23706 Economics for Management
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particular session, location and mode of offering is the authoritative source
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Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksRequisite(s): Completionof subject 21878 c Organisational Dialogue: Theory and Practice
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 23709 Economics for Management AND 25706 Economics for Management AND 25745 Economics: Concepts and Applications
Description
This subject comprises two parts which deal with the fundamental principles of macroeconomics and microeconomics as they relate to business management.
The macroeconomics part of the subject is concerned with the larger-scale aspects of the economic systems in which businesses operate. It examines the determinants of gross domestic product, the behaviour of the general price level and inflation, unemployment, and the forces that affect the general rate of interest. Attention is also given to the nature, rationale and impact of government policies on the macroeconomic environment and business conditions.
The microeconomics part of the subject examines the forces of supply and demand, consumer behaviour, the nature of production costs, price-setting by firms in a range of market types, and the rationale for and fundamental forces affecting international trade.
Subject learning objectives (SLOs)
| 1. | Explain the key principles of macro/microeconomic analysis and the forces that determine key economic indicators that impact on the local and global economy |
|---|---|
| 2. | Select, manipulate and interpret economic data to analyse economic conditions and developments |
| 3. | Apply economic models and frameworks to the analysis of complex business issues |
| 4. | Report the findings of economic analyses to inform business decision-making |
Contribution to the development of graduate attributes
This subject contributes to the development of the following graduate attribute(s):
- Intellectual rigour and innovative problem solving
- Professional and technical competence
This foundation subject serves to develop a capacity to analyse businesses, industries and the economy and provides an understanding of the paradigms developed in related subjects, such as finance, accounting, marketing and management. While business and community problems have many dimensions, a capacity to identify and understand their economic dimensions is an important prerequisite for sound decision-making.
Teaching and learning strategies
Students are advised to note the following points about this subject :
- Each week’s lecture builds on the material given in the previous lecture. Therefore it is essential to keep up with the weekly preparation and homework.
- Active learning and participation are strongly encouraged. During the 3 hours face-to-face contact time, students will be able to ask questions and discuss with the lecturer.
- This subject takes a blended approach to learning in which lectures are supplemented by online activities.
The teaching and learning activities consist of :
1) Weekly lecture/seminar
This provides the main vehicle for the sequential development of course content. New material is presented each week, and each week’s new material builds upon and develops earlier material.
2) Pre-class weekly Online MCQ
Students are required to complete a number of online multiple-choice questions every week before coming to class. Immediate feedback is provided after students submit their answers. Some multiple-choice questions will be discussed in class. The purpose of this exercise is to help consolidate and strengthen students knowledge and experience of learning in the area so that students are better equipped for the coming weeks new topic.
3) Pre-class weekly Short Answer questions
Students are also required to attempt short answer questions before coming to class. These will be provided online each week. To promote self-managed and “active learning”, when appropriate, students will be encouraged to discuss their answers in class. These short answer questions will help students understand, apply and communicate economic principles.
4) Pre-class weekly current affairs article discussions -
A current affairs article from the media will be discussed each week. Students are required to download the article, read and analyse before the class, and then discuss and debate in class. Students are also expected to incorporate this discussed material when preparing the final assignment and examination.
5) In-Class Exercises
To increase class interaction and make the learning experience more interesting, in-class exercises are conducted during the lecture. We will increase interaction by using PINGO (an interactive media) to encourage students’ participation and to monitor their progress.
6) UTS Peer Assisted Study Success (UPASS)
To foster a collaborative learning environment, the subject runs a number of UPASS classes to help students who need additional support. UPASS classes are led by students who have achieved a high grade in the subject in the previous semester. This provides a peer learning environment so that the UPASS leaders can share their previous learning in the subject.
7) Extensive use of the learning management system & staff consultation :
i) To stimulate collaborative learning, the discussion board will not be moderated by teaching staff.
ii) Students are encouraged to discuss the unresolved issues with the teaching staff in class or after class. Video clips will also be made available to help student learning.
iii) Regular announcements will also be made to keep students up to date with subject learning, development and administrative matters.
Notes:
As face-to-face interaction plays an important part in our subject, students who miss their enrolled class are strongly encouraged to attend another class in the same week so as not to miss that week’s material.
An aim of this subject is to help you develop academic and professional language and communication skills in order to succeed at university and in the workplace. To determine your current academic language proficiency, you are required to complete an online language screening task, OPELA (information available at https://www.uts.edu.au/research-and-teaching/learning-and-teaching/enhancing/language-and-learning/about-opela-students). If you receive a Basic grade for OPELA, you must attend additional Language Development Tutorials (each week from the week [3/4] to a week [11/12] in order to pass the subject. These tutorials are designed to support you to develop your language and communication skills. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X [W] grade.
Content (topics)
1. Macroeconomic models and their use predicting the consequences of economic shocks and changes
2. The logic and operation of fiscal and monetary policies, and their impact on the business environment
3. The international dimensions of a small open economy
4. Demand and supply analysis, its methodological and ethical underpinnings, and its relevance to business decision-making
5. Inputs, costs and production functions
6. ?Industry models, their relevance for business decisions and the rationale for basic trade practice restrictions
Assessment
Assessment task 1: Online In-class multiple question Quizzes (Individual)*
| Intent: | The aim of the online in-class multiple choice questions quiz is to help students to revise and consolidate their learning before progressing to the next topic. |
|---|---|
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
| Groupwork: | Individual |
| Weight: | 20% |
| Criteria: | *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Assignment (Group and Individual)
| Intent: | Part 1: Group PPT (Weight: 10%) Part 2: Individual written memo (500 words) (Weight: 10%) |
|---|---|
| Objective(s): | This addresses subject learning objective(s): 2, 3 and 4 |
| Groupwork: | Group, individually assessed |
| Weight: | 20% |
Assessment task 3: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Groupwork: | Individual |
| Weight: | 60% |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
It is a requirement of this subject that all students complete OPELA. Students who receive a Basic grade in the OPELA are required to attend 80% of the Language Development Tutorials in order to pass the subject. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X [W] grade.
Required texts
The textbook for this course is : Tse H., Economics for Management, 1st Edition, Pearson, 2016 (ISBN: 978 1 4886 1389 0)
Recommended texts
Farnham P G., Economics for Managers, 3rd edition, Pearson, 2013.
Parkin M and Bade R., Macroeconomics, 1st edition, Pearson, 2016.
McTaggart D., Findlay C., and Parking M., Economics, 7th edition, Pearsion, 2013.
Other resources
Lecture Slides: The lecture slides for each week are available for download from CANVAS.
Homework Exercises: The weekly pre-class on-line homework multiple choice questions with automated feedback assigned for each week are available on Canvas. These consist of multiple choice questions only.
In addition to the MCQ, written short answer questions are available for download from Canvas.
The questions are similar in format and topic coverage to those you will encounter in the exams. You should complete the exercises after you have done the assigned chapter reading and revised the lecture material. Your lecturer will go through some of your exercises with you in class, but you should attempt them before class. Short Answer question solutions will also be made available via Canvas each week.