EFB225 Economics for the Real World
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | EFB225 |
|---|---|
| Prerequisite(s): | 24 Credit Points of Study |
| Equivalent(s): | EFX225 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| CSP student contribution | $2,040 |
| Pre-2021 CSP student contribution | $1,597 The pre-2021 commonwealth supported place (CSP) contribution amount only applies to students enrolled in a course prior to 2021. To learn more, visit our Understanding your fees page. |
| Domestic tuition unit fee | $3,024 |
| International unit fee | $4,176 |
Unit Outline: Semester 2 2024, Gardens Point, Internal
| Unit code: | EFB225 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed studies |
| Equivalent: | EFX225 |
| Coordinator: | Tommy Tang | tt.tang@qut.edu.au |
Overview
This unit builds on the economic concepts, principles and theories learnt in introductory level economics. It further develops and refines students' economic analysis, evaluation and reasoning skills by applying economic concepts to the exploration of contemporary real world issues.
Learning Outcomes
On successful completion of this unit you will be able to:
- Use technical and technological skills to assimilate, structure, analyse and evaluate relevant quantitative and qualitative data to explore real world issues and policy solutions.Relates to: UG Business Capabilities: KS (1.2)
- Apply relevant economic concepts, principles and theories to analyse and evaluate real world issues, related policy solutions and the consequences for economic and social well-being.
- Apply teamwork knowledge and skills for effective collaboration.Relates to: UG Business Capabilities: TS (4.2)
- Communicate effectively and professionally in written forms and using media, to a wide audience, including those with no training in economics.
Content
In this unit students will be introduced to a number of contemporary real world issues. A key focus is to understand the complex dimensions of contemporary real world issues. Students will develop a broad understanding of an issue by exploring it from a range of perspectives. Whilst economic concepts, principles and theories will be used to analyse and evaluate issues, students will also develop an understanding of the broader political economy that underpins many complex problems (including social and ethical bias and norms) which can consequently drive particular policy approaches. Students will assess economic policy inferences, recognise potential constraints in their implementation and evaluate the efficacy of policy outcomes. A key objective underpinning this unit is communicating this narrative to a range of both specialist and non-specialist audiences.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit is delivered through modularised teaching of topics. Instructors will critically analyse contemporary real world issues through the lens of an economist, supported by individual and group activities during lectures. Through formative and summative learning tasks, students will develop, support and present their views on important social and public issues.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Critical Thinking Tasks
This assessment item consists of two (2) Critical Thinking Tasks (CTTs), each carrying 10%. The CTTs progressively develop student’s skills to formulate an argument in economics academic writing based on Toulmin’s model of argumentation. Although both are due in Week 7, students are strongly encouraged to submit the first CTT earlier (around Week 5) in order to receive feedback so that you will be more prepared for the second CCT. CTTs are to be submitted online. Further details (including marking criteria) are available on the unit site.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.1), PC (3.1)
Assessment: Essay Assignment
Based on one of the lecture topics (to be advised) students will further investigate in-depth the social/political issue in essay format. The essay will be supported by a Toulmin model presenting the connection of key elements of your argument.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1), SE (5.2)
Assessment: Video Presentation
Students work in groups of 4 to produce a video recording of a multi-media presentation. The video will communicate complex economic reasoning to a non-specialist audience on a contemporary real-world issue. This assessment item is to be supported by a 150-200 word executive summary. Students will also engage in a peer review exercise of group members.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and summative
Business Capabilities (AoL goals): HO (2.1), PC (3.2), TS (4.2), SE (5.2)
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Recommended text(s)
Miller R. L., Benjamin D. K. & North D. C. (2016) "The Economics of Public Issues" 19th Edition (Pearson)
Other
Harford T. (2008) "The Logic of Life" (Little, Brown & Co)
Levitt S. D. & Dubner S. J. (2005) "Freakonomics" (Penguin)
Levitt S. D. & Dubner S. J. (2010) "Super Freakonomics" (Penguin)
Walters, Stephens J.K. (2013) “Econversations” (Pearson)
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO2, Critical Thinking Tasks, Essay Assignment, Video Presentation
KS (1.1): Discipline Knowledge
Relates to: ULO2, Essay Assignment
KS (1.2): Technical and Technological Skills
Relates to: ULO1
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Critical Thinking Tasks, Essay Assignment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Video Presentation
SE (5.2): Global Social Responsibility
Relates to: ULO2, Essay Assignment, Video Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO3, Video Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO2, Essay Assignment - Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Relates to: ULO2, Essay Assignment, Video Presentation - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO1 - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO2, Critical Thinking Tasks, Essay Assignment, Video Presentation - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO4, Critical Thinking Tasks, Essay Assignment - Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Relates to: ULO4, Video Presentation - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO3, Video Presentation
Unit Outline: Semester 2 2024, Online
| Unit code: | EFB225 |
|---|---|
| Credit points: | 12 |
| Pre-requisite: | 24 credit points of completed studies |
| Equivalent: | EFX225 |
Overview
This unit builds on the economic concepts, principles and theories learnt in introductory level economics. It further develops and refines students' economic analysis, evaluation and reasoning skills by applying economic concepts to the exploration of contemporary real world issues.
