MANAGEMT 7103PT - Economics for Management

North Terrace Campus - Trimester 1 - 2015

This course provides an introduction to economic thinking and its relevance and application to managing organisations. The first part of the course deals with the structure of markets, including perfect competition, monopoly and oligopoly, and the competitive regulatory environment. The second part deals with the determinants of the aggregate level of output and employment, and elements in the determination of macroeconomic policy including interest rates, inflation and foreign trade and capital flows. The focus of the course is on current issues and their implications for managers and competitive organisations.

  • General Course Information
    Course Details
    Course Code MANAGEMT 7103PT
    Course Economics for Management
    Coordinating Unit Business School
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Available for Study Abroad and Exchange Y
    Restrictions Restricted to Certificate, Grad Dip and Master of Business Administration students only.
    Course Description This course provides an introduction to economic thinking and its relevance and application to managing organisations. The first part of the course deals with the structure of markets, including perfect competition, monopoly and oligopoly, and the competitive regulatory environment. The second part deals with the determinants of the aggregate level of output and employment, and elements in the determination of macroeconomic policy including interest rates, inflation and foreign trade and capital flows. The focus of the course is on current issues and their implications for managers and competitive organisations.
    Course Staff

    Course Coordinator: Mr David Murphy


    Mr David Murphy. B.A. (Acc); Dip Ed Admin; Grad Dip App Fin & Inv; CPA; F Fin.

    David graduated from the South Australian Institute of Technology in Accountancy, majoring in Company Evaluation. Studies in Education, Education Administration and Applied Finance and Investment followed. He is a Certified Practicing Accountant and a Fellow of the Financial Services Institute of Australasia. 

    David was Head of Economics and Business Studies at Prince Alfred College, Adelaide, until 1994. From teaching David moved to the field of Corporate Governance. In recent years he has occupied the positions of Company Secretary and Chief Financial Officer in firms engaged in Outdoor Education, Hospitality, Forestry, Transport and Viticulture. Prior to joining the AGSB in April 2005, as an Adjunct Lecture, David was General Manager, Asset Services, for Metropolitan Domiciliary Care, a Government agency that provides care to the frail aged in the community. David is a Partner in two family firms engaged in stock market activities and commercial consultancy. His academic interests lie in the field of Financial Management, Stock Market activities and Economic Analysis as they particularly relate to small and medium sized firms.
    Course Timetable

    The full timetable of all activities for this course can be accessed from Course Planner.

    Lectures will be held at the University of Adelaide Business School – Marjoribanks, 128, BankSA Suite.
  • Learning Outcomes
    Course Learning Outcomes
    COURSE Learning Objectives:

    By the time you complete the course you will have developed:

    An understanding of the concepts, tools and language of Economics in order to gain an awareness of the role of Economics in society and to lay the foundation for continuing interest in Economics as an area of social importance and study.


    An ability to work collaboratively with your peers to complete a Case Study and develop interpersonal skills and leadership qualities through group work.


    An understanding of the nature and effect of Globalisation on the Australian economy and the responsibilities this confers at a Government, firm and individual level.


    An understanding of the role of Government, firms and individuals in finding solutions to contemporary economic problems which will enhance the welfare and social well being of all members of the Australian population.


    An ability to understand and articulate current economic conditions as they relate to the domestic economy and the economy of Australian’s trading parties, using appropriate trade and industry indicators, which leads to enhanced management decisions.


    An understanding of current fiscal and monetary policies and how each will influence the direction of the Australian economy and its relation with trading partners.
    University Graduate Attributes

    This course will provide students with an opportunity to develop the Graduate Attribute(s) specified below:

    University Graduate Attribute Course Learning Outcome(s)
    Knowledge and understanding of the content and techniques of a chosen discipline at advanced levels that are internationally recognised. 1 and 3
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 3 and 5
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 4 and 6
    Skills of a high order in interpersonal understanding, teamwork and communication. 2
    A proficiency in the appropriate use of contemporary technologies. 1
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 1
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 2 and 4
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 2 and 3
  • Learning Resources
    Required Resources

    Recommended Text:

    Hubbard. R.G; Garnett. A.M; Lewis. P; and O’Brien. A.P.: “Essentials of Economics", Second Edition 2013, Pearson Australia, Sydney.

    Other useful Text:

    Bajada. C; Jackson. J; McIver, R. and Wilson. E.: “Economic Principles”, Third Edition 2012, McGraw-Hill, Irwin; Sydney.

    Krugman. P.; Wells. R.; and Graddy. K.; “Economics”, European Edition 2008, Worth, New York.
    Recommended Resources

    It is also recommended that you read relevant articles published in the business section of major newspapers (such as “The Australian” and “The Australian Financial Review”) or business magazines (such as “The Economist”) regularly. This may help you to better appreciate the link between economic theory and its application to real life.

    There is a range of journals where economics and management research scholars publish their research, such as:
    • International Journal of Economic Theory

    • Journal of Small Business Management

    • Academy of Management Review

    • Small Business Economics

    • International Economic Review

    • International Journal of Business and Economics
    Online Learning
    An extensive list of web related resources is available to enrolled students on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Teaching & Learning Modes:

    The approach to teaching and learning in this course is to firstly develop the concepts of Economics through a series of face-to face lectures on the topics as outline. These concepts will then be expanded through a series of instruments ranging from case studies, discussion topics, review questions, online forums and formal assignment tasks. Students are encouraged to engage in discussion and to ask questions as they arise in order to clarify a point or seek an understanding of how the study of Economics assists the management process.
    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.

