Year

2021

Credit points

10

Prerequisites

Nil

Incompatible

ECON105 Economics for Business ECON104 Business Economics


Teaching organisation

3 hours per week for twelve weeks or equivalent.

Unit description and aim

This unit aims to develop an understanding of the key principles and tools that economists use to interpret the role of economics in business, and critically analyse economic policies that impact on Australia and the global economy.

All economic questions arise because societies and individuals want more than we can get. Economics therefore is the study of how to use scarce resources in the best way possible to meet our needs and wants. Economists study the decisions and interactions of individuals and businesses in markets, and how they allocate those scarce resources. Economics also examines how governments can either obstruct or improve market outcomes, and how government decisions effect the overall well-being of society and the common good. Other issues that economists examine are unemployment, inflation, economic growth and international trade.

As individuals, we are always making decisions on a wide variety of economic problems of personal, local, state, national and international significance. By studying economics, students will gain knowledge and skills that are relevant for living in modern Australian society and are useful for a range of careers including those in commerce, industry, education and government.

Learning outcomes

On successful completion of this unit, students should be able to:

LO1 - identify and explain the fundamental principles of microeconomics in the operation of the market system (GA5, GA8)

LO2 - distinguish the fundamental principles of macroeconomics in the operation of the market system (GA4, GA5)

LO3 - match economic theories and concepts with contemporary social issues, as well as formulation and analysis of policy taking local and global perspectives into account (GA5, GA6)

LO4 - illustrate the role of ethical values and human dignity in economic decisions (GA3, GA5)

Graduate attributes

GA3 - apply ethical perspectives in informed decision making

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

GA8 - locate, organise, analyse, synthesise and evaluate information 

Content

Topics will include: 

  • costs of production 
  • market efficiency 
  • GDP, income and economic growth 
  • aggregate supply and demand 
  • unemployment  
  • inflation 
  • monetary policy 
  • fiscal policy 
  • international economics 
  • ethical decision making 
  • critiquing theories and concepts 
  • analysing the fundamental principles of micro and macro economics

Learning and teaching strategy and rationale

This unit is predicated on an inquiry approach model. Through the processes of inquiry students develop Economic literacy, i.e. Economic knowledge and the skills of communication required to comprehend, analyse, synthesise and evaluate Economic data, use Economic reasoning, including cost/benefit analysis, and to report findings on a range of increasingly complex economic issues and propose possible and preferred responses and policy options. Developing skills in information communications technology will help students to use the processes of inquiry more effectively.

Assessment strategy and rationale

In order to pass this unit, students are required to complete and submit three graded assessment tasks and achieve an aggregate mark of at least 50%. Marking will be in accordance with a rubric specifically developed to measure student levels of achievement of the learning outcomes for each item of assessment. Students will also be awarded a final grade which signifies their overall achievement in the unit. The assessment strategy for this unit allows students to sequentially develop their knowledge and skills in Economics to the point where they can effectively analyse modern issues from an Economist’s perspective. 

In order to develop this level of capability, students will demonstrate their knowledge of Microeconomics in an essay, further develop their understanding of Macroeconomics through an article critique, and then apply their knowledge and understanding of both Micro and Macroeconomics in the final assessment task.  

The assessment tasks for this unit are designed for students to demonstrate their achievement of each learning outcome as indicated in the following assessment table.

Overview of assessments

Brief Description of Kind and Purpose of Assessment TasksWeightingLearning OutcomesGraduate Attributes

Group Essay: This task consists of a 1000-word written essay. This task requires students working in groups with 3-4 members to analyse a set topic and apply economic theories and concepts in an analysis of contemporary social issues in the local context. 

Submission Type: Group 

Assessment Method: Essay 

Artefact: Written paper

20%

LO3

GA5, GA6

Article Critique: This assessment task consists of a 1500-word written essay/article critique. This task requires students to critically analyse an article in relation to the role of ethical values and human dignity in economic decisions.  

Submission Type: Individual 

Assessment Method: Essay 

Artefact: Written paper

30%

LO4

GA3, GA5

Critical Analysis: Critically analyse in 1250 words the economic policies of the Australian government (including the Federal Budget) and the RBA in reaction to the Coronavirus. Ensure you apply at least 3 of the Macroeconomic theories studied during this semester in your analysis. 

Submission Type: Individual 

Assessment Method: Critical analysis 

Artefact: Written paper

50%

LO1, LO2, LO3, LO4

GA3, GA4, GA5, GA6, GA8

Representative texts and references

Allen, WB, Weigelt, K, Doherty, N & Mansfield, E 2012, Managerial economics: Theory, applications and cases (International Student Edition), WW Norton, New York,NY. 

Baye, MR 2017, Managerial economics and business strategy, 9th edn, McGraw Hill, New York, NY. 

Faarnham, G 2014, Economics for managers, 3rd edn, Pearson Education, London. 

Gans J, King S, Stonecash RE & Mankiw N 2018, Principles of economics, 7th edn, Cengage Learning Australia, Melbourne.  

Gerber, J 2018, International economics, 9th edn, Pearson Education, Upper Saddle River, NJ.  

Hubbard, G Lewis, L 2019, Essentials of economics, 4th edn, Pearson, Frenchs Forest ISBN: 9781486022847 

Keat, PG & Young, PK 2014, Managerial economics, 7th edn, Pearson Education, Upper Saddle River, NJ. 

Layton, A, Robinson, T & Tucker, IB 2018, Economics for today, 6th edn, Cengage Learning, South Melbourne, VIC. 

Salvatore, D 2018, Managerial economics in a global economy, 9th edn, Oxford University Press, Oxford.

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