BEA111
Principles of Economics
Semester 1, 2014
THIS UNIT IS BEING OFFERED IN
HOBART/LAUNCESTON/BURNIE/DISTANCE
Teaching Team:
Unit Coordinator
Dr Clinton Levitt
Lecturers
Dr Clinton Levitt (Hobart)
Dr Mala Raghavan (Launceston)
Mr Max Darvell (Burnie)
CRICOS Provider Code: 00586B
1
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Contents
Contact Details ........................................................................................................................................ 2
Unit Description ...................................................................................................................................... 3
Prior Knowledge &/or Skills OR Pre-Requisite Unit(s) ............................................................................ 3
Enrolment in the Unit ............................................................................................................................. 3
Intended Learning Outcomes and Generic Graduate Attributes............................................................ 4
Learning Expectations and Teaching Strategies/Approach .................................................................... 6
Occupational Health and Safety (OH&S) ................................................................................................ 6
Learning Resources ................................................................................................................................. 6
Student Feedback via eVALUate ............................................................................................................. 7
Details of Teaching Arrangements for Attending Students .................................................................... 8
Details of Teaching Arrangements for Distance Students ...................................................................... 8
Learning expectations and strategies ..................................................................................................... 9
Assessment ........................................................................................................................................... 11
Submission of Assessment Items .......................................................................................................... 16
Review of Assessment and Results ....................................................................................................... 17
Further Support and Assistance ............................................................................................................ 18
Academic Misconduct and Plagiarism .................................................................................................. 18
Tutorial/Workshop Program ................................................................................................................. 19
Study Schedule ...................................................................................................................................... 20
Contact Details
Unit Coordinator
Dr Clinton Levitt
Lecturer
Dr Clinton Levitt
Campus
Hobart
Campus
Hobart
Room Number
Room 403, Commerce Bld
Room Number
Room 403, Commerce Bld
Email
[email protected]
Email
[email protected]
Phone
(03) 6226 6037
Phone
(03) 6226 6037
Consultation
Friday 1:00 pm to 3:00pm.
Consultation
Friday 1:00 pm to 3:00pm.
Lecturer
Dr Mala Raghavan
Lecturer
Mr Max Darvell
Campus
Launceston
Campus
Cradle Coast
Room Number
A265, Building A
Room Number
Cradle Coast Reception
Email
[email protected]
Email
[email protected]
Phone
(03) 6324 3272
Phone
Consultation
Tuesday 11.00am to 12.00pm.
Consultation
Monday 4:00pm to 5:00pm
2
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Unit Description
BEA111 Principles of Economics 1 is a compulsory unit in the Bachelor of Economics (BEc) and
Bachelor of Business (BBus) degrees. It is also a nominated elective in a wide range of other
programs throughout the University of Tasmania and combining this unit with almost any other area
of study can add considerable value.
By introducing students to a small number of core economic concepts and tools, and by
demonstrating their wide ranging application, BEA111 provides students with the opportunity to
improve decision making in all domains of their lives and to better understand aspects of the
business and policy environments in which they operate both individually and collectively. The unit
also highlights the use of key economic concepts that can assist people in their role as managers to
form successful competitive strategies and to run more profitable firms.
BEA111 Principles of Economics 1 is the first in a sequence of two foundation level economics units
offered by the Tasmanian School of Business and Economics. Taken together with BEA121 Principles
of Economics 2, BEA111 provides students with a comprehensive introduction to economic theory
and policy, and forms a strong foundation for students planning to continue their studies of
economics and finance.
Prior Knowledge &/or Skills OR Pre-Requisite Unit(s)
Students do not need to have studied economics before, however a basic proficiency in English
language skills and in constructing and interpreting simple graphs, and in basic algebra is assumed.
Students should confirm that they have the required graphing and numerical skills by completing the
Quantitative Skills Module on the MyLO site for this unit.
Enrolment in the Unit
Unless there are exceptional circumstances, students should not enrol in this unit after the end of
week two of semester, as the Tasmanian School of Business and Economics (TSBE) cannot guarantee
that:
 any extra assistance will be provided by the teaching team in respect of work covered in the
period prior to enrolment; and
 penalties will not be applied for late submission of any piece or pieces of assessment that were
due during this period.
3
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Intended Learning Outcomes and Generic Graduate Attributes
Intended Learning Outcomes
Assessment Methods
In this unit you will learn:
In assessing this unit I will be looking at your ability to:
L01: Examine issues and decisions
using the economic way of
thinking
 State key principles and explain concepts related to economic thinking;
L02: Analyse markets and identify
why they work and fail
 Apply economic thinking to help understand and interpret everyday events, decisions and
actions;
Graduate Attribute Outcomes
The assessments and teaching activities in this unit have been
designed to develop the following graduate attributes in students:
 Questions on intutorial tests
 Mid-semester test
 Recognise and articulate economic questions about everyday events, decisions and actions
in the world around you.
