Year
2023Credit points
10Campus offering
No unit offerings are currently available for this unitPrerequisites
ECON200 Economics: Policy Frameworks and Markets
Teaching organisation
12 weeks or equivalent. This unit is offered in intensive block mode or online. Students are expected to spend approximately 150 hours of study in total, including class attendance, readings and assignment preparation.Unit rationale, description and aim
The purpose of this unit is to build on the knowledge students gained in ECON200 and further explore why countries trade, how such trade impacts a country's economy, the benefits of international trade to people and nations, and the effect of international trade institutions on trade policy. To do this, students will be introduced to more theories with which to understand and analyse international trade patterns, examine trade policies, analyse the determinants of exchange rates and financial crises and address topical issues of international economic interdependence between states.
It is important to study the theories International Trade as they can give students a deeper understanding of patterns of production, trade and investment across countries. This will then enable students to analyse in greater detail different trade policies between nations, the effects of regionalism, and the potential effects of multilateral trade negotiations conducted by World Trade Organisation (WTO).
The skills and tools learned in BUSN302 can be used in a wide range of careers including business, consultancy, government agencies and international institutions. Importantly, students will also enjoy the added ability to make sense of some of the most important and complex issues of our times.
Learning outcomes
To successfully complete this unit you will be able to demonstrate you have achieved the learning outcomes (LO) detailed in the below table.
Each outcome is informed by a number of graduate capabilities (GC) to ensure your work in this, and every unit, is part of a larger goal of graduating from ACU with the attributes of insight, empathy, imagination and impact.
Explore the graduate capabilities.
On successful completion of this unit, students should be able to:
LO1 - Examine how the world economy works and the major benefits that international trade provides to people and nations (GA2, GA5)
LO2 - Communicate and discuss knowledge of a variety of economic models of trade (GA5, GA9)
LO3 - Evaluate the international regulatory environment of international trade with the purpose of prescribing feasible solutions to international trade issues (GA5, GA6)
LO4 - Analyse major recent developments in the world trading system and comment critically on their effects on individual economies and on the wider international community (GA4, GA5).
Graduate attributes
GA2 - recognise their responsibility to the common good, the environment and society
GA4 - think critically and reflectively
GA5 - demonstrate values, knowledge, skills and attitudes appropriate to the discipline and/or profession
GA6 - solve problems in a variety of settings taking local and international perspectives into account
GA9 - demonstrate effective communication in oral and written English language and visual media
Content
Topics will include:
- globalisation/international trade
- contribution of international trade to the common good
- comparative advantage
- the standard trade model
- communication in the international trade context
- political and legal environments
- tariffs and non-tariff trade barriers
- economic integration
- growth and development with trade
- international resource movements and MNCs
- Global Financial Crises and COVID impact
Learning and teaching strategy and rationale
This unit takes an active learning approach to guide students in the analysis and synthesis of knowledge associated with the conduct of international trade. Students are able to explore the knowledge base underpinning international trade in a series of online modules. Students have the opportunity to take part in facilitated synchronous online workshops designed to support them to actively participate in the construction and synthesis of this knowledge. Each online workshop includes min seminars focusing on reviewing core theories followed by practical exercises.
By undertaking the individual activities and participating in these online workshops, students will systematically develop their understanding of the critical aspects of international trade. This unit takes an experiential approach to support students in developing the skills required to effectively manage internationally by tapping into the knowledge of other participants, sharing stories and insights and reflecting on experiences. This approach provides flexibility and facilitates the participation of students who are unable to attend class.
Assessment strategy and rationale
A range of assessment procedures will be used to support the students progressive and authentic learning required to meet the unit learning outcomes and develop graduate attributes consistent with University assessment requirements. In order to pass this unit, you are required to complete and submit three graded assessment tasks. In addition to this, students must obtain an aggregate mark of greater than 50% and a passing mark for the last assessment. The assessment strategy used allows students to progressively develop knowledge and skills of international trade.
Assessments in this unit are related to the real-world situation/context that we are currently struggling with in terms of our exposure to the international trade environment.
In assessment 1,students will verbally present their knowledge theories and concepts of the International Trade and Globalisation in relation to Australian MINCs considering the implications of COVID19.
Assessment 2 focuses on the application of theories, concepts and models of international trade and evaluate students’ critical thinking skills and how they analyse international trade trends and their future implications,
In assessment 3, students build on the feedback provided in the previous assessments and their accumulated knowledge of international trade to analyse a case and provide a feasible solution to the international trade issue raised in the case.
The benefits and risks would need to be reviewed within the current environment and the arguments relating to both sides justified with reference to the theories and concepts explored throughout the semester.
Overview of assessments
| Brief Description of Kind and Purpose of Assessment Tasks | Weighting | Learning Outcomes | Graduate Attributes |
|---|---|---|---|
Assessment Task 1: Individual Presentation This assessment task consists of a 8 minute pre-recorded presentation on the impact of COVID19 on international trade and Globalisation and its implications for different nations' common good. This task requires students to demonstrate their knowledge of the benefits of International Trade and Globalisation. Submission Type: Individual Assessment Method: Verbal presentation Artefact: Presentation | 20% | LO1, LO2, LO4 | GA2, GA4, GA5, GA9 |
Assessment Task 2: Individual Article Critique This assessment task consists of a 1000-word written article critique focusing on a real-life/recent international trade trend on the news or an article. This task requires students to demonstrate critical thinking skills in the area of International Trade. Submission Type: Individual Assessment Method: Article Critique Artefact: Critique | 30% | LO2, LO3, LO4 | GA4, GA5, GA6, GA9 |
Assessment Task 3: Case Study Students will be presented with a real-world case concerning a contemporary issue affecting the global economy and Australia. They will be required to critically analyse, evaluate and articulate the case in 1500 words and provide feasible solutions to the issues raised in the case. Submission Type: Individual Assessment Method: Case study Artefact: Written report | 50% | LO2, LO3, LO4 | GA4, GA5, GA6, GA9 |
Representative texts and references
Baye, R (2017). Managerial economics and business strategy, 9th edn, McGraw Hill, New York, NY.
Carbaugh, R.J. (2019). International economics. Boston, Ma: Cengage Learning.
Faarnham, G Economics for managers, 3rd edn, Pearson Education, London.
Gans J, King S, Stonecash RE & Mankiw N Principles of economics, 7th edn, Cengage Learning Australia, Melbourne.
Gerber, J International economics, global edition, 7th edn, Pearson Education, Upper Saddle River, NJ.
Hubbard, G Lewis, (2017) Essentials of economics, 4th edn, Pearson, Frenchs Forest
Layton, A, Robinson, T & Tucker, IB (2018). Economics for today: Fifth Asia Pacific edition, 5th edn, Cengage Learning, South Melbourne, VIC.
Salvatore, D Managerial economics in a global economy, 8th edn, Oxford University Press, Oxford.