Learning Outcomes
On successful completion of this unit you will be able to:
- Use technical and technological skills to assimilate, structure, analyse and evaluate relevant quantitative and qualitative data to explore real world issues and policy solutions.Relates to: UG Business Capabilities: KS (1.2)
- Apply relevant economic concepts, principles and theories to analyse and evaluate real world issues, related policy solutions and the consequences for economic and social well-being.
- Apply teamwork knowledge and skills for effective collaboration.Relates to: UG Business Capabilities: TS (4.2)
- Communicate effectively and professionally in written forms and using media, to a wide audience, including those with no training in economics.
Content
In this unit students will be introduced to a number of contemporary real world issues. A key focus is to understand the complex dimensions of contemporary real world issues. Students will develop a broad understanding of an issue by exploring it from a range of perspectives. Whilst economic concepts, principles and theories will be used to analyse and evaluate issues, students will also develop an understanding of the broader political economy that underpins many complex problems (including social and ethical bias and norms) which can consequently drive particular policy approaches. Students will assess economic policy inferences, recognise potential constraints in their implementation and evaluate the efficacy of policy outcomes. A key objective underpinning this unit is communicating this narrative to a range of both specialist and non-specialist audiences.
QUT Business Capabilities (Undergraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge and Technological Skills (KS)
1.1 Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
1.2 Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Higher Order Thinking (HO)
2.1 Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
2.2 Exercise independent judgement and initiative in adapting and applying knowledge and skills for effective planning, problem solving and decision making in diverse contexts.
Professional Communication (PC)
3.1 Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
3.2 Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Teamwork and Self (TS)
4.1 Exercise self-reflection, responsibility and accountability in relation to own learning and professional practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Social, Ethical and Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices in analysing and responding to business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Learning Approaches
This unit is delivered through modularised teaching of topics. Instructors will critically analyse contemporary real world issues through the lens of an economist, supported by individual and group activities during lectures. Through formative and summative learning tasks, students will develop, support and present their views on important social and public issues.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Critical Thinking Tasks
This assessment item consists of two (2) Critical Thinking Tasks (CTTs), each carrying 10%. The CTTs progressively develop student’s skills to formulate an argument in economics academic writing based on Toulmin’s model of argumentation. Although both are due in Week 7, students are strongly encouraged to submit the first CTT earlier (around Week 5) in order to receive feedback so that you will be more prepared for the second CCT. CTTs are to be submitted online. Further details (including marking criteria) are available on the unit site.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): HO (2.1), PC (3.1)
Assessment: Essay Assignment
Based on one of the lecture topics (to be advised) students will further investigate in-depth the social/political issue in essay format. The essay will be supported by a Toulmin model presenting the connection of key elements of your argument.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1), SE (5.2)
Assessment: Video Presentation
Students work in groups of 4 to produce a video recording of a multi-media presentation. The video will communicate complex economic reasoning to a non-specialist audience on a contemporary real-world issue. This assessment item is to be supported by a 150-200 word executive summary. Students will also engage in a peer review exercise of group members.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative and summative
Business Capabilities (AoL goals): HO (2.1), PC (3.2), TS (4.2), SE (5.2)
Academic Integrity
Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.
Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.
You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.
Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Recommended text(s)
Miller R. L., Benjamin D. K. & North D. C. (2016) "The Economics of Public Issues" 19th Edition (Pearson)
Other
Harford T. (2008) "The Logic of Life" (Little, Brown & Co)
Levitt S. D. & Dubner S. J. (2005) "Freakonomics" (Penguin)
Levitt S. D. & Dubner S. J. (2010) "Super Freakonomics" (Penguin)
Walters, Stephens J.K. (2013) “Econversations” (Pearson)
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Standards/Competencies
This unit is designed to support your development of the following standards\competencies.
QUT Business Capabilities (Undergraduate)
HO (2.1): Critical Analysis
Relates to: ULO2, Critical Thinking Tasks, Essay Assignment, Video Presentation
KS (1.1): Discipline Knowledge
Relates to: ULO2, Essay Assignment
KS (1.2): Technical and Technological Skills
Relates to: ULO1
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Critical Thinking Tasks, Essay Assignment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Video Presentation
SE (5.2): Global Social Responsibility
Relates to: ULO2, Essay Assignment, Video Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO3, Video Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS05 Bachelor of Business
- Demonstrate and apply integrated discipline (including technical) knowledge across the broad field of business with depth in one or more core business disciplines.
Relates to: ULO2, Essay Assignment - Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues in national and international business contexts.
Relates to: ULO2, Essay Assignment, Video Presentation - Apply technical and technological skills appropriate and effective for real world business purposes and contexts.
Relates to: ULO1 - Investigate real world business issues and situations through the effective analysis, evaluation and synthesis of theory and practice.
Relates to: ULO2, Critical Thinking Tasks, Essay Assignment, Video Presentation - Use information literacy skills, and communicate effectively and professionally in written forms and using media appropriate for diverse purposes and contexts.
Relates to: ULO4, Critical Thinking Tasks, Essay Assignment - Use information literacy skills, and communicate effectively and professionally in oral forms, appropriate for diverse purposes and contexts.
Relates to: ULO4, Video Presentation - Apply teamwork knowledge and skills for effective collaboration across diverse purposes and contexts.
Relates to: ULO3, Video Presentation