FACULTY OF ECONOMICS AND FINANCE
DEPARTMENT OF ECONOMICS
STUDY GUIDE
NAME AND CODE OF PROGRAMME:
DIPLOMA IN ADMINISTRATION MANAGEMENT:DPAP
DIPLOMA IN ENTREPRENEURSHIP:DPEN
MODULE CODE: ECN105D/AEC105D
NQF LEVEL OF MODULE: 6
MODE OF DELIVERY: CONTACT
Compiled by Ms MM Mogale
Year: 2022
© COPYRIGHT: Tshwane University of Technology
Private Bag X680
0001
Pretoria
All rights reserved. Apart from any reasonable quotations for the purposes of research
criticism or review as permitted under the Copyright Act, no part of this book may be
reproduced or transmitted in any form or by any means, electronic or mechanical,
including photocopy and recording, without permission in writing from the publisher.
Printed and distributed by:
FACULTY OF ECONOMICS AND
FINANCE
Tshwane University of
Technology
Private Bag X680
TABLE OF CONTENT
1. INTRODUCTION....................................................................................................................................... 1
1.1
Word of welcome ........................................................................................................................... 1
1.2 Instructions for using the teaching and learning guide ................................................................ 1
1.3 Our philosophy of teaching .............................................................................................................. 1
1.4 Structure of the study guide ............................................................................................................ 2
SECTION A: ORGANISATIONAL COMPONENT .............................................................................................3
2. CONTACT INFORMATION ...................................................................................................................... 3
2.1 The contact information of all academic staff ................................................................................ 3
2.2 Time table and contact time including your consultation hours .................................................. 3
3. REQUIRED RESOURCES AND RECOMMENDED RESOURCES ......................................................... 4
3.1 Detailed references to the recommended prescribed textbook and other required resources 4
4. SEMESTER/YEAR PLAN......................................................................................................................... 5
4.1 Units schedule, student activities and assessments..................................................................... 5
5. ASSESSEMENT AND REGULATIONS ................................................................................................. 12
5.1 Specifications and guidelines for submission of assessment ................................................... 12
5.2 Policy of plagiarism ......................................................................................................................... 13
5.3 Policy on absence from assessment opportunities or late submission of assessment .......... 13
5.4 Moderation and marking of assessments ..................................................................................... 14
5.5 Specifications and requirements in relation to predicates ......................................................... 15
5.6 Promotion and pass requirements ................................................................................................ 15
5.6 Promotion and pass requirements ................................................................................................ 15
6. ASSESSMENT ADMINISTRATION ....................................................................................................... 15
7. CODE OF CONDUCT ......................................................................................................................... 16
|Page
Student Behaviour ................................................................................................................................. 16
7.1 Grievance procedure....................................................................................................................... 16
SECTION B: LEARNING COMPONENT ...........................................................................................................17
8. PURPOSE OF THE MODULE ................................................................................................................ 17
9. ARTICULATION WITH OTHER MODULES IN THE PROGRAMME .................................................... 17
10. MODULE COMPOSITION .................................................................................................................... 18
11. LEVEL DESCRIPTORS AT NQF LEVEL 6.......................................................................................... 35
12. ANNEXURES ........................................................................................................................................ 36
12.1 Bloom’s Taxonomy Verb List ....................................................................................................... 37
12.1.1 Cognitive Domain ................................................................................................................... 37
12.1.2 Affective Domain..................................................................................................................... 40
13. Essay writing and Referencing .......................................................................................................... 41
13.1 Writing Essays ............................................................................................................................... 41
13.2 Harvard Referencing ..................................................................................................................... 44
1.
INTRODUCTION
1.1
Word of welcome
Welcome to all the students studying Economics 1 module in this academic year.
We hope that by studying this module you will get to understand the broader outlines
of the economy in terms of making economic decisions. We hope you will enjoy the
subject and succeed in your studies. Your cooperation, participation and hard work
will be essential for you to succeed.
The course is offered by means of lectures, active class participation, homework
and individual and group assignments.
We trust you will enjoy the course, and find it interesting and informative.
1.2 Instructions for using the teaching and learning guide
The purpose of the guide is as follows:
•
•
•
Serves as a frame of reference for the contents of the subject
Guides the student and the lecturer in preparing for classes
Provides guidelines for self-study;
Only forms the basis for the presentation of the subject.
1.3 Our philosophy of teaching
As educators, we base our teaching and learning on a teaching philosophy. We are
strongly committed to teaching and we believe that educating others is a
responsibility that should be taken seriously and with care. We believe that all
students have the ability to be successful; they simply need to tap into their
potential. Thus we expect excellence from every student that steps into our
classroom and in return we strive to provide quality teaching through lectures and
teaching methods that promote a stimulating learning environment. We believe that
students become more engaged and learn more through active learning as opposed
to passive listening. Therefore, we strive to incorporate practical examples and
activities throughout our course.
Thus, our teaching style is highly interactive, engaging students in a dialogue, and
often putting students into dialogue with each other. We strive to structure our
teaching around our students’ needs, rather than the demands of a particular
concept or text. When we develop a syllabus or a lesson plan, for example, we
always begin by asking ourselves what our students should know and be able to do
at the end of the class, and then move on to designing the actual class content.
1.4 Structure of the study guide
In order to succeed in this course, it is important that you familiarise yourself
thoroughly with this study guide.
The study guide consists of two sections:
•
The Organisational Component: An organisational component that
contains information related to the syllabus, NQF requirements,
outcomes of the course, information on lectures, assessment,
assignments, test dates, etc.
•
The Study Component: A study component that identifies specific
outcomes and that also provides guidance in terms of achieving those.
