USQ LogoCourse specification
The current and official versions of the course specifications are available on the web at //www.usq.edu.au/course/specification/current.
Please consult the web for updates that may occur during the year.

ECO2001 Business Economics

Semester 6, 2015 External Toowoomba
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Commerce

Contents on this page

Staffing

Examiner: Shane Zhang
Moderator: Khorshed Alam

Requisites

Pre-requisite: ECO1000

Other requisites

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 //www.usq.edu.au/current-students/support/computing/hardware.

Rationale

The management of a firm or other business enterprise is fundamentally based on choice. The decision of what to produce, how to produce it, in terms of the relative share of inputs, how much to produce and in which markets to sell it are all fundamentally economic decisions made at the micro, or firm, level. This course aims to expose students to the application of relevant microeconomic theory to business decision making and explores the theory of economic choice and its application to a range of resource-use questions.

Synopsis

Microeconomics is part of the study of how the world works. It deals with business, household and government choices, the design and effects of policy and the efficiency and fairness of the way resources are used in a community. This course focuses upon a range of microeconomic principles, their use by economists in economic analysis and their relevance in the global economy. While drawing on the history of economic thought, it emphasises contemporary resource-use issues and developing an understanding of the economic way of thinking in relation to the allocation of resources.

Objectives

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

  1. demonstrate an understanding of the nature and method of micro-economics and of a set of selected microeconomic principles and theories
  2. apply microeconomic theory in the explanation of resource allocation decisions in a business environment
  3. undertake microeconomic analysis and develop strategic business-related advice using language literacy, computer literacy and numeracy
  4. critically appraise microeconomic theory and policy
  5. demonstrate problem solving skills required by economists through the use of microeconomic models under different market structures
  6. demonstrate an ability to communicate the results of an economic analysis to an audience of stakeholders in a potential project or decision
  7. develop self creativity and take appropriate initiatives with regard to economic and financial decision.

Topics

Description Weighting(%)
1. Introduction to business economics 5.00
2. Markets and business 20.00
3. Background to demand 15.00
4. Background to supply 15.00
5. Market analysis and profit maximisation 15.00
6. Business strategy 10.00
7. Pricing strategy 10.00
8. Business and government intervention 10.00

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=2015&sem=06&subject1=ECO2001)

Please contact us for alternative purchase options from USQ Bookshop. (https://bookshop.usq.edu.au/contact/)

  • Sloman, J, Hinde, K & Garratt, D 2015, Economics for managers: a custom edition, 2nd edn, Pearson Education, Sydney, New South Wales.
    (The text is a custom made e-text available directly from the publisher at http://www.pearson.com.au/9781488610042. The full version from which this e-text is drawn is also available if you want a hard copy. See the course page for information.)

Reference materials

Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the course and enrich their learning experience.
  • Eaton, BC, Eaton, DF & Allen, DW 2005, Microeconomics: theory with applications, 6th edn, Pearson Prentice Hall, Toronto, Canada.
  • Frank, RH 2009, Microeconomics and behaviour, 8th edn, McGraw Hill Higher Education, Boston, Massachusetts.
  • Jehle, GA & Reny, PJ 2011, Advanced microeconomic theory, 3rd edn, Financial Times Prentice Hall, Harlow England.
  • Mansfield, E & Yohe, G 2004, Microeconomics: theory/applications, 11th edn, Norton, New York.
  • Varian, HR 2010, Intermediate microeconomics: a modern approach, 8th edn, Norton, New York.

Student workload requirements

Activity Hours
Assessments 30.00
Directed Study 36.00
Private Study 99.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE QUIZ 10 10 28 Sep 2015
ASSIGNMENT 40 40 09 Nov 2015
EXAMINATION (2 HOURS) 50 50 End S6 (see note 1)

NOTES
  1. The examination date will be available via UConnect when the official examination timetable has been released.

Important assessment information

  1. Attendance requirements:
    External/Online: If you are an international student in Australia, you are advised to attend all classes at your campus. For all other students, 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.

    On-campus: It is the students' responsibility to attend and participate appropriately in all activities (such as lectures, tutorials, laboratories and practical work) scheduled for them, and 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.

  2. 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.)

  3. Penalties for late submission of required work:
    Students should refer to the Assessment Procedure http://policy.usq.edu.au/documents.php?id=14749PL (point 4.2.4)

  4. 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.

  5. 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.

  6. Examination information:
    This is a restricted examination. The only materials that candidates may use in the examination for this course are:
    1. writing materials. These must be non-electronic and free from material which could give the student an unfair advantage in the examination.
    2. an unmarked non-electronic translation dictionary (but not technical dictionary). A student whose first language is not English may take a translation dictionary into the examination room. A translation dictionary with any handwritten notes will not be permitted. Translation dictionaries will be subject to perusal and may be removed from the candidate's possession until appropriate disciplinary action is completed if found to contain material that could give the candidate an unfair advantage.
    3. a 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).


  7. 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.

  8. 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.

Assessment notes

  1. Referencing in assignments:
    Harvard (AGPS) is the referencing system required in this course. Students should use Harvard (AGPS) style in their assignments to format details of the information sources they have cited in their work. The Harvard (AGPS) style to be used is defined by the USQ Library's referencing guide at //www.usq.edu.au/library/referencing.