COMMERCE 7103 - Economics for Management (M)

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 COMMERCE 7103
    Course Economics for Management (M)
    Coordinating Unit Business School
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact 36
    Available for Study Abroad and Exchange Y
    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

    Course Timetable

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

    Lectures will be held in Lecture Theatre N132, Engineering North Building on Thursdays between 5.00 and 8.00 pm.
  • Learning Outcomes
    Course Learning Outcomes
    By the time you complete the course you will have developed:
    1. 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.
    2. An ability to work collaboratively with your peers to complete a Case Study and develop interpersonal skills and leadership qualities through group work.
    3. 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.
    4. 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.
    5. 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.
    6. 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
    The Recommended text for this subject is:

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

    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.
    Online Learning
    A comprihensive list of online resources is provided for students in the Course Outline as attached on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching 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.

    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
    Sample of Course Timetable:
    Week Content Readings from Recommended Text
    5th Feb Topic 1:  Thwe concepts and tools
    of economics, Demand and Supply
    Chapters 1, 2 and 3.
    12th Feb Topic 2: Elasticity:  The responsiveness of demand and supply. Chapter 4.
    19th Feb Topic 3: Market Efficiency and International Trade. Chapter 5 (Economic Efficiency) and 18 (International Trade).
    Specific Course Requirements
    There are no specific requirements associated with this course beyond those already discussed in this section.
    Small Group Discovery Experience
    During the course students will experience collaborative learning through small 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 Summary

    Assessment                                                                                    Percentage of Total Mark
     Two Individual Assignments                                                                                    20%
     
     Case Study                                                                                                            30%
     
     Final Exam                                                                                                             50%
     
    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. To assist students in such situations each lecture will be recorded and posted on MyUni.
    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.

    Assignments: (20% of the course marks)
    Two short assignments will be completed during the class sessions. These assignments will account for 20% of the course marks. The first assignment worth 10% would consist of twenty multiple choice questions, which must be completed by each student during the class session on 5th March, 2015. The second assignment worth 10% would be completed by each student during the class session on 2nd March, 2015. There is no word limit but the assignment must be completed within the allocated time.

    Case Study: (30% of the course marks)
    The case study would be completed by students in small groups (2-4 students in a group). This will involve critical assessment of an industry of your choice. The word limit will be 5,000. The exercise will account for 30% of the course marks. The case study must be completed by 16th April, 2015.

    Three Hour Open Book Final Exam: (50% of the course marks)
    The exam will cover all main topics studied during the class sessions. The exam would mainly consist of discussion questions that can be answered by making use of appropriate diagrams while referring to the relevant concepts discussed.
    Submission
    Presentation of Assignments:
    1. It is important that students retain a copy of all assignments submitted.
    2. Please attach an ‘Assignment Cover Sheet’, which is signed and dated by you before submission.
    3. 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.

    Late Assignment Submission:
    Students are expected to submit their work by the due date to maintain a fair and equitable system. Extensions will generally only be given for medical or other serious reasons. All requests for extensions must be emailed to the lecturer in charge of the course before the due date. Each request will be assessed on its merits. A late assignment (without prior arrangement) will be penalised by a 5% mark reduction for each day that it is late.


    Return of Assignments:
    Lecturers will endeavour to mark and return assignments to students within two (2) weeks of submission. Students are responsible for collecting their marked assignments from either their tutor or lecture.
    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.