HC1072 Economics and International Trade

Holmes Institute Higher Education

Unit Outline

Unit NameEconomics and International Trade
Unit CodeHC1072Core/ElectiveCore
LevelUndergraduateCredit Points3
Study PeriodYear2021Trimester3Duration1 trimester
Pre-requisite 
  Student Workload (hrs)    Lecture    1 hour    Tutorial    2 hours    OtherDiscussion Board & Drop-in session

Staff Contact Details 

   Staff member  Phone  EmailConsultation times*
  Unit Coordinator    Katherine Joy Vega    +61 2 9299 1400    KVega@Holmes.edu.auWeekly Drop In Session Tue 4-5 PM
LecturerKatherine Joy Vega+61 2 9299 1400KVega@Holmes.edu.auWed 10am-4pm

*Other consultation times by appointment only.

Assessment TaskAssessment DescriptionPercentage WeightDue Date
1Online Test10%Week 6, 6am-9pm Monday, 13 Dec 2021
2Individual Paper25%Week 8, 23:59pm Friday, 21 Jan 2022
3Individual Video Presentation15%Week 10, 23:59 Friday, 04 Feb 2022
4Tutorial Question Assignment50%Week 13 – TBC

HC1072 – Economics and International Trade – Unit Outline – T3 2021

Unit Description

This unit introduces you to the basic theories, concepts and tools in economics. It enhances your understanding of the general business environment, how the market works, how consumers and producers make decisions regarding the use of their scarce resources. It also equips you with knowledge of macroeconomic issues such as inflation, unemployment, gross domestic product (GDP), economic growth, fiscal and monetary policy, and international trade. Topics covered in this unit are designed to introduce you to the building blocks for economic analysis and, to enable you to understand and analyse how the real economy operates.

Unit Learning Outcomes

Students who successfully complete this Unit will be able to:

  1. Develop a broad understanding of the principles of macro and microeconomics in an economy.
  2. Analyse the economic environment nationally and internationally and their influence on business and national economic performance.
  3. Critically analyse government’s fiscal and monetary policy and their influence on the economy and business in general.
  4. Explain how economies benefit from international trade.
  5. Synthesize theoretical and practical knowledge of economics for application in work-life situations.

Unit Learning Resources

The Resource Centre has limited print copies of the prescribed textbook for two-day loans, and options for viewing available online. Alternative to the prescribed textbook, there are recommended readings in this unit, many of which are available as an Open Education Resources to students.

Students can use the following link to access the Holmes Open Education Resources Web Site: https://www.studyresources.holmes.edu.au/

Prescribed textbook

Gans J., King S., Stonecash R., Byford M., Libich J., & Mankiw G. (2018), Principles of Economics, Edition 7, Cengage Learning Australia

Recommended readings

  1. Begg, D. and Ward, D (2017) Economics for Business, 5th Ed., McGraw-Hill, New York.
  2. Allan L., Tim R., and Tucker I.B. (2018) Economics for Today, 5th Asia Pacific edition, Prentice Hall, Harlow.
  3. Australian Bureau of Statistics website for macroeconomic indicators (www.abs.gov.au).

It should be noted that the lecture materials are not sufficient for you to learn the concepts covered in this unit. Students will be required to access the recommended readings above, many of which are available freely online, on a weekly basis, as they correspond to the weekly lecture topics in this unit. Do explore the other relevant resources such as lecture video materials, and self-test questions to enhance your learning.

Holmes Online Lecture Notes/Slides

PowerPoint slides in PDF format will be available on Blackboard in the relevant topic’s folder on Blackboard.

Holmes Online Readings/Tutorial Activities

These will also be available in the relevant topic’s folder on Blackboard.

Assessment Details

In order to pass this Unit, you must:

Achieve an overall percentage of 50% of the assessments

 ASSESSMENT 1: ONLINE TEST

      Aligned Unit learning outcomesDevelop a broad understanding of the principles of macro and microeconomics in an economy.Analyse economic environment nationally and internationally and their influence on business and national economic performance 5. Synthesize theoretical and practical knowledge of economics for application in work-life situations.
Group or IndividualIndividual
Weighting10%
Due DateWeek 6 – 6am-9pm Monday, 13 Dec 2021

ASSESSMENT 1: DESCRIPTION

Purpose and requirement of this assessment:

The purpose of the class test will be to test students’ knowledge on weekly lecture and tutorial activities.