SECTION A: ORGANISATIONAL COMPONENT
2. CONTACT INFORMATION
2.1 The contact information of all academic staff
Name
Campus
Office
Email
Numb
Telephon
Academic
e
Function
er
Ms MM
Mogale
Pretoria
M.Zerihun
Rankuwa
01238244 Lecturer
04
& Module
coordinato
r
Mr K Mbele
Mbombela 1G98
mbelek@tut.ac.za 01374536 Lecturer
/Nelspruit
71
Mr N
Polokwan
chirangan@tut.ac. 01528707 Lecturer
44
Chiranga
e
za
Mr E
GaNesindandeE@tu 01238305 Lecturer
74
Nesindande
Rankuwa
t.ac.za
Dr
. Ga20-206 ZerihunMF@tut.a X0574
HoD
Ms
Madiba
LM GaRankuwa
30105P
mogalems@tut.ac
.za
c.za
20-206 madibaml@tut.ac. x0574
za
Departme
ntal
Administra
tor
2.2 Time table and contact time including your consultation hours
The timetable is available in your department. Please collect it and make sure you
adhere to the set times and venues. During the year, our contact sessions will
comprise of lectures. There will be one/two lectures per week with a total of 3
hours per week (1.5hr x2) but adhoc arrangements can be made to slot in additional
lectures when the need arises. The weekly program includes attending formal
lectures during the formal time slots and venues on your timetables.
My consultation hours are as follows:
3. REQUIRED RESOURCES AND RECOMMENDED RESOURCES
3.1 Detailed references to the recommended prescribed textbook and other
required resources
PRESCRIBED RESOURCES
The following table contains details of the prescribed study material and
other resources essential for successful completion of this module. You are
strongly advised to acquire all prescribed resources.
STUDY MATERIAL
Categor
Author
Title
Publisher
y
Books
Number
PJ. Mohr and
associates.
Economics for South
Van Schaik
978 0 627
African students. 6th
(2015)
03342 1
Edition
Notes
ISBN
Will be available per
chapter on my TUT
Journals
Read any Micro and
Macroeconomic related
articles
OTHER PRESCRIBED RESOURCES
Category
Description
Calculator Non programmable
Calculator
Computer
Access to the
internet
Where to find
Cost
Levy
4. YEAR PLAN
4.1 Units schedule, student activities and assessments
SEMESTER 1
Lecture
Notiona
s
l Hours
Theme
Dates
Student Activities/
Assessment
methods
2
11
What Economics
Do Review Quiz at
the end of the
is all about?
chapter
Reading:
Chapter 1
*Section
1.3 is
not prescribed
1
6
Economic
Do Review Quiz at
Systems
the end of the
Reading:
Chapter 2
chapter
*Section 2.5 is
not
Prescribed
The following
figures are
prescribed:
Fig
2-1, 2-2, 2- and
2-4
2
11
Production,
income
Do Review Quiz at
and
spending in the
mixed economy
Reading:
Chapter 3
The following
figures are
prescribed:
Fig 3-1, 3-2, 3-3,
3-4, 3-5, 3-6 and
the end of the
chapter
3-7
2
11
Demand, Supply
Do Review Quiz at
and Price
the
Reading:
Chapter 4
chapter
end
of
the
The following
figures are
prescribed: Fig
4-1, 4-2, 4-3, 44, 4-5, 4-6, 4-7,
4-8, 4-9, 4-10, 411,4-12,4-13 and
4,14
2
11
Demand and
Do Review Quiz at
supply in action
the
Reading:
Chapter 5
chapter
end
of
the
The following
figures are
prescribed: Fig
5-1,5-2,5-3 and
5-4
*The following
sections are not
prescribed:
Section 5.3,
5.4,5.5, 5.6 and
5,7
3
20,5
Elasticity
Do Review Quiz at
Reading:
Chapter 6
the
end
of
the
chapter
The following
figures are not
Prescribed: Fig:
6-2.
2
11
The theory of
Do Review Quiz at
demand: The
the end of the
utility approach
chapter
Reading:
Chapter 7
3
20
The theory of
Do Review Quiz at
demand: The
the end of the
indifference
chapter
approach
Reading:
Chapter 8
The following
figure is not
Prescribed: Fig:
8-8.
1
9
Background to
supply:
Production and
cost.
Do Review Quiz at
the end of the
chapter
Reading:
Chapter 9
The following
section is not
prescribed 9.5
3
20,5
Market Structure
Do Review Quiz at
1:Overview and
the end of the
Perfect
chapter
Competition
Reading:
Chapter10
The following
figure is not
Prescribed:
Fig:10-9 and
section 10.8
Semester 2
3
20
Measuring the
Do Review Quiz at
performance of
the end of the
the economy
chapter /Case
Reading:
Chapter13
study
3
3
20
20
The Monetary
Do Review Quiz at
Sector
the end of the
Reading:
Chapter14
chapter
The Government
Do Review Quiz at
Sector
the end of the
Reading:
chapter
Chapter15
1
9
The Foreign
Do Review Quiz at
Sector
the end of the
Reading:
chapter /Case study
Chapter16
2
11
A Simple
Do Review Quiz at
Keynesian Model
the end of the
of the Economy
chapter
Reading:
Chapter17
3
20
Keynesian Model
Do Review Quiz at
including the
the end of the
Government and
chapter
the Foreign
Sector
Reading:
Chapter18
2
11
More on
Do Review Quiz at
Macroeconomic
the end of the
Theory and Policy
chapter
Reading:
Chapter19
The following
sections are not
prescribed 19.2,
19-3 and 19-4.
2
2
11
11
Inflation
Do Review Quiz at
Reading: Chapter
the end of the
20
chapter on/Case
Page 391 to 398
are not prescribed
studies
Unemployment
Do Review Quiz at
Reading: Chapter
the end of the
21
chapter
1
6
Economic Growth
Do Review Quiz at
and Business
the end of the
cycle
chapter/Case study
Reading: Chapter
22
Communication from the lecturer will be done through the following
channels
➢ Mytutor
➢ The Class Representatives
5. ASSESSEMENT AND REGULATIONS
5.1 Specifications and guidelines for submission of assessment
•
The assignment return date will be determined by the lecturer.