 Short essay
 Define and explain a range of key concepts and terms related to comparative advantage,
gains to trade, market structure and efficiency, demand and supply model, and various
types of market failure;
 Show, using a table of data and graphs, how specialisation and exchange give rise to gains;
 Questions on intutorial tests
 State assumptions of various market models;
 Short essay
 Show demand and supply relationships in goods and labour markets using table of data
and graph, explain these relationships using economic thinking, list and explain
determinants of demand of supply, and construct market demand and supply curves in
these markets;
 Final exam
Knowledge: 1.1
Problem-solving: 1.1
Social responsibility: 1.3
Communication: 1.1
 Final exam
 Mid-semester test
Knowledge: 1.1
Communication: 1.1
Problem-solving: 1.1, 1.2
Social responsibility: 1.2, 1.3
 Use comparative statics to explain effect on market equilibrium in goods and labour
markets of changes in demand and supply;
 Summarise the main arguments for and against the market, and discuss the role of
government;
 Use welfare analysis to explain how markets might ‘fail’ when there are externalities and
market power.
L03: Analyse the role of incentives
 State the incentive principle, and describe the functions of price;
 Explain and use the rational spending rule to explain substitution and income effects;
 Recognise role of social norms in shaping economic behaviour;
 Recognise role of commitment devices and credible threats/promises in achieving
cooperation.
 Questions on intutorial tests
Knowledge: 1.1
 Mid-semester test
Communication: 1.1
 Short essay
Problem-solving: 1.1, 1.2
 Final exam
Social responsibility: 1.2, 1.3
4
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Intended Learning Outcomes
L04: Evaluate Microeconomic
public policy
 Discuss the role of the economist in the policy process;
 Define, measure and interpret key economic welfare concepts;
 Use welfare analysis to evaluate the effect of price and wage controls, taxes, subsidies,
tariffs and regulations;
 Define, calculate and interpret various types of elasticity of demand and supply, and
recognise the link between elasticity and policy effectiveness and welfare effects;
Assessment Methods
Graduate Attribute Outcomes
 Questions on intutorial tests
Knowledge: 1.1
 Mid-semester test
 Short essay
 Final exam
Problem-solving: 1.1, 1.2, 1.3
Global perspective: 1.2
Social responsibility: 1.2, 1.3
Communication: 1.1
 Evaluate debates on economic issues including international trade and income inequality;
 Discuss policies aimed at addressing public goods and common-resources.
L05: Evaluate business decisions
 Sketch, and explain the shape of short-run production function and cost curves;
 Distinguish between and calculate various concepts of profit;
 State and explain the profit-maximising rule and identify profit-maximising behaviour
graphically and using data;
 Use graphs to explain the effect of market-level changes on firm-level behaviour;
 Questions on intutorial tests
 Mid-semester test
Knowledge: 1.1
Problem-solving: 1.1
Communication: 1.1
 Short essay
 Final exam
 Define and give examples of price discrimination, and use data to show its effect on profit
and efficiency;
 Discuss the legal framework for price discrimination;
 Explain the relationship between price elasticity and total revenue;
 Apply the prisoner’s dilemma and other simple games to a range of business decisions.
L06: Communicate economics in
oral and written formats
 Organise ideas and structure economic arguments;
 Use economic terminology, graphs and data in communicating economics;
 State assumptions in communicating economics;
 Conform to presentation and referencing requirements.
 Questions on intutorial tests
Communication: 1.1
Social responsibility: 1.1
 Mid-semester test
 Short essay
 Final exam
5
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Learning Expectations and Teaching Strategies/Approach
The University is committed to a high standard of professional conduct in all activities, and holds its
commitment and responsibilities to its students as being of paramount importance. Likewise, it
holds expectations about the responsibilities students have as they pursue their studies within the
special environment the University offers. The University’s Code of Conduct for Teaching and
Learning states:
Students are expected to participate actively and positively in the teaching/learning
environment. They must attend classes when and as required, strive to maintain steady
progress within the subject or unit framework, comply with workload expectations, and
submit required work on time.
Occupational Health and Safety (OH&S)
The University is committed to providing a safe and secure teaching and learning environment. In
addition to specific requirements of this unit you should refer to the University’s policy at:
http://www.utas.edu.au/work-health-safety/
Learning Resources
Prescribed Text
It is essential that you have ready access to the following prescribed text. Note that weekly readings
will be drawn largely from this text. Any additional readings will be available on MyLO.
Frank, Robert H, Jennings, Sarah M & Bernanke, Ben S 2012, Principles of Microeconomics, 3rd ed,
McGraw-Hill, North Ryde, NSW.
Recommended Texts
Many students find it useful to consult alternative references as part of their study program. Some
useful alternative references:






Bade, R & Parkin, M 2013, Essential Foundations of Economics, 6th ed, Prentice Hall.
Baumol, WJ, Blinder, AS, Gunther, AW & Hicks, JRL 2008, Economics - Principles and Policy,
11th edn, South-Western College Pub .
Gans, Joshua, King, Stephen, Stonecash, Robin & Mankiw, N Gregory 2012, Principles of
Economics, 5th edn, Nelson Education.
Heyne, P 2006, The Economic Way of Thinking, 11th ed, Prentice-Hall Inc.