    WORKLOAD:

    Due to the intensive nature of the course students should prepare for each topic by reading the Chapters as suggested in the course outline. In addition students should attempt all the review questions. . Assignments and exam preparation will demand additional concentrated periods of non-class study. It is difficult to quantify the time the assignment will take to complete and it will depend on the enthusiasm of each student for the task. In general it is anticipated that you should spend two hours of preparation and review for each hour spent in lectures. Therefore, it is anticipated that you could spend 120 hours of study time to complete the course, of which 36 hours would be in class.
    Learning Activities Summary
    Learning Activities Summary:

    A summary of the lecture schedule is provided on pages 3 and 4. In addition to attending lectures you will be asked to complete a set of review questions for each topic and undertake three separate units of continuous assessment. You are encouraged to participate in the analysis of the events of economic importance during each of the classes.
    Specific Course Requirements
    SPECIFIC COURSE REQUIREMENTS:

    There are no specific requirements associated with this course beyond those already discussed in this section.
    Small Group Discovery Experience
    Small Group Discovery Experience:

    The University of Adelaide is mindful of the importance of collaborative learning. During the course students will participate in group assignments, discussion groups and case studies.
  • Assessment

    The University's policy on Assessment for Coursework Programs is based on the following four principles:

    1. Assessment must encourage and reinforce learning.
    2. Assessment must enable robust and fair judgements about student performance.
    3. Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
    4. Assessment must maintain academic standards.

    Assessment Summary

    Assessment Overview:

    Assessment of this subject takes two forms: Self assessment and formal assessment. Each topic contains questions which will allow you to test your knowledge and understanding of the material presented. These questions are designed to stimulate your interest in the topic and to gain an understanding of the applications of the relevant concepts. You are encouraged to read questioningly and to be critical of statements presented. Time will be allocated in each session for consideration of the topic questions and to discuss issues raised. Formal assessment will take the form of two written assignments, a case study and a final examination.
    Assessment Related Requirements

    University of Adelaide postgraduate programs are largely undertaken through face-to-face class sessions to facilitate interactions between the lecturing staff and fellow students. Accordingly there is an expectation that you will attend all of the scheduled classes. If work commitments, illness or other circumstances require you to be absent from some lectures, please inform your lecturer in advance by either phone or email so that you may discuss the topic(s) to be covered in the class session and the tasks you need to complete before the next session. It is your responsibility to make arrangements with the lecturer or other students to catch up on information discussed in class, however, it is unlikely that lecturers will be able to repeat a class to cover your absence.
    Assessment Detail

    Assessment Overview:

    Assessment of this subject takes two forms: Self assessment and formal assessment. Each topic contains questions which will allow you to test your knowledge and understanding of the material presented. These questions are designed to stimulate your interest in the topic and to gain an understanding of the applications of the relevant concepts. You are encouraged to read questioningly and to be critical of statements presented. Time will be allocated in each session for consideration of the topic questions and to discuss issues raised. Formal assessment will take the form of two written assignments, a case study and a final examination.
    Submission
    Submission:

    Presentation of Assignments

    It is important that students retain a copy of all assignments submitted.

    Please attach an ‘Assignment Cover Sheet’, which is signed and dated by you before submission.

    All group assignments must be attached to a ‘Group Assignment Cover Sheet’, which must be signed and dated by all group members before submission. All team members are expected to contribute approximately equally to a group assignment.
    Course Grading

    Grades for your performance in this course will be awarded in accordance with the following scheme:

    M10 (Coursework Mark Scheme)
    Grade Mark Description
    FNS   Fail No Submission
    F 1-49 Fail
    P 50-64 Pass
    C 65-74 Credit
    D 75-84 Distinction
    HD 85-100 High Distinction
    CN   Continuing
    NFE   No Formal Examination
    RP   Result Pending

    Further details of the grades/results can be obtained from Examinations.

    Grade Descriptors are available which provide a general guide to the standard of work that is expected at each grade level. More information at Assessment for Coursework Programs.

    Final results for this course will be made available through Access Adelaide.

  • Student Feedback

    The University places a high priority on approaches to learning and teaching that enhance the student experience. Feedback is sought from students in a variety of ways including on-going engagement with staff, the use of online discussion boards and the use of Student Experience of Learning and Teaching (SELT) surveys as well as GOS surveys and Program reviews.

    SELTs are an important source of information to inform individual teaching practice, decisions about teaching duties, and course and program curriculum design. They enable the University to assess how effectively its learning environments and teaching practices facilitate student engagement and learning outcomes. Under the current SELT Policy (http://www.adelaide.edu.au/policies/101/) course SELTs are mandated and must be conducted at the conclusion of each term/semester/trimester for every course offering. Feedback on issues raised through course SELT surveys is made available to enrolled students through various resources (e.g. MyUni). In addition aggregated course SELT data is available.

  • Student Support
  • Policies & Guidelines
  • Fraud Awareness

    Students are reminded that in order to maintain the academic integrity of all programs and courses, the university has a zero-tolerance approach to students offering money or significant value goods or services to any staff member who is involved in their teaching or assessment. Students offering lecturers or tutors or professional staff anything more than a small token of appreciation is totally unacceptable, in any circumstances. Staff members are obliged to report all such incidents to their supervisor/manager, who will refer them for action under the university's student’s disciplinary procedures.

The University of Adelaide is committed to regular reviews of the courses and programs it offers to students. The University of Adelaide therefore reserves the right to discontinue or vary programs and courses without notice. Please read the important information contained in the disclaimer.