Assignments are due on the specified date at a time to be determined by
the lecturer. An original copy of the assignment must be submitted
•
Assignments must be submitted to the lecturer. Both the student and the
lecturer sign that the assignment/workbook has been submitted and
received. Online assessments should be completed within the specified
dates.
•
Assignments submitted to the secretary, any other lecturer or pushed
under the door of a lecturer will not be accepted.
Penalties for late submissions: Work is deemed late if submitted after on the
specified date at a time to be determined by the lecturer. Students
will lose 20% for each day that passes post the deadline hence no
submissions will be accepted after 5 days thereof. But in terms of the
online assessments, once the due date has passed the student will
have no chance to write but to forfeit the marks.
5.2 Policy of plagiarism
• Plagiarism will not be tolerated. Please refer to the prospectus and
student diary for detailed information on plagiarism. Despite the fact
that students are encouraged to work together on projects, any final
submission for a project, workbook, assignment or exam must be an
independent piece of work from the individual student unless clear
directions are given otherwise, such as in the case of a group project.
•
If a student submits work that is substantially similar to that of a fellow
student, the matter will be investigated. Both students may be penalized.
•
If the student disagrees with the marking of a particular assignment,
he/she can request a remark of the paper within two weeks of the
assignment release date. This request should only occur after
unsatisfactory consultation with the marker. The lecturer will arrange for
another lecturer to mark the assignment. An unmarked copy of the
assignment must be submitted to the subject lecturer.
I have read the above mentioned rules and regulations.
Signature:
Date:
5.3 Policy on absence from assessment opportunities or late submission of
assessment
•
In the rare instance of the student not being able to submit an assignment
(due to illness or the death of a family member) the lecturer must be
informed within 48 hours. In the case of illness, a medical note must be
submitted to the guardian lecturer within 48 hours.
•
It is the responsibility of the student to make sure that the medical note was
received. In the case of the student attending a funeral, the funeral
letter must be submitted to the guardian lecturer no later than 48 hours after
the funeral.
•
Students are responsible to photocopy ALL work submitted for marking. In
the unlikely event of a student's written work being misplaced, the student
will have 24 hours to produce a photocopy of the written work.
•
Extension dates is a courtesy offered for extenuating circumstances and
must be sought at least 48 hours prior to the due date. Extension for
assignments is only available at the discretion of the lecturer
•
If a student misses a test, a make-up test (sick test) may be given - which
will be a different test. There will be only one sick test per semester.
5.4 Moderation and marking of assessments
All assessments are moderated by an internal moderator while the exam will be
externally moderated. All assessments will be marked by the lecturer and returned
to the student within a reasonable time frame (2 weeks after the assessment date).
Revision of the assessments and the guidelines of the memorandum will be
discussed in class. All queries on marks will only be addressed after the
discussion of the memorandum.
5.5 Specifications and requirements in relation to predicates
In this module, assessment that constitutes the predicate mark will be in the form
of four written tests/on line test/assignments or class tests.
5.6 Promotion and pass requirements
(1)
The final mark should be 50% or more;
(2) A submission of 40% must be obtained in the examination irrespective of the
predicate;
(3)
A subminimum of 45% must be obtained to qualify for a re-exam.
6. ASSESSMENT ADMINISTRATION
Assessments (class tests, assignments, and semester tests) will be handed out and
announced with clear instructions regarding the assessment criteria, method, length
of the work, format, and arrangements for submission and due date. Students
should submit/complete the assignments on the due date strictly adhering to the
instructions
Assessment time schedule Economics I
Assessment
task
Date
Assessment
method
Link to
outcomes
Weight
Class Test1
TBA
TBA
TBA
5%
Class Test 2
TBA
TBA
TBA
5%
Class Test 3
TBA
TBA
TBA
5%
Class Test 4
TBA
TBA
TBA
15%
Written Test 1
TBA
TBA
TBA
15%
Written Test 2
TBA
TBA
Class Test 5
TBA
TBA
TBA
5%
Class Test 6
TBA
TBA
TBA
5%
TBA
5%
Class test 7
TBA
TBA
TBA
5%
Class test 8
TBA
TBA
TBA
5%
Written Test 3
TBA
TBA
TBA
15%
Written Test 4
TBA
TBA
TBA
15%
TOTAL MARKS
100
6.1 Grievance procedure
The following grievance procedure shall be followed by those students who are not
satisfied with their assessment marks. An appeal should be made to the lecturer
for a remark. In cases where the student is still not satisfied with the outcome,
he/she may appeal in writing to the Head of Department. The final appeal for
grievances relating to any unresolved issues will be dealt with by the Dean of the
faculty.
SECTION B: LEARNING COMPONENT
7. PURPOSE OF THE MODULE
The purpose of this module is to introduce students to basic Micro and
Macroeconomic concepts. In the introductory part of the module the students will be
expected to learn the language of economics because the economics words are
often used on daily basis. The students will be introduced to a number of basic topics
in microeconomics, scarcity problem, choice and opportunity costs, the difference
between microeconomics and macroeconomics, economic activity, the theory of
demand and supply, the basic pricing theory, factors of production and their
rewards, different market structures and some basic concepts on the labour market
The students will also be introduced to basic macroeconomic issues which will
include the national accounts in measuring the performance of the economy, the
working of the monetary sector, exchange rate determination including the role of
the government. Inflation and unemployment and economic growth concepts will
be studied. Lastly some basic macroeconomic models in analysing how the
economy operate.
