ECON1101 Microeconomics 1 - 2019

ECON1101
Undergraduate
Summer
6 Units of Credit
On Campus
Economics
This course outline is for the current semester. To view outlines from other years and/or semesters, visit the archives

1. Course Details

Summary of Course

​Economics is a social science which studies the ways in which people interact with one another and make decisions in a world with limited resources. The goal of this course is to provide you with the basic tools to “think like an economist” – that is, to able to ask and answer questions about how the world works or the effects of policies using basic economic principles. Understanding these principles also equips students for further studies in economics and business. Topics and issues covered include how individuals or firms make decisions about the demand or supply of a particular product, how we can evaluate the efficiency of a market, and how we evaluate the costs and benefits of governments intervention in a market.

Teaching Times and Locations

Please note that teaching times and locations are subject to change. Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations.

View course timetable

Course Policies & Support

Course Aims and Relationship to Other Courses

​The aim of this course is to provide an introduction to microeconomic analysis. It outlines the theory of markets with relevant applications to business, social and individual issues. ECON1101 Microeconomics 1 is a core requirement for all students in the B.Com and B.Ec programs. Additionally, ECON1101 is a prerequisite for ECON1102 Macroeconomics 1 and for all courses in the School of Economics with a course code number beginning with 2 or 3. No previous study of economics is assumed.

2. Staff Contact Details

Position Title Name Email Location Phone Consultation Times
Lecturer-in-charge    Jonathan LimRoom BUS 4099385 0121-

​Communication with staff

Note: The primary point of contact for the course is ECON1101@unsw.edu.au. Emailing this address ensures that your enquiry will be directed to the most appropriate person and responded to promptly. Please only contact lecturers or tutors directly if specifically instructed to do so.

Who to contact?

Subject material: Questions about course content should be discussed in lectures or on the course website. It is very likely that your question, has already been asked and addressed by your peers on the course website. If not, post it on the appropriate page, where it can be addressed by other students, tutors, or lecturers. Discussion of course subject material will not be entered into via lengthy emails.

Personal enquiries: All questions of a personal nature, such as questions regarding in-semester marks, special consideration, supplementary exams, etc., should be sent to the primary course email address: ECON1101@unsw.edu.au.

Enrolment: General enquiries relating to your program or enrolment in the course or tutorials should be directed to your Program Authority (for Business School students, this is the Student Centre in Quad 1028).

Online access: Technical enquires relating to your UNSW logins or Moodle access should be directed to the UNSW IT Service Centre on 9385 1333. For issues relating to access to course content in Moodle, please contact Trish Cann.

Playconomics: Instructions for how to sign up for Playconomics are on the course Moodle page. For technical issues regarding access to Playconomics, please contact the Playconomics team at support@lionsheartstudios.com.

3. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

​The philosophy underpinning this course and its Teaching and Learning Strategies are based on “Guidelines on Learning that Inform Teaching at UNSW. These guidelines may be viewed at: www.guidelinesonlearning.unsw.edu.au.

The lectures, tutorials and assessment have been designed to appropriately challenge students and support the achievement of the desired learning outcomes. A climate of inquiry and dialogue is encouraged between students and tutors and amongst students (in and out of class). The lecturer and tutors aim to provide meaningful and timely feedback to students to improve learning outcome.

Learning Activities and Teaching Strategies

​The examinable content of the course is defined by the assigned text, lecture content, tutorial materials, and any additional material provided by the Lecturer-in-Charge Students will be taught the “core principles” of economics and given practice at applying these principles to everyday problems. The aim is to teach students to “think (and act) like an economist”, whether it is in everyday or workplace situations.

Out-of-Class Study

While students may have preferred individual learning strategies, it is important to note that most learning will be achieved outside of class time. An “ideal” strategy might include:

  1. Read the relevant textbook chapter(s), and play the Playconomics video game, rereading relevant sections of the text as needed to progress in the game.
  2. Attempting the weekly revision questions, checking the solutions only after getting as far as possible on your own and along with other students. This will identify the things you need to do to demonstrate your understanding of a topic, and guide your re-reading of specific parts of the text. This will also provide a self-test of your understanding, and identify those parts of the topic with which you have problems.
  3. Engaging in online activities such as the discussion topics and “Econ Pic of the Week”. These will both give you experience putting the tools from the course into practice and create material that can be incorporated in your final video portfolio.

5. Course Resources

​The Course Website contains all course content, including the textbook, tutorial questions, and forums to ask questions and discuss course material. The website can be accessed through Playconomics. Instructions for how to sign up for Playconomics are accessible via UNSW Moodle at http://moodle.telt.unsw.edu.au.

