ECON 7224 - Economic Principles for International Business

North Terrace Campus - Semester 1 - 2014

This course provides a framework for the consideration of business options and strategies in globalised markets. The focus is on firms, markets and governments. The course presents the core concepts in the theory of the behaviour and choices of firms, and discusses the impact of globalisation on options available. It identifies the ways in which world and domestic markets for goods and services as well as labour and capital interact and determine the economy-wide context of business decision making. A framework for the consideration of the role of government is presented and some features of the relationships between business and government are discussed.

  • General Course Information
    Course Details
    Course Code ECON 7224
    Course Economic Principles for International Business
    Coordinating Unit Economics
    Term Semester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 4 hours per week
    Incompatible ECON 7200, ECON 7222. Introductory macroeconomics and microeconomics. Not available to PGCW Economics programs
    Assessment Typically, assignments, case study analyses, group or individual projects & exam
    Course Staff

    Course Coordinator: Dr Raul Barreto

    Semester 1 & 2
    Dr Raul Barreto
    Office location: Nexus 10, Level 4, Room 4.26
    Telephone: 8313 3240
    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    On the successful completion of the course students will be able to:
    1 Explain how scarce resources are allocated in a market system
    2 Recognise various forms of market failure and explain how governments might need to intervene
    3 Recognise the constraints on government intervention and explain why government policy might fail
    4 Relate basic economic theory and principles to current economic issues and evaluate related public policy
    5 Use economic models to analyse a situation in terms of economics
    6 Interpret charts, graphs, and tables and use the information to make informed judgments
    7 Work and learn independently and with others
    8 Communicate their knowledge and understanding of economic issues using written, verbal and visual expression
    9 Evaluate outcomes based on the costs and benefits involved
    10 Understand the broader social consequences of economic decisions making
    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. 1-4
    The ability to locate, analyse, evaluate and synthesise information from a wide variety of sources in a planned and timely manner. 6
    An ability to apply effective, creative and innovative solutions, both independently and cooperatively, to current and future problems. 5, 9
    Skills of a high order in interpersonal understanding, teamwork and communication. 7-8
    A proficiency in the appropriate use of contemporary technologies. 8
    A commitment to continuous learning and the capacity to maintain intellectual curiosity throughout life. 5-10
    A commitment to the highest standards of professional endeavour and the ability to take a leadership role in the community. 9
    An awareness of ethical, social and cultural issues within a global context and their importance in the exercise of professional skills and responsibilities. 10
  • Learning Resources
    Required Resources
    Garnett, A.M., Lewis, P., Hubbard, R.G. and O’Brien, A.P. (2010) Essentials of Economics, Pearson, Sydney.
    Recommended Resources
    McTaggart, D., Findlay, C. and Parkin, M. (2010), Economics 6th edition, Pearson, Sydney.

    McGraw-Hill, Sydney. Sloman, J. and Norris, K. (2008) Principles of Economics, 2nd edition, Pearson, Sydney
    Online Learning
    The course makes extensive use of MyUni for the posting of lecture notes, lecture recordings, tutorial exercises, assignments, and important announcements. It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts.
  • Learning & Teaching Activities
    Learning & Teaching Modes

    No information currently available.


    No information currently available.

    Learning Activities Summary


    Week Week beginning Topic Reading and tutorials
    1 Monday 3 March Introduction, The economic problem Hubbard Ch 1 & 2
    2 Monday 10 Mar Demand and supply Hubbard Ch 3
    3 Monday 17 Mar Markets in action Hubbard Ch 4 & 5
    4 Monday 24 Mar Firms, production and costs Hubbard Ch 6
    5 Monday 31 Mar Perfect competition and monopoly Hubbard Ch 7 & 8
    6 Monday 7 April Monopolistic Competition and Oligopoly Hubbard Ch 9
    Mid-semester break
    Mid-semester break
    7 Monday 28 April Mid Semester Test Mid Semester Test
    8 Monday 5 May The labour market
    Market failure and resource allocation
    Hubbard Ch 10 & 11
    9 Monday 12 May The macroeconomic environment Hubbard Ch 12 & 13
    10 Monday 19 May Aggregate Demand and Aggregate Supply Model Hubbard Ch 14
    11 Monday 26 May Monetary policy
    Fiscal policy
    Hubbard Ch 15 16 17
    12 Monday 2 June The exchange rate
    International trade
    Hubbard Ch 18 19
    13 Monday 9 June Optional Teaching Week To be used as required
    14 Monday 17 June Swot Vac
    15 Monday 23 June First Examinations week
    Exams start Saturday 22 June
    16 Monday 30 June Second Examinations week
    Exams finish Saturday 6 July
  • 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
    The grading scheme is as follows:
    Type Weight  Due Date Date
    Group Assignment 20% 11 April 2014 (COB)
    Mid-semester Test 30% 2 May 2014 (in Class)
    Tutorial 10%
    Final Exam 40%
    * Applies only to IIID students
    Assessment Related Requirements
    All marks received prior to the final examination are equated into your final grade only if they represent improvement over your final examination grade. For example, should you score 80/100 on the mid-term, 60/100 on your assignment, 100/100 for your tutorial and 70/100 on the final, your final grade would be credit at (0.30*80+0.10*60+0.10*100 +0.50*70=) 75/100. More will be explained about this throughout the semester. Since all marks received prior to the final examination are redeemable, you have nothing to lose and everything to gain by attending tutorials and doing your best on all of the assessments.

    Should you miss either mid-semester examination for whatever reason, your final examination will be worth 30% more per missed mid-semester exam. You need not excuse yourself for your absence, as there will be no make-ups under any circumstances. This same policy applies to the assignment.
    Whatever you miss simply adds additional weight to the final.
    Assessment Detail

    No information currently available.


    No information currently available.

    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 ( 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

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