Jackson, J & McIver, R 2001, Microeconomics, 8th edn, McGraw-Hill, North Ryde NSW.
McTaggart, D, Findlay, C, & Parkin, M 1999, Economics 3rd ed, Addison-Wesley, Sydney.
Journals and Periodicals
Reading relevant newspapers, journals and magazines can also prove useful in broadening your
knowledge of the economy and topical issues and can prove good practice for developing your
ability to apply economics to the real world and in particular to business issues. For example, the
Financial Review provides lots of examples of economics in action while books aimed at making
economics accessible to a broad popular audience provide valuable additional resources that
complement the unit. These include:

Frank, Robert H 2007, The Economic Naturalist: In Search of Explanations for Everyday
Enigmas, Amazon, New York.
6
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014




Frank, Robert H 2009, The Economic Naturalist: Why Economics Explains Almost Everything,
Random House.
Chang, Ha-Joon 2010, 23 Things They Don't Tell You About Capitalism, Allen Lane.
Levitt, SD & Dubner, SJ 2005, Freakonomics, Harper Collins.
Levitt, SD & Dubner, SJ 2009, Super-Freakonomics, Harper Collins.
My Learning Online (MyLO)
This unit is web supported, and access to the online MyLO unit is required. Log into MyLO at:
http://www.utas.edu.au/learning-teaching-online and then select BEA111 Principles of Economics 1
from the list of units. For help using MyLO go to http://www.utas.edu.au/learning-teachingonline/new-mylo/home .
Technical requirements for MyLO
For help and information about setting up your own computer and web browser for MyLO, see:
http://uconnect.utas.edu.au/
You can access the University network and MyLO via a laptop computer or other mobile device. See:
http://uconnect.utas.edu.au/uana.htm
MyLO can be accessed in the Library computers and in computer labs. See:
http://www.utas.edu.au/it/computing-distributed-systems/computer-labs-facilities-and-locations
For further technical information and help, contact the UTAS Service Desk on 6226 1818 or at
http://www.utas.edu.au/service-desk/
MyLO Expectations
1.
Students are expected to maintain the highest standards of conduct across all modes of
communication, either with staff or with other students. Penalties may be imposed if the Unit
Coordinator believes that, in any instance or mode of communication, your language or
content is inappropriate or offensive. MyLO is a public forum. Due levels of respect,
professionalism and high ethical standards are expected of students at all times.
2.
Submission of assessment tasks via MyLO presumes that students have read, understood and
abide by the requirements relating to academic conduct, and in particular, those requirements
relating to plagiarism. All work submitted electronically is presumed to be “signed-off” by the
student submitting as their own work. Any breach of this requirement will lead to student
misconduct processes.
3.
MyLO is an Internet service for teaching and learning provided by the University. It is
expected that at least once a day students will check MyLO.
Student Feedback via eVALUate
At the conclusion of each unit students will be asked to provide online responses to a number of
matters relating to the learning and teaching within that unit. All students are asked to respond
honestly to these questions, as all information received is used to enhance the delivery of future
offerings.
7
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Details of Teaching Arrangements for Attending Students
Lectures
There will be 13 two-hour lectures during the semester commencing weekly in Week 1. Lectures will
cover the core examinable material in the unit. Lecture slides are available on MyLO prior to each
lecture. These on their own are not an adequate substitute for attending lectures and taking your
own lecture notes. Please check the University Timetable for the relevant details for your campus at:
http://student.admin.utas.edu.au/coursesenrolment/timetable/
It is recommended that you take a copy of the lecture slides with you to class and use these as a
basis for your own note-taking. Developing lecture notes is your own responsibility in this unit. If you
miss a lecture ask a friend or acquaintance for notes.
Weekly Study Guides can be accessed from MyLO. These guides provide an outline of the lecture
content for the week, identify key learning objectives and prescribe weekly readings. Study Guides
also contain a weekly planner to help students organise their work program in the unit and provide
links to other useful resources, including topical illustrations of material covered in lectures.
Tutorials
Students are required to attend 12 Tutorial sessions. These will be held weekly, commencing in
Week 2. Students must access tutorial problems on MyLO prior to their tutorial, and must bring
these questions with them class. Some questions will be designed to promote discussion; others will
involve guided problem solving. To benefit most you should prepare rough answers and come
prepared to ask your tutor to explain parts of the unit that you have not fully understood.
As part of the continuous assessment in BEA111, there will be three (3) in-tutorial tests, in Weeks 4,
8 and 12. Each of these tests is worth 6%, comprising 18% of the overall marks in this unit. It is
important that you choose your tutorial allocation carefully so that you are able to complete these
tests.
Details of Teaching Arrangements for Distance Students
All teaching materials in this unit will be placed on MyLO. Apart from accessing teaching materials,
you will need to use the site regularly to check for announcements by the Unit Coordinator, to
undertake the mid-semester test, submit ‘in-class’ tests and to submit your assignment. You are
encouraged to pose questions about teaching materials via MyLO rather than by e-mail to the your
tutor.