Application of learnt concepts and theories will be done on the South African
economy. Students will be expected to evaluate the applicability of the theories they
learnt to real life. Students will also be expected to read widely on general economic
issues from all forms of media and come up with suggestions on how to solve
economic issues in the real world based on what they would have learnt in this
module.
8. ARTICULATION WITH OTHER MODULES IN THE PROGRAMME
Economics 1 is done by students from different departments and faculties but it is
relevant to all because the basic economic questions are about resource allocation.
Given that resources are limited but people have unlimited wants, the basic issue is
then how to allocate scarce resources to their best uses. The other questions that
border around resource allocation are what should be produced, how much should
be produced, for whom the production should be for and how the production should
be done given the scarcity of resources. Students from Logistics and Supply Change
Management, Economic Management Analysis, Accounting, Auditing, Public Sector
Finance, Management (all departments) and Marketing will find this subject relevant
because ultimately everyone is faced with limited resources that they have to put to
their best uses, given that there are costs associated with any decision that is taken.
9. MODULE COMPOSITION
Unit 1: What Economics is all about?
Learning outcome 1: Explain the basic economic concepts
Reference: Prescribed textbook, Chapter 1
Assessment criteria
Assessment
methods
• The term economics is described
Tutorials and
• The difference between wants, needs and demand is
explained
class
discussions
Quiz
questions
• The basic economic problem is explained
• The concept of opportunity cost is described
•The economic problem is explained by using a
production
possibilities curve (the concepts scarcity, choice and
opportunity cost are explained)
• An explanation is provided of why economics is a social
science,
• A distinction is made between social science and
natural
science
• A distinction is made between microeconomics and
macroeconomics, with examples of each
• A distinction is made between positive and normative
statements with examples of each
• The application of the production possibilities curve.
Compliance with critical cross-field outcomes
Students should be able to explain the important
concepts of scarcity,choice and opportunity cost
Unit 2: Economic System
Learning Outcomes 2: Demonstrate the knowledge of economic
problem
Reference: Prescribed textbook, Chapter 2
Assessment criteria
Assessment
methods
• The three central economic questions are described
Tutorials and
class
discussions
(what? How? and for whom to produce?
• The main characteristics of a traditional, command and
market economic systems are described.
Quiz
questions
• The term market is described.
• The conditions for a market to exist are listed
Compliance with critical cross-field outcomes
Students should be able to described the three economic
sytems
Unit 3: Production, income and spending in the mixed economy
Learning Outcome 3: Explain the major flows and how they
interact between different sectors in the mixed economy
Reference: Prescribed textbook, Chapter 3
Assessment criteria
Assessment
methods
• The three major flows in the economy are identified
Tutorials
• A distinction is made between a flow and a stock
variable with
examples of each
• A description is provided of how total production, total
income and
total spending in the economy are related
• The term household and firm are defined
• The interdependence between households and firms is
explained
• A distinction is made between the goods market and the
factor market
•The interaction between households and firms is
explained by
means of the circular flow of goods and services and the
circular
flow of income and spending
•The various injections into and leakages from the
circular flow of I
income and spending are identified
•The interaction of the different sectors in the economy is
explained
by means of the circular flow of income and spending.
Compliance with critical cross-field outcomes
Students should be to analyse how the major markets,
total production, total income and total spending in the
economy are related
and class
discussions
Quiz
questions
Unit 4: Demand , supply and price
Learning Outcomes 4: Analyzing the basic theory of demand
and supply in determining price
Reference: Prescribed textbook, Chapter 4
Assessment criteria
• The interaction between households and firms is
described
• The term demand is defined
• An understanding is demonstrated of how individual
demand can be expressed in words, numbers, graphs
and equations
• The determinants of individual demand are
distinguished
• The law of demand is defined
• The difference between demand and quantity
demanded
is explained
• A distinction is made between a movement along a
demand curve and a shift of a demand curve
•The determinants market demand and quantity
demanded are distinguished
•The term supply is defined and the determinants of
individual supply are distinguished
Assessment
methods
Tutorials
and class
discussions
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to explain the basic theory of
demand and supply.
Unit 5: Demand and supply in action
Learning Outcomes 5: Applying the principle of demand and
supply
Reference: Prescribed textbook, Chapter 5
Assessment criteria
• How a change in demand and supply affects the
equilibrium price and quantity is described
Assessment
methods
Tutorials and
class
discussions
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to explain how demand and
supply affects the equilibrium price and quantity
Unit 6: Elasticity
Learning Outcomes 6: Explain various types of elasticity and how
they are measurements
Reference: Prescribed textbook, Chapter 6
Assessment criteria
Assessment
methods
•The concept of elasticity is described
•The price elasticity of demand is defined
•The meaning of a specific elasticity coefficients is
explained
• The value of ep is identified at different points on a
linear
demand curve, from the point where the curve meets
the
quantity axis to where it meets the price axis
• The link between the price elasticity of demand and total
revenue from (total expenditure on) sales is explained
• A distinction is made between five different categories
of
price elasticity of demand
• The five different categories of price elasticity of
demand
are explained
• An explanation is provided of what happens to total
revenue in each of the five categories of price elasticity
if the price of the product changes
• The impact of a change in supply when demand curves
display different elasticities is explained
• The most important determinants of price elasticity of
demand is explained
•Define the income elasticity of demand and cross
elasticity of demand are defined
Tutorials and
class
discussions
Quiz
questions
• The income elasticity of demand and cross elasticity of
demand are explained.
