to develop basic economic policies for market failures and how to evaluate their welfare consequences for different members of society.

Intended Learning Outcomes

As per the Assessment and Results Policy 1.3, your results will reflect your achievement against specified learning outcomes.

On completion of this unit, you will be able to:

1	Define and interpret key microeconomic concepts.
2	Apply basic microeconomic concepts to describe the impact of global events, social change, and government policy on markets and the macroeconomy.
3	Describe how and why markets work and how and why they fail.
4	Develop and critically evaluate basic microeconomic policy solutions to market failures and identify their welfare implications.

Requisites

REQUISITE TYPE	REQUISITES
Anti-requisite (mutual excl)	BEA110, XPD102, BAA110

Alterations as a result of student feedback

Attendance / engagement expectations

If your unit is offered On campus, it is expected that you will attend all on-campus and onsite learning activities. This is to support your own learning and the development of a learning community within the unit. If you are unable to attend regularly, please discuss the situation with your course coordinator and/or our UConnect support team.

If your unit is offered Online or includes online activities, it is expected you will engage in all those activities as indicated in the Unit Outline or MyLO, including any self-directed learning.

If you miss a learning activity for a legitimate reason (e.g., illness, carer responsibilities) teaching staff will attempt to provide alternative activities (e.g., make up readings) where it is possible.

How will I be Assessed?

For more detailed assessment information please see MyLO.

Assessment schedule

ASSESSMENT TASK #	ASSESSMENT TASK NAME	DATE DUE	WEIGHT	LINKS TO INTENDED LEARNING OUTCOMES
Assessment Task 1:	Online Quizzes	See the MyLO site for the due date	20 %	LO1, LO2, LO3
Assessment Task 2:	Assignment 1	Week 7	40 %	LO1, LO2, LO3, LO4
Assessment Task 3:	Assignment 2	Week 12	40 %	LO1, LO2, LO4

Assessment details

Assessment Task 1: Online Quizzes

Task Description:

There are four (4) multiple choice quizzes to be completed online via MyLO, one due each week on weeks 3, 6, 9 and 12. It is advisable to wait until you have participated in your workshop and check the solutions before undertaking each quiz.

Your total score for this assessment task contributes 20% to your final mark in the unit.
You will have 20 minutes to complete each quiz on MyLO.

Task Length:

20 minutes per week for 4 weeks.

Due Date:

See the MyLO site for the due date

Weight:

20 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Use microeconomic concepts to describe markets and the macroeconomy.	LO1
2	Use microeconomic data with appropriate economic concepts to describe markets and the macroeconomy.	LO1
3	Apply basic microeconomic concepts to describe markets, trade and the interaction of market participants.	LO2
4	Apply basic economics models and tools to analyse reactions of markets and the economy to social and economic change.	LO2
5	Identify different types of market failures and why they cause markets to fail.	LO3

Assessment Task 2: Assignment 1 - Micro economics

Task Description:

This individual assignment is designed to develop your ability to apply microeconomic concepts analysis to a range of current policy issues. It will also develop your ability to present microeconomic arguments and analysis clearly. More details of this assignment are provided in the assessment section of MyLO. You must submit your assignment as a single PDF file through the Assignment submission link in MyLO.

Task Length:

Approximately 12 pages plus diagrams and calculations

Due Date:

Week 7

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Apply basic microeconomic concepts, data and analysis to describe and explain markets, trade and the interaction of market participants.	LO1
2	Apply basic microeconomic concepts and analysis to describe the impact of global events, social change, government policy and changing economic conditions on markets.	LO2
3	Identify and describe different types of market failures and explain why they cause markets to fail.	LO3
4	Develop and evaluate basic microeconomic policy solutions to market failures.	LO4
5	Quantify the welfare implications of market failures and their solutions for consumers, firms and governments.	LO4

Assessment Task 3: Assignment 2 - Macroeconomics

Task Description:

This individual assignment is designed to develop your ability to apply microeconomic concepts and analysis to the current state of the microeconomy and the issues it faces. It will also develop your ability to present microeconomic arguments and analysis clearly. More details of this assignment are provided in the assessment section of MyLO. You must submit your assignment as a single PDF file through the Assignment submission link in MyLO.

Task Length:

Approximately 12 pages plus diagrams and calculations.

