ECON 151 : Understanding the Global Economy
Business and Economics
2020 Semester One (1203) (15 POINTS)
Course Prescription
Course Overview
The course content will be accessible to students with no prior exposure to economic concepts or frameworks. Since this is a one-semester introductory course in economics, the focus will be on the major economic issues and phenomena that are routinely encountered in daily discussion of events in the media.
The course is designed to be an introduction of basic economic concepts. Rudimentary knowledge of economics is essential to be informed voters and citizens and to make sense of the world around us. This course will provide an overview of the pressing economic issues of current times and how these impact our lives. The course is designed to provide essential disciplinary knowledge and practice, as well as expose you to a number of key skills including: (1) Critical thinking; you will be exposed to current problems and ways of tackling them including potential trade-offs involved; (2) Problem solving; you will be presented with numerous issues and asked to devise answers to those. This will include some mathematical modelling including the use of graphs to illustrate issues as well as the ability to solve simple algebraic problems such as solving two equations in two variables or calculating the net present value of future income steams using prevailing interest rates;(3)Written communication skills; the course will ask you to write one 1000 word essay addressing a pressing social and economic problem. Such writing skills are crucial in the modern-day work-place. (4) Independence and integrity; some of the assignments will require you to undertake independent research and seek out answers to open-ended questions that require thoughtfulness and the use of good judgement. (5) Social and environmental responsibility; parts of the course will focus on issues of externalities including economic responses to challenges such as climate change and global warming.
Capabilities Developed in this Course
| Capability 1: | Disciplinary Knowledge and Practice |
| Capability 2: | Critical Thinking |
| Capability 3: | Solution Seeking |
| Capability 4: | Communication and Engagement |
| Capability 5: | Independence and Integrity |
| Capability 6: | Social and Environmental Responsibilities |
Learning Outcomes
- Articulate and apply and comprehend basic economic concepts including opportunity cost, correlation versus causation; principles of absolute/comparative advantage; extrinsic versus intrinsic motivation; the role of non-monetary factors in economic decision making (Capability 1 and 3)
- Apply the tools of demand and supply to a range of economic issues including price formation in competitive and non-competitive markets (Capability 2 and 3)
- Analyse the concepts of externalities and property rights and apply this knowledge in modelling policy responses to issues of sustainability and climate change (Capability 2 and 6)
- Comprehend basic macroeconomic concepts including GDP (Gross Domestic Product), CPI (Consumer Price Index); the interaction between savings and investment and their impact on interest rates; the movements in nominal and real exchange rates and apply this knowledge to current issues in the globalisation debate (Capability 1, 2 and 6)
- Evaluate and comprehend the role of government policy in stabilizing the economy and critically assess articles on economic issues published in the popular press (Capability 2 and 3)
- Be able to undertake an extensive writing assignment including researching material related to a contemporary economic problem, synthesise different perspectives and critically discuss different approaches to addressing the issue(s) (Capability 4.2)
- Evaluate your own role as knowledge co-creator in process of learning (Capability 4.2 and 5.1)
Assessments
| Assessment Type | Percentage | Classification |
|---|---|---|
| Quizzes | 20% | Individual Coursework |
| Essay | 15% | Individual Coursework |
| Reflection | 5% | Individual Coursework |
| Final Exam | 60% | Individual Examination |
| 4 types | 100% |
| Assessment Type | Learning Outcome Addressed | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | ||||
| Quizzes | ||||||||||
| Essay | ||||||||||
| Reflection | ||||||||||
| Final Exam | ||||||||||
Workload Expectations
This course is a standard 15 point course and students are expected to spend 10 hours per week involved in each 15 point course that they are enrolled in.
For this course, you can expect 3 hours of lectures, a 1 hour tutorial, 2 hours of reading and thinking about the content and 4 hours of work on assignments and/or test preparation.
Learning Resources
Other Information
Please see additional course information provided separately about how to seek assistance and a number of other frequently asked questions about the course and the assessments.
Digital Resources
Course materials are made available in a learning and collaboration tool called Canvas which also includes reading lists and lecture recordings (where available).
Please remember that the recording of any class on a personal device requires the permission of the instructor.
Academic Integrity
The University of Auckland will not tolerate cheating, or assisting others to cheat, and views cheating in coursework as a serious academic offence. The work that a student submits for grading must be the student's own work, reflecting their learning. Where work from other sources is used, it must be properly acknowledged and referenced. This requirement also applies to sources on the internet. A student's assessed work may be reviewed against online source material using computerised detection mechanisms.
Inclusive Learning
All students are asked to discuss any impairment related requirements privately, face to face and/or in written form with the course coordinator, lecturer or tutor.
Student Disability Services also provides support for students with a wide range of impairments, both visible and invisible, to succeed and excel at the University. For more information and contact details, please visit the Student Disability Services’ website at http://disability.auckland.ac.nz
Special Circumstances
If your ability to complete assessed coursework is affected by illness or other personal circumstances outside of your control, contact a member of teaching staff as soon as possible before the assessment is due.
If your personal circumstances significantly affect your performance, or preparation, for an exam or eligible written test, refer to the University’s aegrotat or compassionate consideration page: https://www.auckland.ac.nz/en/students/academic-information/exams-and-final-results/during-exams/aegrotat-and-compassionate-consideration.html.
This should be done as soon as possible and no later than seven days after the affected test or exam date.
Student Feedback
At the end of every semester students will be invited to give feedback on the course and teaching through a tool called SET or Qualtrics. The lecturers and course co-ordinators will consider all feedback and respond with summaries and actions.
Your feedback helps teachers to improve the course and its delivery for future students.
Class Representatives in each class can take feedback to the department and faculty staff-student consultative committees.
Student Charter and Responsibilities
The Student Charter assumes and acknowledges that students are active participants in the learning process and that they have responsibilities to the institution and the international community of scholars. The University expects that students will act at all times in a way that demonstrates respect for the rights of other students and staff so that the learning environment is both safe and productive. For further information visit Student Charter (https://www.auckland.ac.nz/en/students/forms-policies-and-guidelines/student-policies-and-guidelines/student-charter.html).
Disclaimer
Elements of this outline may be subject to change. The latest information about the course will be available for enrolled students in Canvas.
In this course you may be asked to submit your coursework assessments digitally. The University reserves the right to conduct scheduled tests and examinations for this course online or through the use of computers or other electronic devices. Where tests or examinations are conducted online remote invigilation arrangements may be used. The final decision on the completion mode for a test or examination, and remote invigilation arrangements where applicable, will be advised to students at least 10 days prior to the scheduled date of the assessment, or in the case of an examination when the examination timetable is published.