ECO601 Economic Principles
A SSESSMENT 1 BRIEF
Subject Code and Title ECO601 Economic Principles
Length 15 minutes (+/- 10%) recorded video presentation with PowerPoint slides & a one-page brief presented in class for a length of 5 to 7 minutes.
Learning Outcomes This assessment addresses the following subject learning outcomes:
a) Assess economic systems within the context of resource allocation.
b) Apply and appraise the fundamental principles of microeconomics and macroeconomics. ====> Microeconomics and macroeconomics are two branches of economics that study the behavior of individuals, firms, and markets and the economy as a whole, respectively. Both microeconomics and macroeconomics are based on fundamental principles that are essential for understanding economic decision-making and policy.
Fundamental principles of microeconomics:
Scarcity: Resources are limited, and therefore, individuals and firms must make choices about how to allocate them to satisfy their unlimited wants and needs.
Opportunity cost: Every decision has an opportunity cost, which is the value of the best alternative forgone.
Marginal analysis: Individuals and firms make decisions based on the additional benefit and cost of each unit of a good or service.
Supply and demand: The price and quantity of goods and services in a market are determined by the interaction of supply and demand.
Market efficiency: Competitive markets allocate resources efficiently by maximizing the total surplus of consumers and producers.
Fundamental principles of macroeconomics:
Aggregate demand and supply: The total demand and supply of goods and services in an economy determine the level of output and prices.
Economic growth: The long-run trend of increasing output and living standards is driven by improvements in technology and increases in the quantity and quality of inputs.
Unemployment: The level of unemployment is determined by the mismatch between the demand for and supply of labor in the economy.
Inflation: The rate of inflation is determined by the growth rate of the money supply relative to the growth rate of output.
Fiscal and monetary policy: Governments and central banks use fiscal and monetary policy to stabilize the economy by adjusting government spending, taxes, and the money supply.
Understanding these fundamental principles is crucial for analyzing economic problems and designing effective policies to address them.
Submission Due by 11:55pm AEST/AEDT Sunday end of Module 2.2. Presentation is done in class in Week 4.
Total Marks 100 marks
Carefully review the case given to you by the Learning Facilitator. You are required to identify, discuss and analyse the core microeconomic elements from the given case study and prepare a presentation. For attempting this assessment successfully, you will need to draw from the concepts discussed in Modules 1 and 2.
Economics is a subject that all individuals and businesses confront in their everyday lives. As a professional, you have probably encountered and resolved several economic questions with intuitive sense. The same intuition when grounded in knowledge of economics concepts and tools can make your business decisions more accurate, timely and gainful. Learning economics is a learning-by-doing process. Therefore, to practice your learnings in the unit so far, you are given a case from the list below. You are required to identify, analyse and present the issue/s from the given case study.
• Economic principles
• Demand, supply and market equilibrium
• Production and costs, and,
• Market failures and the efficacy of government interventions.
The assessment has the following components:
1. 15 minutes (+/- 10%) recorded video presentation using PowerPoint slides
2. An invigilated 5 to 7 minutes summary of the presentation in a one-page word document
Your recorded presentation will be assessed based on the Rubric below and must be approximately 15 minutes (+/- 10%) long. PowerPoint slides should be used as your prop in the video. For the inclass presentation, you are required to summarise your pre-recorded presentation in a one-page word document. You will have 5 to 7 minutes to present your one-page summary to the audience in the form of a pitch talk. This briefing document should be sufficient to provide an overview of your presentation in the event where a key stakeholder is not able to see your presentation or needs something to refer to later.
You need to ensure that your presentation is succinct and impactful. Your aim should be to finish your presentation with your audience being well-informed about the issues raised in the question and appreciative of your grounded-in-economics insight on the way to resolve/alleviate the issues.
Think of your audience as stakeholders in the issue – examples being board of directors, media, community representatives, public servants etc. Pitch your presentation accordingly, at an appropriate level. You can watch the following YouTube video for some tips!
As it is an invigilated test, summary presentation is compulsory. If you do not present the summary, then zero grade will be awarded.
The materials you have covered in Modules 1 and 2 should provide you with the theoretical framework for the components to include in your presentation.
Your presentation should include at a minimum the following areas:
1. Identification and description of the issue/s from the case study.
2. Graphical illustrations and explanation of how the economic theory or concept is exhibited in the case.
3. Theoretical framework/economic principles to be applied in deriving solutions.
The expectation is that you would also use graphs (such as demand-supply equilibrium, cost curves, PPF, etc.) to articulate your responses.
You must recognise all sources of information; including images that you can include in your work. It is essential that you use the APA 7th Edition style for citing and referencing research. Please see more information on referencing in the Academic Skills webpage.
Submit this task via the Assessment link in the main navigation menu in ECO601: Economic Principles. You are required to submit the 15-minutes (+/- 10%) recorded video, PowerPoint slides and one-page summary in word document. The Learning Facilitator will provide feedback via the Grade Centre in the LMS portal. Feedback can be viewed in My Grades.
Please note during the submission process: If you are required to submit more than one document, once your first item has been uploaded, click ‘Browse Your Computer’ to attach your extra documents as an appendix. Then click Final Submit button.