Distance students will share the BEA111 MyLO site with students enrolled in the on-campus version.
There are multiple reasons for this, including:



Sharing of learning opportunities: Distance students will have the opportunity to watch
recordings of live lectures and workshops. It is expected that these will be a lot more
"realistic" than purpose-recorded videos or narrated presentations.
Sharing of resources: e.g. optional study activities, web links, etc, may be posted to the weekly
folders. All students, regardless of mode of enrolment, will be exposed to the same
information, materials and optional activities.
Sharing of study information: All students, regardless of enrolment mode, will have
opportunity to interact with each other via discussion boards and email. This is most
important, as it very much increases your class size, and therefore the range of interaction
opportunities available to you. It will help you all help each other (explaining to others is an
excellent learning/consolidation activity), and you can even form virtual study groups.
8
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
On-Line Tutorials
Students are required to attend 12 On-line tutorial sessions. These will be held weekly via
Elluminate, commencing in Week 2. Details on how to access Elluminate and what needs to be
done prior to your first session are available on the BEA111 MyLO page. Elluminate on-line tutorials
are recorded and may be accessed at a later date, however it is not possible to actively participate in
these.
Students must access tutorial problems on MyLO prior to their on-line tutorial, and must bring these
questions with them to the on-line tutorial and be ready to participate. Some questions will be
designed to promote discussion; others will involve guided problem solving. To benefit most you
should prepare rough answers and come prepared to ask your tutor to explain parts of the unit that
you have not fully understood.
Tutorial times will be scheduled and assigned during the first week of semester. You will be
contacted via email with the list of possible times however your preference cannot be guaranteed.
Distance Study Skills
The University of Tasmania offers distance students a number of valuable resources to help succeed
in their studies. You should complete the online orientation: http://www.utas.edu.au/orientation/
Resources are also available at: http://www.learningsupport.utas.edu.au/Resources.htm and on the
library website.
Learning expectations and strategies
How will you approach studying in this unit? Note this section is aimed primarily at Distance
students, but the comments apply generally to all students.
You will see when you look at the MyLO site that the unit is divided into weekly headings, which in
turn contains the weekly material (Lecture Slides, Study Guides, Tutorial Questions).
Whilst you can timetable your progress through these topics to suit your other commitments and at
your own pace (i.e. the quantity and spread of hours per week is entirely up to you), you should note
that assessment deadlines are not at all flexible. You will need to have studied all the relevant topics
before your assessment deadline, so it is strongly recommended that you work through the unit at a
pace no slower than one topic per week.
It is very important that you understand that in this unit you must proceed through the materials in
order; the knowledge that you gain from one topic will be essential as you move on to the next topic.
It is therefore very risky to get too far behind in this unit. You will not be able to just get involved in
the unit half way through the semester and think that you can forget about the first few topics.
These are the steps that you should follow as you tackle each topic:
 Read through the Study Guides that introduces the topic, identifies the learning objectives for the
topic, and provides you with the details of what you need to do the week.
 Scan through the material relevant for the topic. This material is NOT a substitute for reading the
text or working problems or watching lecture recordings, but they will give you an idea of what to
expect in the topic.
 Read the required text book passages/chapter(s). Do not dwell on information you do not
understand during first readings – the lectures will help clarify your learning, but only if you have
undertaken the preparation.
9
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
 Watch the recorded lecture. The lectures that are given to students taking the unit in face-to-face
mode on the Hobart campus will be recorded and posted on MyLO weekly.
 Answers to tutorial questions will be posted on MyLO one week after the topic's scheduled
activities. You are strongly advised not to just wait until the solutions are posted before looking at
these activities.
 Participate in the on-line tutorials weekly. Watch any recorded tutorial sessions. These sessions
will provide you with the opportunity to practise procedures shown to you in the previous week’s
lecture. The slower pace is deliberately intended to provide you with time to work through the
task at hand, with answers revealed as you progress – to keep you on track through the various
steps.
 It is very important that you check your understanding of each topic before moving onto the next,
and resolving any outstanding items of confusion with further reading/practice and/or discussion.
Starting in Week 2, we plan online consultation sessions (for Distance students only) with your Unit
Coordinator. Further information will be emailed to your UTAS email account. Participation is not
compulsory, but it does provide opportunity for real-time Q&A sessions.
PASS Program
In 2014, the PASS program is being offered by the Student Centre for BEA111 Principles of
Economics 1. The Peer Assisted Study Sessions program (PASS) is an academic program available to
all students studying in selected units. PASS offers regular, out-of-class study sessions focussing on
revising the course content, what to learn, while developing your academic reasoning and study
skills. PASS sessions are led by PASS Leaders, who are students that have recently and successfully
completed the unit. The sessions are an informal setting in which you can review notes, discuss
readings, develop study tools and prepare for examinations. Data from universities, both nationally
and internationally, indicate that students who attend PASS regularly earn higher subject grades
than students who do not attend PASS (in units where the program is offered).
Session times can be viewed either on your student timetable or on the PASS website:
http://www.utas.edu.au/pass.