Students are expected to have reviewed the topics studied during the preceding weeks.

Guidelines

This test must be completed within the published 6-hour window and will be opened in Week 5. There are 20 multiple choice questions (MCQs) in each test

The test will cover the topics from week 1 to week 4.

 ASSESSMENT 2: INDIVIDUAL PAPER

      Aligned Unit learning outcomesDevelop a broad understanding of the principles of macro and microeconomics in an economy.Analyse economic environment nationally and internationally and their influence on business and national economic performanceSynthesise theoretical and practical knowledge of economics for application in work-life situations.
Group or IndividualIndividual
Weighting25%
Due DateWeek 8 – 23:59 PM Friday, 21 Jan 2022

ASSESSMENT 2: DESCRIPTION

The assignment task is a written analysis of any published news story regarding the Australian Market (newspaper, magazine or website) from 01 Jan 20210 and onwards. Your task is not to research and provide data. You are instead asked to analyse an ordinary event using your knowledge of economic principles. You will be required to apply the economic concepts you have learned to interpret events reported in your news story.

Choose your news story. The first come, first served rule will apply. No two persons can use the same story for the assignment. Register your article by sending an email to the coordinator. Your email should state:

  1. HC1072 Individual Assignment by Name, Student ID
    • Article Name/Title
    • Date Published and Author/Writer

A response will be sent. It will indicate, APPROVED or NOT APPROVED.

Do not start your work unless you have the email response. A deduction of 30% will be applied if you submit your work without pre-approval. Ensure that a full printed copy of your article is saved as part of the Appendix of your paper. Deduction of 5% will be applied if the printed copy is not provided.

Assessment 2: Microeconomic Analysis (Part 1) – for submission on Week 8

ASSESSMENT 3: INDIVIDUAL PRESENTATION  

In this part of your assessment, you will analyse the event reported in your chosen article based on microeconomic concepts learned in class. Ensure a full print out/clear picture of the news story is in the appendix as the marker will need to read to check the validity of your analysis.

      Aligned Unit learning outcomesDevelop a broad understanding of the principles of macro and microeconomics in an economy.Analyse economic environment nationally and internationally and their influence on business and national economic performanceSynthesise theoretical and practical knowledge of economics for application in work-life situations.
Group or IndividualIndividual
Weighting15%
Due DateWeek 10 23:59 PM Friday, 04 Feb 2022

ASSESSMENT 3: DESCRIPTION

Task 2: Individual Video Presentation (Part 2) – Week 10

ASSESSMENT 4: FINAL ASSESSMENT  

You will orally present your key discoveries, findings and lessons learned from your analysis. The presentation will be done via a 5-10 minute video recording of yourself.

Aligned Unit learning outcomes1. Develop a broad understanding of the principles of macro and microeconomics in an economy.
 2. Analyse economic environment nationally and internationally and their influence on business and national economic performance 5. Synthesize theoretical and practical knowledge of economics for application in work-life situations.
Group or individualIndividual
Weighting50%
Due dateWeek 13 – TBC

ASSESSMENT 4: DESCRIPTION

Each week students are provided with 3 tutorial questions of varying difficulty (easy, medium, hard). In the Interactive Tutorials lecturers assist students with the process, skills and knowledge to answer the provided tutorial questions.

The Tutorial Question Assignment will be composed of six (6) questions made up of the questions from the

week’s tutorial questions.

These questions will be comprised of four (4) medium and two (2) hard questions. The degree of difficulty of the selected questions should be reflected in the time it takes students to answer the questions correctly. The requirement should be that the time taken to complete the assignment should be equivalent to the amount time required to the previous final exam.

Assessment Submission

  • All work must be submitted on Blackboard by the due date along with a completed Assignment Cover Page.
  • The assignment must be in MS Word format, 1.5 spacing, 12-pt Arial font and 2 cm margins on all four sides of your page with appropriate section headings and page numbers.
  • Reference sources must be cited in the text of the report and listed appropriately at the end in a reference list, all using Harvard referencing style.

