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

ECO2001 Business Economics

Semester 1, 2021 Online
Short Description: Business Economics
Units : 1
Faculty or Section : Faculty of Business, Education, Law and Arts
School or Department : School of Business
Student contribution band : Band 4
ASCED code : 091901 - Economics
Grading basis : Graded
Version produced : 14 April 2021

Staffing

Examiner: Rasheda Khanam

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 http://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://omnia.usq.edu.au/textbooks/?year=2021&sem=01&subject1=ECO2001)

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

Sloman, J, Garratt, D, Guest, J & Jones E 2019, Economics for business, 8th edn, Pearson Education, Harlow, England.

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.
Frank, RH 2015, Microeconomics and behaviour, 9th edn, McGraw Hill Higher Education, Boston, Massachusetts.
Jehle, GA & Reny, PJ 2011, Advanced microeconomic theory, 3rd edn, Financial Times Prentice Hall, Harlow England.
Varian, HR 2014, Intermediate microeconomics: a modern approach, 9th edn, Norton, New York.

Student workload expectations

Activity Hours
Directed Study 36.00
Independent Study 129.00

Assessment details

Description Marks out of Wtg (%) Due Date Notes
ONLINE QUIZ 10 10 22 Mar 2021
ASSIGNMENT 40 40 03 May 2021
PARTICIPATION 10 10 04 Jun 2021 (see note 1)
OPEN EXAM - TAKE HOME 40 40 End S1 (see note 2)

Notes
  1. Details of participation will be provided in the course materials. Postings made to StudyDesk after the due date will not be assessed
  2. This will be a take home exam. Students will be provided further instruction regarding the exam by their examiner via StudyDesk. The examination date will be available via UConnect when the Alternate Assessment Schedule has been released.

Important assessment information

  1. Attendance requirements:
    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.

  2. Requirements for students to complete each assessment item satisfactorily:
    Due to COVID-19 the requirements for S1 2021 are: To satisfactorily complete an individual assessment item a student must achieve at least 50% of the marks for that item.

    Requirements after S1, 2021:
    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:
    Due to COVID-19 the requirements for S1 2021 are: To be assured of receiving a passing grade a student must achieve at least 50% of the total weighted marks available for the course.

    Requirements after S1, 2021:
    To be assured of receiving a passing grade a student must obtain at least 50% of the total weighted marks available for the course (i.e. the Primary Hurdle), and have satisfied the Secondary Hurdle (Supervised), i.e. the end of semester examination by achieving at least 40% of the weighted marks available for that assessment item.

    Supplementary assessment may be offered where a student has undertaken all of the required summative assessment items and has passed the Primary Hurdle but failed to satisfy the Secondary Hurdle (Supervised), or has satisfied the Secondary Hurdle (Supervised) but failed to achieve a passing Final Grade by 5% or less of the total weighted Marks.

    To be awarded a passing grade for a supplementary assessment item (if applicable), a student must achieve at least 50% of the available marks for the supplementary assessment item as per the Assessment Procedure http://policy.usq.edu.au/documents/14749PL (point 4.4.2).

  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:
    Due to COVID-19 the requirements for S1 2021 are: An Open Examination is one in which candidates may have access to any printed or written material and a calculator during the examination.

    Requirements after S1, 2021:
    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:
    Normally Deferred and Supplementary Examinations are held in the next Examination period. In S1 2021 selected courses will pilot an early Deferred and Supplementary Examination period held within 30 business days of results release. The list of courses involved can be found at https://cmsauth.usq.edu.au/current-students/academic/exams/supplementary-and-deferred-assessment.

  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 http://www.usq.edu.au/library/referencing.

Date printed 14 April 2021