Due Date:

Week 12

Weight:

40 %

CRITERION #

CRITERION

MEASURES INTENDED

LEARNING OUTCOME(S)

1	Use appropriate microeconomic concepts to describe and explain the macroeconomy.	LO1
2	Use microeconomic data with appropriate economic concepts to describe the macroeconomy.	LO1
3	Apply basic microeconomic concepts to describe the impact of global events, social change, government policy and changing economic conditions on the microeconomy.	LO2
4	Develop and evaluate basic microeconomic policy for the current microeconomic conditions.	LO4

How your final result is determined

To pass this unit, you need to demonstrate your attainment of each of the Intended Learning Outcomes, achieve a final unit grade of 50% or greater, and pass any hurdle tasks.

Academic progress review

The results for this unit may be included in a review of your academic progress. For information about progress reviews and what they mean for all students, see Academic Progress Review in the Student Portal.

Submission of assignments

Where practicable, assignments should be submitted to an assignment submission folder in MYLO. You must submit assignments by the due date or receive a penalty (unless an extension of time has been approved by the Unit Coordinator). Students submitting any assignment in hard copy, or because of a practicum finalisation, must attach a student cover sheet and signed declaration for the submission to be accepted for marking.

Academic integrity

Academic integrity is about acting responsibly, honestly, ethically, and collegially when using, producing, and communicating information with other students and staff members.

In written work, you must correctly reference the work of others to maintain academic integrity. To find out the referencing style for this unit, see the assessment information in the MyLO site, or contact your teaching staff. For more detail about Academic Integrity, see Important Guidelines & Support.

Requests for extensions

If you are unable to submit an assessment task by the due date, you should apply for an extension.

A request for an extension should first be discussed with your Unit Coordinator or teaching support team where possible. A request for an extension must be submitted by the assessment due date, except where you can provide evidence it was not possible to do so. Typically, an application for an extension will be supported by documentary evidence: however, where it is not possible for you to provide evidence please contact your Unit Coordinator.

The Unit Coordinator must notify you of the outcome of an extension request within 3 working days of receiving the request.

Late penalties

Assignments submitted after the deadline will receive a late penalty of 5% of the original available mark for each calendar day (or part day) that the assignment is late. Late submissions will not be accepted more than 10 calendar days after the due date, or after assignments have been returned to other students on a scheduled date, whichever occurs first. Further information on Late Penalties can be found on the Assessments and Results Procedure.

Review of results and appeals

You are entitled to ask for a review of the marking and grading of your assessment task if there is an irregularity in the marking standards or an error in the process for determining the outcome of an assessment. Details on how to request a review of a mark for an assignment are outlined in the Review and Appeal of Academic Decisions Procedure.

Required Resources

Required reading materials

You will need a hard copy or e-text of either:

Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2021), Essentials of Economics, (5th edn), Pearson. ISBN 9780655702870, NSW.

Hubbard, R. Glen., Anne Garnett, Phil Lewis, Anthony O'Brien (2018), Essentials of Economics, (4th edn), Pearson. ISBN 9781488616983, NSW.

Second-hand copies of 4th edition of the prescribed text are perfectly acceptable.

Paperback copies of the 5th edition can be purchased from Booktopia and other online retailers.

Print, eTextbook, MyLab and Revel versions of the text are also available from the publisher's online store at www.pearson.com

The MyLab and Revel versions of the text available from Pearson provides additional resources and opportunities to learn using an integrated approach.

Recommended reading materials

You should read/listen/watch the economics and political sections of major international, national and local media. But be aware that each media outlet has its biases! Try to read/listen/watch from both conservative and progressive media outlets. In addition, try to find the original source or the article and make your own conclusions, rather than accepting someone else’s opinion.

Saul Eslake (Vice-Chancellor’s Fellow at the University of Tasmania) produces a lot of presentations and charts weekly at https://www.saul-eslake.com/corinna-economicadvisory/ . You can subscribe to his mailing list and receive much of his commentary and charts for free.

Other required resources

• Australian Bureau of Statistics: www.abs.gov.au
• Reserve Bank of Australia: www.rba.gov.au
• Gapminder: www.gapminder.org
• Core Econ: www.core-econ.org
• OECD Statistics: www.stats.oecd.org
• The World Bank: www.worldbank.org
• The IMF: www.imf.org