Ensure the report is checked for plagiarism using SafeAssign. Please read the academic integrity statement included in this document. Consult your lecturer if you are unsure or you require clarification about academic integrity.

Extensions and Special Consideration

If circumstances beyond your control will prevent you from submitting an assignment by the due date or your performance has been impacted by circumstances outside your control, then you should apply for Special Consideration through Student Services as soon as you become aware of the problem. You may be allowed to do the task at another time or may give you an extension of up to two weeks or have yours marks adjusted.

Assignment Extensions are normally only approved when students apply before the due date. Student Services may ask you to supply supporting documentation about the difficulties you are facing, and evidence of the work you have completed so far.

Note that work that is submitted late without an approved extension will be subject to a marking penalty, or may not be marked at all. Details of the penalties can be found in the Higher Education Student Handbook at https://www.holmes.edu.au/pages/about/policies

Academic Integrity

Holmes Institute is committed to ensuring and upholding Academic Integrity, as Academic Integrity is integral to maintaining academic quality and the reputation of Holmes’ graduates. Accordingly, all assessment tasks need to comply with academic integrity Guidelines. Table 1 identifies the six categories of Academic Integrity breaches. If you have any questions about Academic Integrity issues related to your assessment tasks, please consult your lecturer or tutor for relevant referencing Guidelines and support resources. Many of these resources can also be found through the Study Skills link on Blackboard.

Academic Integrity breaches are serious offences punishable by penalties that may range from deduction of marks, failure of the assessment task or unit involved, suspension of course enrolment, or cancellation of course enrolment.

Table 1: Six categories of Academic Integrity Breaches

PlagiarismReproducing the work of someone else without attribution. When a student submits their own work on multiple occasions this is known as self-plagiarism.
CollusionWorking with one or more other individuals to complete an assignment, in a way that is not authorised.
CopyingReproducing and submitting the work of another student, with or without their knowledge. If a student fails to take reasonable precautions to prevent their own original work from being copied, this may also be considered an offence.
ImpersonationFalsely presenting oneself, or engaging someone else to present as oneself, in an in-person examination.
Contract cheatingContracting a third party to complete an assessment task, generally in exchange for money or other manner of payment.
Data fabrication and falsificationManipulating or inventing data with the intent of supporting false conclusions, including manipulating images.

Source: INQAAHE, 2020

Holmes Institute Academic Integrity and Conduct Policy can be found at https://www.holmes.edu.au/pages/about/policies

Supplementary Assessment

A Supplementary Assessment will be granted to a student who has met each of the following conditions:

  1. The student has achieved a minimum grade of 40% and less than 50% in the unit involved in the supplementary assessment application;
  2. The student’s name has not been recorded in the Academic Misconduct Register in relation to the unit of the supplementary assessment for which they are currently enrolled;
  3. The student will be informed by Faculty/Student Services of a supplementary assessment within ten

(10) working days of results being released;

  • A supplementary assessment cannot be deferred unless there are compelling and compassionate circumstances; and
  • A student who attempts a supplementary assessment will not be able receive a total mark higher than 50% for that unit.

More details can be found in the Assessment Policy and Procedure – Higher Education at https://www.holmes.edu.au/pages/about/policies.

Unit Calendar        

Please note, the sequence of some topics may change due to resourcing, or due to unforeseen circumstances.

WeekLecture TopicTutorial & AssessmentReadings/Preparation
  1Ten lessons from economics & Thinking like an economist   1, 2
2The market forces of supply and demandTutorial 14
  3Elasticity and its application & Supply and demand, and government policies  Tutorial 2  5, 6
4The costs of productionTutorial 313
  5  Firms in competitive markets & MonopolyTutorial 4 Online Test  14, 15
6Monopolistic competition & OligopolyTutorial 516, 17
7Externalities & Public goodsTutorial 610, 11
  8  The macro environment and its measurementTutorial 7 Individual Paper  24, 25, 28
9Aggregate Demand and SupplyTutorial 833
  10Fiscal policyTutorial 9 Individual Video Presentation  34
11Monetary policyTutorial 1029, 34
12International Trade & Exam ReviewTutorial 1137

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