ECO5000 Economics for Managers
|Semester 3, 2012 Online Toowoomba|
|Faculty or Section :||Faculty of Business and Law|
|School or Department :||School of Accounting, Economics and Finance|
|Version produced :||30 December 2013|
Examiner: Rasheda Khanam
Moderator: Jeffrey Gow
There are no prerequisites for this course. This course will require an ability to read graphs, charts and tables. There are no advanced mathematical requirements for this course.
Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.
The rationale of this course is to introduce economics to students to offer a sound appreciation of the discipline and its potential application in managerial decision making. It is not about making MBA and other postgraduate degree students experts in economics. It is about introducing the basic concepts and demonstrating their actual and potential uses in a managerial and business context.
This course will provide managers, potential managers and decision makers with sufficient economic understanding and analytical tools to effectively assist them in decision making in their workplace. These decisions relate to how organisations can best use scarce resources against the backdrop of the economic environment in which firms operate. Economics is a broad discipline, so in this course we will concentrate on topics that mainly affect managers and decision makers. Most of the topics will be discussed with numerous examples and case studies to show how to apply these in real world scenario. The course has a microeconomic component and a macroeconomic component. Both aspects of economics are presented in the prescribed textbook and book of in action. The microeconomics component examines the decision-making activities of individual consumers and firms as well as groups of consumers and firms called markets. The macroeconomics component of the course explains the behaviour and management of collections of markets known as an economy. Any business manager needs to have a sound understanding of the basic elements of macroeconomics: composition of national output, business cycles, economic growth, movements in prices and employment, a simple model of the economy, interest rates and exchange rates, monetary system and policy, fiscal policy and international trade.
On successful completion of this course, students will be able to:
- understand the basics of economic thinking and apply it in business management and policy making
- apply the basic principles of microeconomics, and undertake analysis of markets (that is, the study of individual economic decisions about particular commodities) in the context of firm or corporate level decision making to increase the effectiveness of management process
- evaluate, synthesise and critically review microeconomic tools with emphasis on important cases and issues for modern business
- apply and analyse investment decision making tools for both business and government
- describe, illustrate and analyse the workings of the goods and services sectors and financial systems in a modern open economy, with special emphasis on government policy
- demonstrate an understanding of key macroeconomic models of economies of different size and degree of openness to the world economy, and the impact of global economy on individual firm and government’s policy response
- comprehend and address complex ethical and sustainability dilemmas of modern economy by understanding the causes of recent global financial crisis and government’s policy responses to the crisis, future reforms that need to be introduced to prevent any future crisis and have a sustainable global economy.
|1.||Introduction to economics and thinking like an economist||10.00|
|2.||Supply and demand: how the market works||20.00|
|3.||Costs of production||5.00|
|4.||Firm behaviour and the organisation of industry||25.00|
|5.||Measuring national income and cost of living||10.00|
|6.||Open economy, aggregate demand and supply||15.00|
|7.||Monetary and fiscal policy and global financial crises||15.00|
Text and materials required to be purchased or accessed
ALL textbooks and materials available to be purchased can be sourced from USQ's Online Bookshop (unless otherwise stated). (https://bookshop.usq.edu.au/bookweb/subject.cgi?year=2012&sem=03&subject1=ECO5000)
Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)
Arnold, RA 2011, 'Financial crisis of 2007-09', Economics, 10th edn, South-Western Cengage Learning, Mason, Ohio.
Gans, J, King, S, Stonecash, R & Mankiw, NG 2009, Principles of economics, 4th edn, Cengage Learning, South Melbourne, Victoria.
The Gans et al text and chapter 18 of the Arnold text will be sold as a package from the USQ Bookshop.
Gordon, C & Valentine, T 2010, Economics in focus: the global financial crisis, Pearson Education, Frenchs Forest, New South Wales.
Other relevant references on websites will be forwarded to students by email or the discussion board of this course. Articles for any current issue of 'The Economist', 'The Far Eastern Economic Review' or most financial newspapers can be found through the Factiva Database located through the USQ Library Homepage.
Student workload requirements
|Description||Marks out of||Wtg (%)||Due Date||Notes|
|ONLINE TEST 1||10||10||04 Dec 2012||(see note 1)|
|ONLINE TEST 2||20||20||08 Jan 2013|
|2-HOUR EXAMINATION||70||70||End S3||(see note 2)|
- The online tests will be available from the USQStudyDesk, accessed from UConnect. There will be 10 multiple-choice questions (MCQs) from modules 1 and 2 in Online Test 1. There will be 20 MCQs from modules 3 and 4 in Online Test 2. Students are required to complete the online tests on the due date. Students will not be permitted to attempt the online tests after the due date.
- The examination is scheduled to be held in the end-of-semester examination period. Students will be advised of the official examination date after the timetable has been finalised.
Important assessment information
There are no attendance requirements for this course. However, it is the students' responsibility to study all material provided to them or required to be accessed by them to maximise their chance of meeting the objectives of the course and to be informed of course-related activities and administration.
Requirements for students to complete each assessment item satisfactorily:
To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks. (Depending upon the requirements in Statement 4 below, students may not have to satisfactorily complete each assessment item to receive a passing grade in this course.)
Penalties for late submission of required work:
Requirements for student to be awarded a passing grade in the course:
To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.
Method used to combine assessment results to attain final grade:
The final grades for students will be assigned on the basis of the aggregate of the weighted marks obtained for each of the summative assessment items in the course.
This is a restricted examination. The only materials that candidates may use in the examination for this course are (i) writing materials: non-electronic and free from material which could give the student an unfair advantage in the examination; (ii) translation dictionaries: with the Examiner's approval, candidates may, take an appropriate non-electronic translation dictionary into the examination (this will be subject to perusal and, if it is found to contain annotations or markings that could give the candidate an unfair advantage, it may be removed from the candidate's possession until the appropriate disciplinary action is completed); and (iii) calculator which cannot hold textual information (students must indicate on their examination paper the make and model of any calculator(s) they use during the examination).
Examination period when Deferred/Supplementary examinations will be held:
Any Deferred or Supplementary examinations for this course will be held during the next examination period.
University Student Policies:
Students should read the USQ policies: Definitions, Assessment and Student Academic Misconduct to avoid actions which might contravene University policies and practices. These policies can be found at http://policy.usq.edu.au.
Course weightings: Course weightings of topics should not be interpreted as applying to the number of marks allocated to questions testing those topics in an examination paper. The examination may test material already tested in assignments.
Deferred work: Students who, for medical, family/personal, or employment-related reasons, are unable to complete an on-line test or to sit for an examination at the scheduled time may apply to defer an assessment in a course. Such a request must be accompanied by appropriate supporting documentation. One of the following temporary grades may be awarded: IDS (Incomplete - Deferred Examination); IDM (Incomplete Deferred Make-up); IDB (Incomplete - Both Deferred Examination and Deferred Make-up).
Computer, e-mail and Internet access: Students are required to have access to a personal computer, e-mail capabilities and Internet access to UConnect. Current details of computer requirements can be found at http://www.usq.edu.au/current-students/support/computing/hardware.