Students should consult the course website regularly, as it contains important information about the course. It will be assumed that all students have seen all material posted on the course website.

Course announcements will be posted on Moodle.

The required textbook for this course is:

  • Motta, A., Dobrescu, L.I., Faravelli, M., McWhinnie, S. (2016) Principles of Microeconomics (4th ed.), ebook (included in the Playconomics package)

This textbook has been created specifically for this course. The textbook examinable content is defined in the Course Schedule, and includes all Revision Questions. The required textbook is available as part of the Playconomics package.

The Playconomics package is accessible via the corresponding Playconomics page on the course website. On this page, students can sign up and to create their own account.

From their account, students will be able to purchase the complete version of Playconomics, which contains the required e-book (with integrated educational videos, Revision Questions, etc.) and the game students need to complete.

For any technical issues, please email playconomics@lionsheartstudios.com.

Optional readings (texts available in the library):

  • Bajada, C., Jackson, J. McIver, R. Wilson, E. (2012). Microeconomics, 3rd ed.,McGraw-Hill International Book Co.
  • Frank, R. H., Jennings, S. & Bernanke, B.S. (2012). Principles of Microeconomics, 3rd ed., McGraw-Hill International Book Co.
  • Gans, Joshua, Stephen King, Martin Byford, and N. Gregory Mankiw (2018). Principles of Economics 7th Asia-Pacific Edition. Cengage Learning.

Students who would like to improve their professional writing ability may consult:

  • Faigley, F. (2011), The Little Penguin Handbook, (Australasian ed.) Pearson, Australia.

6. Course Evaluation & Development

Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey, which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.


7. Course Schedule

Week Activity Topic Assessment/Other
Week 1: 3rd December

Comparative Advantage

Supply in a perfectly competitive market

Chapter 1

Chapter 2

Week 2: 10th December

Demand in a perfectly competitive market

Demand and supply: market equilibrium & economic efficiency

Chapter 3

Chapter 4

Teaching recess: 15 Dec 2018 - 1 Jan 2019
UNSW shutdown: 19 Dec 2018 - 2 Jan 2019
Week 3: 2nd January

Government intervention

International Trade

Chapter 5

Chapter 6

Week 4: 7th January

Market power: Monopoly

Market power: oligopoly (with an introduction to game theory)

Chapter 7

Chapter 8

Week 5: 14th January

Market power: oligopoly (with an introduction to game theory)

Chapter 8

Week 6: 21st January

Market failure: externalities

Market failure: public goods

Chapter 9

Chapter 10

8. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.

RELATED DOCUMENTS

 

UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Centre.




Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.

Plagiarism

UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz: https://student.unsw.edu.au/plagiarism-quiz

Cheating

The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at: https://student.unsw.edu.au/aim.

For UNSW policies, penalties, and information to help you avoid plagiarism see: https://student.unsw.edu.au/plagiarism as well as the guidelines in the online ELISE tutorials for all new UNSW students: http://subjectguides.library.unsw.edu.au/elise. For information on student conduct see: https://student.unsw.edu.au/conduct.

For information on how to acknowledge your sources and reference correctly, see: https://student.unsw.edu.au/referencing. If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.


Student Responsibilities and Conduct

Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.

Workload

It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload

Attendance

Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.



Student Support and Resources

The University and the Business School provide a wide range of support services and resources for students, including:

Business School Education Quality and support Unit (EQS)
The EQS offers academic writing, study skills and maths support specifically for Business students. Services include workshops, online resources, and individual consultations.
Level 1, Room 1033, Quadrangle Building.
bschoolconsults@unsw.edu.au
02 9385 7577 or 02 9385 4508

Business School Student Centre
The Business School Student Centre provides advice and direction on all aspects of admission, enrolment and graduation.
Level 1, Room 1028 in the Quadrangle Building
02 9385 3189

UNSW Learning Centre
The UNSW Learning Centre provides academic skills support services, including workshops and resources, for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Educational Support Service
Educational Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process. Check their website to request an appointment or to register in the Academic Success Program.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9385 2650

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
externalteltsupport@unsw.edu.au
02 9385 3331

UNSW IT
UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
itservicecentre@unsw.edu.au
02 9385 1333

Disability Support Services
UNSW Disability Support Services provides assistance to students who are trying to manage the demands of university as well as a health condition, learning disability or who have personal circumstances that are having an impact on their studies. Disability Advisers can arrange to put in place services and educational adjustments to make things more manageable so that students are able to complete their course requirements. To receive educational adjustments for disability support, students must first register with Disability Services.
Ground Floor, John Goodsell Building.
disabilities@unsw.edu.au
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
counselling@unsw.edu.au
02 9385 5418


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