Student Learning BEA111 Assessment Preparation Workshops
The Student Learning and Academic Development Team in the Student Centre works with all
students, domestic and international, to develop academic skills, literacy and English language skills.
Student Learning will be running Assessment Preparation Workshops for all students (domestic and
international) studying in BEA111 Principles of Economics 1. The workshops will cover:




Understanding the questions
Organising your ideas in writing and essay structure
Avoiding common mistakes
Exam preparation
The focus of these workshops will be on language and structure, not on content. The workshops will
be practical, and are focussed on the assessment tasks for the unit. Attendance is voluntary, but is
recommended for students who want to develop confidence with written assignments. Times and
locations of the workshops will be posted on MyLO. If you are a distance student, or the workshops
are not run on your campus, please contact [email protected].
Student Learning also runs regular workshops on academic skills and English language for all UTAS
students, and you can find the full schedule here: http://www.utas.edu.au/studentlearning/workshops
10
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Individual consultations are also available, both on campus and online. To book a consultation, visit
the Student Learning website http://www.utas.edu.au/student-learning/, or contact us by email at
[email protected] or by phone on 6226 2946.
The workshops will be recorded and posted on MyLO for the benefit of all students. The scheduled
workshop times on the Hobart campus are:
Week 2
Week 5
Week 8
Week 11
Monday 4 March
Monday 25 March
Monday 22 April
Monday 13 May
2.00pm
2.00pm
2:00pm
2:00pm
Life Science 105 Seminar Rm 1
Life Science 105 Seminar Rm 1
Life Science 105 Seminar Rm 1
Life Science 105 Seminar Rm 1
In Tutorial tests
Online Test
Short Essay
Exam
Please note that the above classes appear on the University timetable labelled ‘Workshop’. If you
have any questions regarding the sessions could you please send an email to Morag Porteous at
[email protected]. You will receive reminders during lectures regarding these sessions.
Communication, Consultation and Appointments
Email Correspondence:
Students are also expected to check their UTAS email site on a regular basis (at least three times a
week). Students submitting requests or queries to staff via email should provide very clearly their:
Family name: Preferred name; Student ID; Unit code (i.e. BEA111) and allow teaching staff at least
two (2) business days to reply. Staff are not required to respond to emails in which students do not
directly identify themselves, which are threatening or offensive, and that come from external (nonUTAS) email accounts. Students are advised not to have their UTAS email forwarded to an external
email service (such as Gmail or Hotmail). In the past there have been significant issues where this
has occurred, resulting in UTAS being blacklisted by these email providers for a period of up to one
month.
MyLO News:
Students are required to check MyLO on a regular basis. The course site on MyLO will be updated
regularly with course material and helpful resources. All lectures notes, problem sets for tutorial as
well as solutions will be posted on MyLO.
Assessment
Assessment Schedule
In order to pass this unit you must achieve an overall mark of at least 50 per cent of the total
available marks. Details of each assessment item are outlined below.
Assessment Items
In Tutorial Tests
Due Date
Weeks 4, 8 and 12
Value/Weighting
18% (6% each)
Link to Learning Outcomes
L01, L02, L03, L04, L05, L06
Mid-Semester Test
Week 7
10%
Short Essay
Week 11 (May 12, 2:00pm)
12%
L01, L02, L03, L04,
L05
L02, L04, L06
Final Exam
Examination Period
60%
L01, L02, L03, L04, L05, L06
11
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Assessment Item 1 – Face-to-Face Students: In Tutorial Test 1-3
Task Description:
One week prior to the in-tutorial test a set of four (4) examinable questions
will be posted on MyLO. On arrival at your tutorial you will be assigned one
of the 4 examinable questions at random and given (ten) 10 minutes to
complete a written answer under test conditions. After completion of the
test, the rest of the tutorial time will be devoted to discussing the Tutorial
Problems as usual.
Task Length:
10 Minutes
Assessment Criteria:
All questions consist of short problems which require you to complete a
series of tasks/actions (e.g., define, explain, sketch a diagram, fill in a table,
and calculate). Marks are assigned to each task for a total of 6 marks. Specific
learning outcomes and assessment criteria will be provided as part of each
test question sheet. Note that:
 No marks are allocated explicitly for your clarity or correctness of English
expression. However, poor expression and setting out of answers can
often make it difficult for markers to assess your economic knowledge
and skills which will result in a low mark.
 Examples of test questions and specimen answers are provided on MyLO.
Policy on missed
tests:
Students are expected to sit in-class tests during their assigned tutorial time.
If a student is unable to sit during their usual time and wishes to sit at an
alternative time during the same week as the scheduled test, a ‘Request to
sit an In-Class Test at an Alternative Time’ form must be completed and
handed to the tutor in charge of the alternative class before sitting the test.
Alternative tutorials and tutor details will be posted on MyLO. Completed
tests will be checked against tutorial enrolment records. Tests completed by
students in alternative classes during the week of the test without this
completed form will not be graded. If the request is based on medical
reasons, then the form must be accompanied by a copy of the medical
certificate.