Compliance with critical cross-field outcomes
Students should be able to explain the various types of
elasticity and the measurements
Unit 7: The theory of Demand: The utility approach
Learning Outcomes 7: To evaluate theory of demand using the
utility approach
Reference: Prescribed textbook, Chapter 7
Assessment criteria
Assessment
methods
• The concept utility, marginal utility and weighted
Tutorials and
class
discussions
marginal utility are defined
•
The concept of consumer equilibrium is described
using utility approach
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to analyse the theory of demand
using the utility approach
Unit 8: The theory of Demand: The indifference approach
Learning Outcomes 8: To evaluate theory of demand using the
indifference approach
Reference: Prescribed textbook, Chapter 8
Assessment criteria
Assessment
methods
• The
concept of indifference curves and budget line are
defined
•
•
The concept of consumer equilibrium is described
using the indifference approach
The effect of change in income and prices are
described on consumer equilibrium
Tutorials and
class
discussions
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to analyse the theory of demand
using the indifference approach
Unit 9: The theory of Supply: Production and cost
Learning Outcomes 9:
Reference: Prescribed textbook, Chapter 9
Assessment criteria
Assessment
methods
• The
Tutorials and
class
discussions
different types of firms and the goal of the firm are
listed
• The revenue, cost and profit concepts are defined
• The various revenue (total, average and marginal), cost
(explicit, implicit, economic) and profit (accounting,
Normal profit and economic loss) concepts are defined
and calculated
Quiz
questions
• A distinction is made between the short run and the long
run
• A distinction is made between fixed and variable inputs
• The relationship between the various cost concepts is
explained
• The law of diminishing returns is explained
• The total, average and marginal product curves are
drawn
• The average and marginal cost curves are drawn
• The relationship between production and cost in the
short run is explained
• The distinction between the total (or accounting), normal
and economic profit
Compliance with critical cross-field outcomes
Students should be able to analyze the theory of
production and cost
Unit 10: Market structure 1: Overview and perfect competition
Learning Outcomes 10: Analyze the behavior and the equilibrium
position of a perfect competitive firm
Reference: Prescribed textbook, Chapter 10
Assessment criteria
Assessment
methods
• Perfect
Tutorials and
class
discussions
competition is defined
• The conditions necessary for perfect competition to
exist are listed
• The theoretical differences between the four market
structure are explained
• The demand curve under perfect competition is
explained
• The demand curve for the product of a firm under
Perfect competition is drawn
• The marginal and average cost curves of a firm is drawn
• The three different short-run equilibrium positions of the
firm under perfect competition
• An explanation is provided of why profits are only
maximized on the rising part of the marginal cost curve
• Using a graphical illustration a determination is made of
whether a firm is making an economic profit, a normal
profit or an economic loss
• The supply curve and the market supply curve are
explained
• The equilibrium of the industry under perfect
competition is described.
Compliance with critical cross-field outcomes
Students should be able to analyze how the prefect
competitive differs from other types of market structures
Unit 11: Measuring the performance of the economy
Quiz
questions
Learning Outcome 11: Demonstrate knowledge and understanding
of macroeconomic performance of the economy.
Reference: Prescribed textbook, Chapter 13
Assessment criteria
•
•
•
•
•
Assessment
methods
The five main macroeconomic objectives are
explained
The GDP concepts are described
Unemployment rate is defined
Consumer price index is defined and interpreted
The balance of payment, Lorenz curve and Gini
coefficient are described
Tutorials and
class
discussions
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to analyze the macroeconomic
performance of the economy
Unit 12: Monetary sector
Learning Outcomes 12: Demonstrate the understanding and
application of the monetary sector in the SA economy.
Reference: Prescribed textbook, Chapter 14
Assessment criteria
•
The functions of money
Assessment
methods
and different kinds of
money are explained
•
Description of money within the context of the
Tutorials and
class
discussions
•
•
•
South African Reserve Bank
Functions of the South African Reserve Bank are
discussed
The demand for money and how money is created
are defined
The monetary policy instruments that the Reserve
Bank uses and how they work together to influence
Quiz
questions
the interest rates in the economy are explained
Compliance with critical cross-field outcomes
Students should be able to analyse how the monetary
sector operates
Unit 13: The Government sector
Learning Outcomes 13:
Reference: Prescribed textbook, Chapter 15
Assessment criteria
•
•
•
•
The reasons for
government participation in
economic affairs are discussed
Government failure is discussed
The difference between nationalisation and
privatisation are explained
Fiscal policy is described
Assessment
methods
Tutorials and
class
discussions
Quiz
questions
•
•
Government spending and the financing of such
spending are discussed
Criteria for a good tax system are discussed
Compliance with critical cross-field outcomes
Students should be able to analyze the intervention of the
government in the economy
Unit 14: Foreign sector
Learning Outcomes 14: Demonstrate how the foreign sector
operations
Reference: Prescribed textbook, Chapter 16
Assessment criteria
•
•
Tutorials and
class
Key terms relevant to foreign exchange markets are discussions
Reasons for international trade are explained
explained
•
Factors that influence the demand for and supply of
dollars are explained in the context of foreign
exchange market
•
Determination of the exchange rate is explained
with use of a graph
•
The effects of a change in the demand for and
supply of dollar on the equilibrium exchange rate
are discussed and illustrated graphically
•
Assessment
methods
Exchange rate policy and term of trade are
Quiz
questions
explained
Compliance with critical cross-field outcomes
Students should be able to analyze the functioning of the
foreign sector
Unit 15: A simple Keynesian model
Learning Outcomes 15: Analyzing the behavior of the economy
using the Keynesian model
Reference: Prescribed textbook, Chapter 17
Assessment criteria
•
•
•
•
The assumptions and implications of the simple
Keynesian model is described
Equilibrium level of total income in the economy is
defined
The major features of consumption and investment
function are described
The multiplier and how it works is explained
Compliance with critical cross-field outcomes
Students should be able to analyze behavior of the
economy using the Keynesian model.
Unit 16: More on macroeconomic theory and policy
Assessment
methods
Tutorials and
class
discussions
Quiz
questions
Learning Outcomes 16: Application of macro-economic theory and
policy.