All students are responsible for ensuring that all work submitted is their own and is appropriately referenced and academically written according to the Academic Writing Guide. Students also need to have read and be aware of Torrens University Australia Academic Integrity Policy and Procedure and subsequent penalties for academic misconduct. These are viewable online.
Students also must keep a copy of all submitted material and any assessment drafts.
To apply for special consideration for a modification to an assessment or exam due to unexpected or extenuating circumstances, please consult the Assessment Policy for Higher Education Coursework and ELICOS and, if applicable to your circumstance, submit a completed Application for Assessment
Special Consideration Form to your Learning Facilitator
Learning Rubric: Assessment 1 Presentation
Assessment Attributes Fail (Unacceptable) 0-49% Pass
(Proficient) 6574% Distinction
75 -84% High Distinction
Identification and description
of the issue
Understands theoretical models and concepts
10% 5% Sufficient Discussion of Issues
Description of the issue not present. Issue described briefly. Thorough description of the issue. Highly developed description of the issue. A sophisticated of the issue provided.
5% Identification of Issues
Issues underpinning the case study have not been identified.
Resembles a recall or summary of key ideas.
Demonstrates a capacity to explain, identify and apply relevant concepts.
Well-demonstrated capacity to explain, identify
and apply relevant concepts.
Mastery of identification and application to new
Analysis of theoretical framework and
Critically analyses and discusses 10% Analysis of Demand, Supply and Market Equilibrium
Limited analysis of demand, supply and market equilibrium. Satisfactory analysis of demand, supply and market equilibrium. Thorough analysis of demand, supply and market equilibrium. Highly developed analysis of demand, supply and market equilibrium. Sophisticated analysis of demand, supply and market equilibrium.
10% Analysis of Efficacy of Government Intervention
Demonstrates limited understanding of the efficacy of government interventions. Demonstrates functional knowledge of the efficacy
of government interventions. Demonstrates proficient analysis of the efficacy of government interventions. Demonstrates advanced analysis of the efficacy of government interventions. Demonstrates exceptional analysis of the efficacy of government interventions.
30% 10% Critical Analysis of the Issues
Accesses and utilises a limited range of
information as the basis of recommended practice. Accesses a variety of information and utilises
the information somewhat satisfactorily as the basis of recommended practice. Accesses a wide range of information and utilises the information satisfactorily as the basis of recommended practice. Accesses an extensive range of information and utilises the information extensively as the basis of recommended practice. Accesses information comprehensively and utilises the information thoroughly as the basis of recommended practice.
knowledge to practise
Articulates a sound economic solution
10% Key Components Addressed and Information Sufficiently Justified
Key components of the assessment are not addressed. Often confuses assertion of personal opinion with information substantiated by evidence from the course materials/research. Supports personal opinion and information substantiated by evidence from the course materials/research. Distinguishes between assertion of personal opinion and information substantiated by robust evidence from the course materials/research and extended reading. Systematically and critically distinguishes between assertion of personal opinion and information substantiated.
10% Justification of Solution Suggested
Solution presented lacks evidence and justification. Solution presented shows some evidence and justification. Solution presented demonstrates sound evidence and justification. Solution presented demonstrates highly developed evidence and justification. Solution presented
sophisticated evidence and justification.
Effective 10% Clarity of Presentation, Ideas and Arguments Logical and Persuasive
Well-structured presentation with clear flow of ideas
Percentage for this criterion
30% Difficult to understand for audience, no logical/clear structure, poor flow of ideas, argument lacks supporting evidence. Information, arguments and evidence are presented in a way that is not always clear and logical. Information, arguments and evidence are well presented, mostly clear flow of ideas and arguments. Information, arguments and evidence are very well presented; the presentation is logical, clear and well supported by evidence. Expertly presented; the presentation is logical, persuasive, and well supported by evidence, demonstrating a clear flow of ideas and arguments.
10% Level of Engagement with Audience
Audience cannot follow the line of reasoning. Line of reasoning is often difficult to follow. Line of reasoning is easy to follow. Line of reasoning is easy is persuasive. Engages and sustains audience’s interest in the topic, demonstrates sophisticated reasoning.
10% One Page Summary Presented in Class
Presentation not properly Basic presentation made Satisfactory presentation Good presentation which Presentation aptly captures executed, main aspects not which does not fully cover which could benefit from identifies main issues and the main aspects of the
addressed and lacks all aspects. Improvement more rigour and discharged at a good assignment and is professionalism. needed on delivery to professionalism standard. exceptionally executed audience.
Correct citation of key resources
10% Demonstrates inconsistent use of good-quality, credible and relevant resources to support and develop ideas.
Little or no care has been taken to provide Demonstrates use of credible and relevant resources to support and develop ideas, but these are not always explicit or well-developed.
Some effort has been taken to provide citations and Demonstrates use of good- quality, credible and relevant resources, to support and develop ideas.
Citations and reference have been provided Demonstrates use of high- quality, credible and relevant resources to support and develop arguments and statements.
Citations and reference have been provided Demonstrates
comprehensive use of highquality, credible and relevant resources to support and develop arguments and position statements.
Citations and reference have been provided
appropriate citations and references in the recommended format. references, but with omissions or errors. correctly and in the recommended format, but with minor error. correctly and in the recommended format with no error. correctly and in the recommended format with no error.