Students who are unable to sit a test during the week in which it is scheduled
must apply to sit a makeup test by submitting the appropriate form found on
MyLO. A make-up in-tutorial test will be organised at the end of the
semester. The time for the make-up test will be announced in lectures.
Eligible students will be notified of the timing of the make-up test by email
and provided with a set of test questions. This test is only for students who
for legitimate reasons could not sit during the week the test was scheduled
and have submitted the appropriate form to the School Office.
Due Date:
Weeks 4, 8, and 12
Value:
18% (6% each)
12
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Assessment Item 1 – Distance Students: In Tutorial Test 1-3
Task Description:
At least 1 week prior to the test a set of four (4) examinable questions will be
posted on MyLO. You will be required to answer ALL four (4) questions and
submit these via a dropbox on the MyLO site for this unit. Two (2) of your
submitted answers will be marked and the average mark of the two
questions will be your result for this test. You will be required to submit your
test on the Wednesday 5.00pm of the week in which they are due. (Please
note that each submission will also go through TURNITIN. TURNITIN is a text
matching system which determines if quotes have been correctly sourced
and whether matches identified by Turnitin indicate that plagiarism may
have occurred.
Task Length:
150 word answers. Include diagrams and/or calculations where required.
Assessment Criteria:
LO1, LO2, LO3, LO4, LO5, LO6 (Note that not all tests will address all learning
outcomes.
All questions consist of short problems which require you to complete a
series of tasks/actions (e.g., define, explain, sketch a diagram, fill in a table,
and calculate). Marks are assigned to each task for a total of 6 marks. Specific
learning outcomes and assessment criteria will be provided as part of each
test question sheet. Note that:
 No marks are allocated explicitly for your clarity or correctness of
English expression. However, poor expression and setting out of
answers can often make it difficult for markers to assess your
economic knowledge and skills which will result in a low mark.
 Examples of test questions and specimen answers are provided at
the “Assessment” icon on MyLO.
Policy on missed
tests:
Due Date:
If a student is unable to submit the test by the due date then they should
contact their lecturer/tutor to discuss options.
Students who are unable to submit the test before the solutions are released
must apply to sit a makeup test by submitting the appropriate form found on
MyLO. A make-up test will be organised at the end of the semester. The time
for the make-up test will be announced in lectures. Eligible students will be
notified of the timing of the make-up test by email and provided with a set of
test questions. This test is only for students who for legitimate reasons could
not submit during the week the test was scheduled and have submitted the
appropriate form to the lecturer/tutor.
Value:
18% (6 marks for each test).
13
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Assessment Item 2 – On-line Mid Semester Test
Task Description:
This test will consist of twenty (20) multiple choice questions chosen
randomly from a test bank. The test will be available on MyLO. Dates and
times for the test will be posted on MyLO.
Task Length
30 minutes
Assessment
Criteria:
Questions will test your knowledge and understanding of the core
concepts, terms, models etc. covered in Weeks 1 -5. One mark will be
awarded for each correct answer.
Link to Unit’s
Learning Outcomes:
LO1, LO2, LO3, LO4, LO5
Due Date:
Value:
Week 7
10%
Assessment Item 3 – Short Essay
Task Description:
This short essay is designed to develop your ability to apply skills of sound
economic reasoning and elementary micro economic analysis to a current
policy issue. It will also develop your ability to present economic arguments
and analysis clearly. Detailed guidelines and instructions will be distributed in
lectures (Week 4) and posted on MyLO.
Task Length
500 Words
Assessment Criteria:
An assessment rubric for this short essay will be posted on.
Link to Unit’s
Learning Outcomes:
LO2, LO4, LO6
Due Date:
Week 11 - 3.00pm Monday 12th May
Value:
12%
14
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Assessment Item 4 – Final Exam
Task Description:
Length: 3 hours
Section Question Format
Number of questions
Worth
A
Multiple choice
30 questions
30 marks
B
Short answer
Answer 5 of 6 questions
30 marks
C
Multiple part
Answer 3 questions
40 marks
100 marks
# Students are not permitted to take calculators into the exam room.
# Copies of past exams are held by the library. Written sample answers will
not be provided. However, help with questions that you have made a
genuine attempt to answer may be provided by your lecturer/tutor either on
an individual basis or in a group revision session.
Task Length
3 hours
Assessment Criteria:
See task Description
Link to Unit’s
Learning Outcomes:
LO1, LO2, LO3, LO4, LO5, LO6
Due Date:
The final exam is conducted by the University Registrar in the formal
examination period. See the Current Students homepage (Examinations and
Results) on the University’s website.
Value:
60%
Your final examination for this unit will be held during the scheduled examination period as
indicated by Student Administration in correspondence to you.
Examinations will normally be scheduled Monday to Saturday inclusive. Examinations may be held
during the day or evening and students should consult the university information which will be made
available towards the end of semester.
You are advised to make any necessary arrangements with employers now for time off during the
examination period to sit this examination. Your participation at the scheduled time is not
negotiable unless there are exceptional circumstances. Note that you will be expected to sit the
examination at your recorded study centre. To find out more go to the Exams Office website:
http://www.utas.edu.au/exams/home .