Reference: Prescribed textbook, Chapter 19
Assessment criteria
•
demand and supply to Tutorials and
analyze changes in aggregate demand and supply, class
discussions
including the impact of monetary and fiscal policy
Quiz
are discussed
questions
The use of aggregate
•
•
Assessment
methods
How changes in interest rates affect important
macroeconomic variables are explained
The use of AD and AS model to analyze changes in
aggregate demand and supply, including the impact
of monetary and fiscal policy are discussed
Compliance with critical cross-field outcomes
Students should be able to analyse behaviour of the
economy using the Keynesian model.
Unit 17: Inflation
Learning Outcomes 17: Understand how inflation affects the
economy
Reference: Prescribed textbook, Chapter 20
Assessment criteria
Assessment
methods
•
Inflation and measurement of inflation are defined
•
The effects of inflation are described
Tutorials and
class
discussions
•
The demand-pull inflation and cost-push inflation
Quiz
are explained
questions
Compliance with critical cross-field outcomes
Students should be able to analyse the effect of inflation
in the economy
Unit 18: Unemployment, poverty and inequality
Learning Outcomes 18: Demonstrate an understanding and
knowledge of unemployment within the context of a changing
world.
Reference: Prescribed textbook, Chapter 21
Assessment criteria
•
The cost of unemployment is described within the
context of a changing world
Different types of unemployment are distinguished
The policies that can be used to reduce
•
•
unemployment are discussed within the context of a
changing world
•
Relationship between inflation and unemployment
are explained with the using the Phillip Curve
Compliance with critical cross-field outcomes
Students should be able to analyse the effect of high
level of unemployment and poverty in the economy
Assessment
methods
Tutorials and
class
discussions
Quiz
questions
Unit 19 Economic growth and business cycle
Learning Outcomes 19: Explain economic growth within the
context of the world economies.
Reference: Prescribed textbook, Chapter 22
Assessment criteria
•
•
•
Assessment
methods
The term economic growth is defined
Calculation of economic growth rate
demonstrated using practical examples
Limitations of using real GDP as a measure of
economic well-being are explained
•
The business cycle is described
•
Sources of economic growth are explained
Tutorials and
is class
discussions
Quiz
questions
Compliance with critical cross-field outcomes
Students should be able to analyse performance of the
econmy
10. LEVEL DESCRIPTORS AT NQF LEVEL 6
This module is aimed at achieving the prescribed level descriptors at NQF
level 6 as follows:
Level descriptors of NQF level 6.
Compliance with level descriptors
Scope of Knowledge
Demonstrate an understanding of
and ability to apply and evaluate
key
terms,
concepts,
facts,
principles, rules and theories in the
field.
Method and procedure
Demonstrate the ability to evaluate,
select and apply appropriate
Students should be able to analyse
Problem Solving
Ethics and professional practice
Accessing, processing and
managing information
Producing and communicating
information
Management of learning
Accountability
behaviour of the economy using the
Keynesian
model.methods,
procedures or techniques in
investigation
or
application
processes within a defined context.
Demonstrate the ability to identify,
analyse and solve problems in
unfamiliar
contexts,
gathering
evidence and applying solutions
based on evidence and procedures
appropriate to the field, discipline or
practice.
Demonstrate an understanding of
the ethical implications of decisions
and actions within an organisational
or professional context, based on an
awareness of the complexity of
ethical dilemmas.
Demonstrate the ability to evaluate
different sources of information, to
select information
appropriate to the task, and to apply
well-developed
processes
of
analysis, synthesis and evaluation to
that information.
Demonstrate an ability to present
and
communicate
complex
information reliably and coherently
using appropriate academic and
professional
or
occupational
conventions,
formats
and
technologies for a given context.
Demonstrate ability to evaluate
performance against given criteria,
and
accurately
identify and
address his or her task-specific
learning needs in a given context,
and to provide support to the
learning needs of others where
appropriate.
Demonstrate the ability to work
effectively
in a team or group, and to take
responsibility for his or her
decisions and actions and the
decisions and actions of others
within
well-defined
contexts,
including the responsibility for the
use
of
resources
where
appropriate.
