Course Title: Principles of Economics

Part A: Course Overview

Course Title: Principles of Economics

Credit Points: 12.00


Course Coordinator: Leanne Ryan

Course Coordinator Phone: +61 3 9925 8747

Course Coordinator Email: rmit.training.fs.team.leaders@rmit.edu.au

Course Coordinator Location: Level 4, B108


Pre-requisite Courses and Assumed Knowledge and Capabilities

None.


Course Description

In this course, you will be introduced to the fundamentals of a market economy. This study will include an investigation into the need for economics, the operation of the market system and consider economic decisions. The course will consider efficiency in resource allocation and the macroeconomic goals of an economy – low inflation, full employment and sustainable economic growth. Emphasis will be placed on the interrelationship between real world situations and the application of economic theory. This will be achieved through an investigation of current economic conditions and an evaluation of how a mix of government policies is implemented to achieve the macroeconomic goals of the economy.


Objectives/Learning Outcomes/Capability Development

See Learning Outcomes.


Program Learning Outcomes:

  1. Apply the rules of, and expectations for, academic study and assume responsibility for your own actions to work effectively as an individual and/or as a member of a group;
  2. Develop and express ideas through independent reading, the creation of images, and the collection and interpretation of data and information; 
  3. Communicate ideas with clarity, logic, and originality in both spoken and written English;
  4. Construct coherent arguments, narratives or justifications of issues, problems or technical processes when undertaking analytical, practical or creative tasks; and
  5. Use a range of contemporary digital and learning technologies, tools and methods common to the discipline.

Course Learning Outcomes:

  1. Identify and outline the basic economic concepts including scarcity, opportunity cost and choices.
  2. Explain the laws of demand and supply and model demand and supply curves to represent changing economic conditions in the market.
  3. Describe how macroeconomic goals of sustainable economic growth, low inflation and full employment are measured and evaluate current government policies to achieve these goals.
  4. Analyse the macroeconomic goals of a market economy and investigate recent performance in achieving those goals in that economy.


Overview of Learning Activities

This course includes a blend of didactic, active, and collaborative learning activities designed to meet the needs of international students. The course encourages the process of inquiry, application and reflection through student centred learning and teaching activities including practical work in studio environments and laboratories . In doing so, there will be a focus on the development of critical and analytical thinking skills that promote problem solving, independent research skills and group work. Students will develop their technology skills through engagement in formative and summative assessments. The course will maximise the use of the learning management system by incorporating flipped and blended methodologies. This may be complemented by guest lectures, excursions and speakers with discipline specific work life expertise to further connect content to the professional world and generate opportunities for reflective practice.


Overview of Learning Resources

Various learning resources are available through RMIT’s learning management system,  Canvas. In addition to assessment details and a study schedule, you will also be provided with links to relevant course information, class activities and communication tools. 

Other learning resources are also available online through RMIT Library. Visit the RMIT library website for further details. Academic and learning support is provided through Study Success at RMIT Training. The Foundation Studies home group program will also provide support, navigating university systems, advice on living and studying in Melbourne as well as explaining RMIT university policy and procedures.

Additional resources and/or sources to assist your learning will be identified by your course coordinator and will be made available to you as required during the teaching period.


Overview of Assessment

Assessment Type Assessment Description   Weighting
Demand and Supply Modelling Tasks

Using ICT (excel) and/or manual methods, students will draw production possibility curves, demand and supply curves, determine equilibrium and model new curves using information regarding changing conditions in the market.

The task will be in class but conducted as an open book task.
25%
Closed book test on domestic macroeconomic goals

Multiple Choice and Short Answer test on the business cycle, the circular flow model and the domestic macroeconomic goals of the government of a market economy.

Closed book
25%
Group task – Report presentation on current policy initiatives

This assessment requires students to prepare a presentation for the class on a policy of the government implemented in the past 3 years (Note: If referring to budgetary or monetary policy then current year figures must be used).

The report will include:

  • details of the initiative
  • expected time frame for implementation (if not immediate)
  • expected effect on domestic macroeconomic goals
  • expected effect on material and non-material living standards
Presentation may be oral, through a powerpoint or through a pre-recorded video using an application such as Loom.

20%

(15% for content and 5% for presentation)
 Research Essay

Students are to research a market economy from a selected list and negotiated with your class teacher. Students will analyse the performance of the business in terms of macroeconomic goals and living standards.

For the selected market economy the essay must include information on:

  • Name of economy
  • 5-year performance in inflation, unemployment and economic growth
  • Qualitative measures of living standards using data from www.tradingeconomics.com and the Human Development Index
  • Performance in terms of material and non-material living standards and the achievement of macroeconomic goals
Essay to be 800-1,200 words with graphs and tables of statistics and reference list excluded from word count.
30%