How Your Final Result Is Determined.
Your final mark for this unit is determined by your internal assessment (40%) and your examination
mark (60%). In order to pass this unit your final total mark (i.e., the sum of internal and examination
mark) must be 50% or higher. Final marks may be moderated.
15
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Submission of Assessment Items
Lodging Assessment Items
Assignments must be submitted electronically through the relevant assignment drop box in MyLO.
All assessment items must be handed in by 2.00pm on the due date. Where appropriate, unit
coordinators may also request students submit a paper version of their assignments.
All assignments must have a TSBE Assignment Cover Sheet, which is available as a blank template
from the TSBE website: [http://www.utas.edu.au/business-and-economics/student-resources]. All
assignments must include your name, student ID number, tutorial day/time, and your tutor’s name.
If this information is missing the assignment will not be accepted and, therefore, will not be
marked. Please remember that you are responsible for lodging your assessment items on or before
the due date. We suggest you keep a copy. Even in ‘perfect’ systems, items sometimes go astray.
Late Assessment and Extension Policy
In this Policy
1.
(a) ‘day’ or ‘days’ includes all calendar days, including weekends and public holidays;
(b) ‘late’ means after the due date and time; and
(c) ‘assessment items’ includes all internal non-examination based forms of assessment
2.
This Policy applies to all students enrolled in the Tasmanian School of Business and Economics
Units at whatever Campus or geographical location.
3.
Students are expected to submit assessment items on or before the due date and time specified
in the relevant Unit Outline. The onus is on the student to prove the date and time of
submission.
4.
Students who have a medical condition or special circumstances may apply for an extension.
Requests for extensions should, where possible, be made in writing to the Unit Coordinator on
or before the due date. Students will need to provide independent supporting documentation
to substantiate their claims.
5.
Late submission of assessment items will incur a penalty of 10% of the total marks possible for
that piece of assessment for each day the assessment item is late unless an extension had been
granted on or before the relevant due date.
6.
Assessment items submitted more than five (5) days late will not be accepted.
7.
Academic staff do NOT have the discretion to waive a late penalty, subject to clause 4 above.
Academic Referencing and Style Guide
In your written work you will need to support your ideas by referring to scholarly literature, works of
art and/or inventions. It is important that you understand how to correctly refer to the work of
others and maintain academic integrity.
Failure to appropriately acknowledge the ideas of others constitutes academic dishonesty
(plagiarism), a matter considered by the University of Tasmania as a serious offence.
The appropriate referencing style for this unit is: the Harvard style. For information on presentation
of assignments, including referencing styles: http://utas.libguides.com/referencing
16
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Review of Assessment and Results
Review of Internal Assessment
It is expected that students will adhere to the following policy for a review of any piece of
continuous/internal assessment. The term continuous/internal assessment includes any assessment
task undertaken across the teaching phase of any unit (such as an assignment, a tutorial
presentation, and online discussion, and the like), as well as any capstone assignment or take-home
exam.
Within five (5) days of release of the assessment result a student may request a meeting with the
assessor for the purpose of an informal review of the result (in accordance with Academic
Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/universitygovernance/rules). During the meeting, the student should be prepared to discuss specifically the
marks for the section(s) of the marking criteria they are disputing and why they consider their
mark(s) is/are incorrect. The assessor will provide a response to the request for review within five (5)
days of the meeting.
If the student is dissatisfied with the response they may request a formal review of assessment by
the Head of School, with the request being lodged within five (5) days of the informal review being
completed. A Review of Internal Assessment Form must be submitted with the formal review
(http://www.studentcentre.utas.edu.au/examinations_and_results/forms_files/review_of_assessm
ent.pdf).
Review of Final Exam/Result
In units with an invigilated exam students may request a review of their final exam result. You may
request to see your exam script after results have been released by completing the Access to Exam
Script Form, which is available from the TSBE Office, or at the following link –
http://www.utas.edu.au/business-and-economics/student-resources. Your unit coordinator will
then contact you by email within five (5) working days of receipt of this form to go through your
exam script.
Should you require a review of your final result a formal request must be made only after
completing the review of exam script process list above. To comply with UTAS policy, this request
must be made within ten (10) days from the release of the final results (in accordance with
Academic Assessment Rule No. 2 Clause 22 – www.utas.edu.au/university-council/universitygovernance/rules). You will need to complete an Application for Review of Assessment Form, which
can be accessed from
www.studentcentre.utas.edu/examinations_an_results/forms_files/review_of_assessment.pdf.
Note that if you have passed the unit you will be required to pay $50 for this review.
The TSBE reserves the right to refuse a student request to review final examination scripts should
this process not be followed.
17
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Further Support and Assistance
If you are experiencing difficulties with your studies or assessment items, have personal or lifeplanning issues, disability or illness which may affect your study then you are advised to raise these
with your lecturer or tutor in the first instance.