11. ANNEXURES
11.1 Bloom’s Taxonomy Verb List
12.1.1 Cognitive Domain
Lower Order
Second Order
Third order
Knowledg
e
Comprehensi
on
Applicatio
n
Analysis
Synthesis Evaluation
Cite
Add
Acquire
Analyze
Abstract
Appraise
Define
Approximate
Adapt
Audit
Animate
Assess
Describe
Articulate
Allocate
Blueprint
Arrange
Compare
Draw
Associate
Alphabetiz
e
Breadboar
d
Assemble
Conclude
Enumerat
e
Characterize
Apply
Break
down
Budget
Contrast
Identify
Clarify
Ascertain
Characteriz
e
Categoriz
e
Counsel
Index
Classify
Assign
Classify
Code
Criticize
Indicate
Compare
Attain
Compare
Combine
Critique
Label
Compute
Avoid
Confirm
Compile
Defend
List
Contrast
Back up
Contrast
Compose
Determine
Match
Convert
Calculate
Correlate
Construct
Discriminat
e
Meet
Defend
Capture
Detect
Cope
Estimate
Name
Describe
Change
Diagnose
Correspon
d
Evaluate
Outline
Detail
Classify
Diagram
Create
Explain
Point
Differentiate
Complete
Differentiat
e
cultivate
Grade
Quote
Discuss
Compute
Discriminat
e
Debug
Hire
Read
Distinguish
Construct
Dissect
Depict
Interpret
Recall
Elaborate
Customize
Distinguish
Design
Judge
Recite
Estimate
Demonstrat
e
Document
Develop
Justify
Recognize
Example
Depreciate
Ensure
Devise
Measure
Record
Explain
Derive
Examine
Dictate
Predict
Repeat
Express
Determine
Explain
Enhance
Prescribe
Reproduc
e
Extend
Diminish
Explore
Explain
Rank
Review
Extrapolate
Discover
Figure out
Facilitate
Rate
Select
Factor
Draw
File
Format
Recommen
d
State
Generalize
Employ
Group
Formulate
Release
Study
Give
Examine
Identify
Generaliz
e
Select
Tabulate
Infer
Exercise
Illustrate
Generate
Summarize
Trace
Interact
Explore
Infer
Handle
Support
Write
Interpolate
Expose
Interrupt
Import
Test
Knowledg
e
Interpret
Express
Inventory
Improve
Validate
Observe
Factor
Investigate
Incorporat
e
Verify
Paraphrase
Figure
Layout
Integrate
Picture
graphically
Graph
Manage
Interface
Predict
Handle
Maximize
Join
Review
Illustrate
Minimize
Lecture
Rewrite
Interconver
t
Optimize
Model
Subtract
Investigate
Order
Modify
Summarize
Manipulate
Outline
Network
Translate
Modify
Point out
Organize
Comprehensi
on
Applicatio
n
Analysis
Visualize
Operate
Prioritize
Outline
Personaliz
e
Proofread
Overhaul
Plot
Query
Plan
Practice
Relate
Portray
Predict
Select
Prepare
Prepare
Separate
Prescribe
Price
Size p
Produce
Process
Subdivide
Program
Produce
Train
Rearrange
Project
Transform
Reconstru
ct
Provide
Synthesis Evaluation
Relate
Relate
Reorganiz
e
Round off
Revise
Sequence
Rewrite
Show
Specify
Simulate
Summariz
e
Sketch
Write
Solve
Subscribe
Tabulate
Transcribe
Translate
Use
12.1.2 Affective Domain
Receiving
Responding
Valuing
Organization
Internalizing
Ask
Accept
responsibility
Associate
with
Adhere to
Act
Choose
Answer
Assume
responsibility
After
Change
behavior
Follow
Assist
Believe in
Arrange
Develop code of
behavior
Give
Comply
Be convinced
Classify
Develop
philosophy
Hold
Conform
Complete
Combine
Influence
Select
Enjoy
Describe
Defend
Judge
problems/issues
Show interest
Greet
Differentiate
Establish
Listen
Help
Have faith in
Form
judgments
Propose
Obey
Initiate
Identify with
Qualify
Perform
Invite
Integrate
Question
Practice
Join
Organize
Serve
Present
Justify
Weigh
alternatives
Show mature
attitude
Report
Participate
Solve
Select
Propose
Verify
Tell
Select
Share
Subscribe to
Work
12. Essay writing and Referencing
12.1 Writing Essays
The learning guide to this course lists various learning objectives or competencies
with each module, and these are described in terms of some verb: identify,
describe, distinguish, diagram, define, use, construct, explain, evaluate,
compare, discuss.
Students should be familiar with these terms and their meanings as these verbs will
assist you on how you answer and approach questions during assignments, tests
and examinations. In addition, these verbs clearly indicate what is expected of you
from a particular task.
Compare: This involves describing two or more things (objects, practices, ideas,
etc.), emphasizing those aspects where the things are similar and where they are
different. If the things have much in common, then the differences should be
highlighted; if they seem widely dissimilar, then interesting commonalities should
be mentioned. See Distinguish.
Example: A comparison of the methods of capital punishment would involve a
description of lethal injection, the gas chamber, the electric chair (etc.), while
highlighting the similarities and differences. Here, the comparison would look not
just at the technique, but how well the technique meets certain criteria (e.g., of not
violating the “cruel and unusual punishment” protection of the U. S. Constitution).
Construct: All sorts of things require construction, but in a philosophy course these
are usually limited to arguments and truth-tables. A formal construction of an
argument involves writing a list of numbered premises and a conclusion that can
be inferred from the premises; an informal construction involves writing out, in a
narrative form, the conclusion and the reasons for why the conclusion should be
believed. The construction of a truth-table requires drawing a table of rows and
columns, with a separate column for each simple statement made in the
argument, as well as for each premise and the conclusion. There need to be as
many rows in the truth-table as there are possible truth combinations of the simple
statements (viz., 2n, where ‘n’ is the number of simple statements).
Define: A definition is a verbal description of the meaning of some general term
(e.g., we could define ‘human’ but probably not ‘Socrates’). This skill might involve
nothing more than remembering some learned definition; but to arrive at a
definition on your own requires a close understanding of the thing whose name is
being defined. In general, when defining ‘X’, the definition needs to include all X’s,
and exclude all non-X’s.
Example: One definition of ‘capital punishment’ is “the legally authorized killing of
someone as punishment for a crime.”
Describe and Explain: In this present list of skills, ‘describe’ is most similar to
‘explain’; in some instances, they differ only in one’s intention. A description will
list some of the properties or features of a thing (or process or event, etc.), but an
explanation will relate the thing or event to a larger context, thereby making it
“more understandable” to a third party. Offering a description might also do this
(depending on which features are mentioned), but often a description simply will
help a third party to recognize or identify the thing.
One might offer a bald description of the facts, without bothering to explain what
they mean. One might describe a single thing or event in isolation of its
surroundings or any other context, but this isn’t possible with an explanation. To
explain something is always to make reference to a larger context that helps
ground its meaning; or else to relate two or more things together in a way that
makes each more understandable than were they described in isolation.
Finally, to describe something is to give a list of properties or qualities of a thing
(or process or event, etc.), but to do this always with some purpose and sense of
relevance in mind. For instance, a description of Abraham Lincoln normally won’t
mention that he possessed a nose and two feet, or that he was a human being.