If you do not feel comfortable contacting one of these people, or you have had discussions with
them and are not satisfied, then you are encouraged to contact the Director of Undergraduate
Programs:
Name:
Room:
Phone:
Email:
David Kronenberg
Room 407, Level 4, Commerce Building
6226 2280
[email protected]
There is also a range of University-wide support services available to students, including Student
Centre Administration, Careers and Employment, Disability Services, International and Migrant
Support, and Student Learning and Academic Support. Please refer to the Current Students website
(available from www.utas.edu.au/students) for further information.
If you wish to pursue any matters further then a Student Advocate may be able to assist.
Information about the advocates can be accessed from www.utas.edu.au/governancelegal/students-complaints .
The University also has formal policies, and you can find out details about these policies from the
following link – www.utas.edu.au/governance-legal/student-complaints/how-to-resolve-a-studentcomplaint/self-help-checklist.
Academic Misconduct and Plagiarism
Academic misconduct includes cheating, plagiarism, allowing another student to copy work for an
assignment or an examination, and any other conduct by which a student:
(a) seeks to gain, for themselves or for any other person, any academic advantage or advancement
to which they or that other person are not entitled; or
(b) improperly disadvantages any other student.
Students engaging in any form of academic misconduct may be dealt with under the Ordinance of
Student Discipline. This can include imposition of penalties that range from a deduction/cancellation
of marks to exclusion from a unit or the University. Details of penalties that can be imposed are
available in the Ordinance of Student Discipline – Part 3 Academic Misconduct, see
http://www.utas.edu.au/universitycouncil/legislation/.
Plagiarism is a form of cheating. It is taking and using someone else’s thoughts, writings or
inventions and representing them as your own, for example:




using an author’s words without putting them in quotation marks and citing the source;
using an author’s ideas without proper acknowledgment and citation; or
copying another student’s work.
using ones’ own work from previously submitted assessment items if repeating a unit.
18
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
If you have any doubts about how to refer to the work of others in your assignments, please
consult your lecturer or tutor for relevant referencing guidelines, and the academic integrity
resources on the web at http://www.academicintegrity.utas.edu.au/ The intentional copying of
someone else’s work as one’s own is a serious offence punishable by penalties that may range from
a fine or deduction/cancellation of marks and, in the most serious of cases, to exclusion from a unit,
a course, or the University.
The University and any persons authorised by the University may submit your assessable works to
a plagiarism checking service, to obtain a report on possible instances of plagiarism. Assessable
works may also be included in a reference database. It is a condition of this arrangement that the
original author’s permission is required before a work within the database can be viewed.
For further information on this statement and general referencing guidelines, see
http://www.utas.edu.au/plagiarism/ or follow the link under ‘Policy, Procedures and Feedback’ on
the Current Students homepage.
Tutorial/Workshop Program
Note that the tutorial program does not commence until week two of semester. All problem sets
will be posted on MYLO during the week prior to the tutorial session. Students should review the
weeks lecture resources and your own notes, and complete the required readings. Prepare
rough answers to all problems before attending your tutorial. Be ready to both answer and to
ask questions. Solutions to all questions will be available on MyLO once all tutorial groups
have met.
Week Two:
Problem Set #1
Week Three:
Problem Set #2
Week Four:
First In Tutorial Test. Problem Set #3
Week Five:
Problem Set #4
Week Six:
Problem Set #5
Week Seven:
Problem Set #6
Week Eight:
Second In Tutorial Test. Problem Set #7
Week Nine:
Problem Set #8
Week Ten:
Problem Set #9
Week Eleven: Problem Set #10
Week Twelve: Third In Tutorial Test. Problem Set #11
Week Thirteen: Problem Set #12
19
BEA111 Principles of Economics 1 – Unit Outline, Semester 1, 2014
Study Schedule
Week Start of Week
Text Chapter
Topic
1
Unit Outline
Chapter 1
Unit Introduction
24 February
Due Dates
Thinking as an Economist –
Microeconomics and the Economic
Naturalist
Comparative Advantage – A Basis for
Trade
Markets and Market Structure – An
Overview
Supply, Demand and Equilibrium – An
Introduction
2
3 March
Chapter 2
3
10 March
Chapter 3
4
17 March
Chapter 7
Chapter 5
5
24 March
Chapter 6
6
31 March
Chapter 4
Elasticity
7
7 April
Chapter 9
8
14 April
Chapter 10
The Quest for Profit and the Invisible
Hand – an Introduction
Monopoly
Price Discriminating Strategies for a
Price-Making Firm
Efficiency and Exchange – an
Introduction
Demand – The Benefit Side of the
Market
Competitive Supply – The Cost Side of
the Market
In Tutorial Test
Mid Semester
Test
In Tutorial Test
Mid-semester break: Friday 18 – Friday 25 April inclusive
9
28 April
Chapter 11
10
5 May
Chapters 12
11
12 May
Chapter 13
Externalities, Public Goods and
Common Resources -- Continued
12
19 May
Chapter 8
13
26 May
International Trade – Winners, Losers
and Protectionism
Unit Review and Feedback
Thinking Strategically – An Introduction
to Game Theory
Positional Externalities
Externalities, Public Goods and
Common Resources
Short Essay
In Tutorial Test
Examination Period: 7 – 24 June 2014
20