Some properties are more important than others, which is determined by the
context.
Example: A description of capital punishment would amount to little more than a
definition of the term and the means by which it is carried out. An explanation of
capital punishment, on the other hand, might go in any of several directions — a
sociological explanation (what it is about a certain society that makes the practice
of capital punishment desirable or possible), or political (how certain political
forces have led to its implementation, limitation, or rejection), or historical, etc.
Diagram: This is limited (in this course) to diagramming extended arguments.
More abstractly, a diagram is the description of something in a graphic form.
Discuss: A discussion involves examining the various reasons for and against
some claim, or else a multi-faceted exploration of some topic. The core meaning
of ‘discussion’ is a conversation between two or more people, and so a discussion
here should have at its heart the even-handed consideration of a topic, looking at
it from various sides. This involves rather more than reciting facts or describing
something. It is closer to evaluation, only it neither requires nor expects you to
come down on one side of the issue. You need to make use of background
information surrounding that claim or topic.
Example: A discussion of capital punishment would mention some of the history
of the practice, describe how it is carried out, and describe (and perhaps offer
some evaluation) of arguments for and against the practice.
Distinguish: Closely related to compare, this involves describing two or more
things (actions, ideas, etc.) in such a way that highlights their differences.
Explain: (See Describe, above.)
Evaluate: An evaluation is similar in complexity to a discussion, the primary
difference being that evaluations will make use of criteria for deciding whether one
thing is better or worse than another, whether some practice is morally
permissible, and so on.
Example: An evaluation of capital punishment would involve a discussion of the
practice, and then an assessment of whether it is effective (in deterring would be
criminals, in meting out justice, in making wise use of public resources), or
whether it is moral, or whether it is constitutional, or some combination of these
and others.
Identify: Identification typically involves little more than the ability to pick-out some
X from a line-up of individuals; in other words, it involves recognition skills.
Sometimes ‘identify’ is used in the sense of describe.
Use: You might be asked, for instance, to properly use some newly-learned
concept in a sentence, or use an inference pattern in a new argument. In this
course, you will be asked to make use of completed truth-tables for determining
validity, and to make use of the method of counter-example to determine invalidity.
That’s it.
Try and follow the following guidelines when writing your essay:
i.
Use your own words! At this level you are not expected to come up with new
theories but what the examiner is trying to test is whether or not you have
understood the work. Any work which is copied or simply paraphrased will
earn no marks. The university takes plagiarism very seriously so any copypaste work might result in a disciplinary hearing.
i.
Use prescribed readings! Any essays that ignore prescribed readings will
not earn a lot of marks. We encourage you to read widely and show that in
your essays.
ii.
Develop logical structure! Answer the question but not in a disorderly
manner. Make sure your arguments are systematically developed. Do not give
disjointed comments on the literature.
iv.
No pussyfooting! Do not move in circles or beat about the bush, make sure
your essay is as clear, concise and to the point as possible.
v.
Provide a reference! It is customary in academic discourse to acknowledge
the work that you have drawn from. Do not use someone else’s ideas as if
they are your own, you should provide a reference. Most of the concepts that
you deal with in research writing are done in your research methodology
course. Whenever you reference, I expect you to identify the name of the
author, the year of publication and the page reference where applicable. For
example:
Sargent and Wallace (1975) in what they refer to as the super-neutrality of
money, are of the opinion that fully anticipated changes in monetary policy will
be ineffective in influencing the level of output and employment even in the
short run.
12.2 Harvard Referencing
When referring to any work that is NOT a journal, such as a book, article, or Web
page, capitalise only the first letter of the first word of a title and subtitle, the first
word after a colon or a dash in the title, and proper nouns. Do not capitalise the
first letter of the second word in a hyphenated compound word.
Always cite page numbers within in-text citation – even if paraphrasing example: Hallinan (2000:66)
•
Multiple publications; same author
• Same author; different years
Normal conventions (author, year, title, etc).
• Same author; same year
More than one reference by an author in the same year: these are
distinguished in order of publication using a lower-case alphabetical suffix
after the year of publication (eg 1988a, 1988b, 1988c, etc). The same suffix
is used to distinguish that reference for the in-text citations.
Order of Listing
The List of References is ordered alphabetically by primary authors' surnames.
• Multiple authors. o Use the sequence of authors' surnames exactly as given
in the publication. The primary author, ie, major contributor, is listed first by the
publisher.
• Same author: o different years: list the author's references chronologically,
starting with the earliest date.
o same year: use an alphabetical suffix (eg 1983a, 1983b).
Books
In-Text Example
Compiled by OpenJournals Pub lishin
Reference List Example
Single Author
Two Author
Three authors
Corporate author
Book Editor
(Doss 2003)
Doss, G., 2003, IS project
management handbook, Aspen
Publishers, New York.
Karskens, G., 1997, The rocks:
Life in early Sydney, Melbourne
University Press, Carlton.
(Laudon & Laudon 2003) Laudon, K.C. & Laudon, J.P.,
2003, Essentials of management
information systems: Managing
the digital firm, Prentice Hall,
Upper Saddle River, N.J.
In-text: initially
Coveney, M., Ganster, S. & King,
(Coveney, Ganster &
D., 2003, The strategy gap:
King 2003)
Leveraging technology to execute
winning strategies, Wiley,
In-text: thereafter
Hoboken, N.J.
(Coveney et al. 2003)
In-text: initially
Department of Foreign Affairs and
(Department of Foreign
Trade, 2002, Connecting with
Affairs and Trade 2002) Asia's tech future: ICT export
opportunities, Economic Analytical
In-text: thereafter
Unit, Commonwealth Government,
(DFAT 2002)
Canberra.
(ed. Shaw 2003)
Shaw, M.J. (ed.), 2003, Ebusiness management:
Integration of Web technologies