ECON 7239NA - Economics for Management

Ngee Ann Academy - Quadmester 1 - 2021

This course provides an introduction to economic thinking and its relevance and application to managing organisations. The first part of the course deals with microeconomic issues such consumer choice and the structure of markets, including perfect competition, monopoly and oligopoly, and the competitive regulatory environment. The second part deals with macroeconomics such as 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 fundamental tenets of economics in relation to current issues and their implications for managers and competitive organisations.

  • General Course Information
    Course Details
    Course Code ECON 7239NA
    Course Economics for Management
    Coordinating Unit School of Economics
    Term Quadmester 1
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    Units 3
    Contact Intensive
    Available for Study Abroad and Exchange N
    Incompatible ECON 7200
    Restrictions Available only to MBA & GDipBA students
    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 microeconomic issues such consumer choice and the structure of markets, including perfect competition, monopoly and oligopoly, and the competitive regulatory environment. The second part deals with macroeconomics such as 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 fundamental tenets of economics in relation to current issues and their implications for managers and competitive organisations.
    Course Staff

    Course Coordinator: Dr Mark Dodd

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    Economics is divided into two streams: microeconomics and macroeconomics. Microeconomics focuses on the behaviours and interactions of economic agents, such as firms, households, and individuals. Macroeconomics looks, firstly, at the economy as a whole, especially the behaviours of aggregate measures, such as gross domestic product (GDP); measures of economic welfare; the quantity of capital, labour, and material and energy resources used; the quantity and nature of the wastes generated; the unemployment rate; the inflation rate; exchange rates; and interest rates. Secondly, macroeconomics considers how these aggregate measures vary with the business cycle and respond to government policies, ecological disturbances, institutional changes, international trading arrangements, and society’s values and individual behavioural patterns.

    The course provides an overview of both microeconomics and macroeconomics. Throughout the course, we will consider contemporary economic issues through the lens of real-world economics and their relevance to strategic decision-making, organisational management, and economic, social, and environmental policy-setting.

    On successful completion of this course, students will be able to:
    1 Understand key economic concepts, principles, and analytical tools, as well as the ‘language’ and ways of thinking employed by real-world economists
    2 Apply key microeconomic and macroeconomic principles and analytical tools to make better managerial decisions and communicate solutions convincingly to both economists and non-economists
    3 Understand economic policy issues and their relevance to management decisions
    4 Articulate economic conditions and policy issues and why they are relevant to management
    5 Understand the roles that governments and markets can play in improving the welfare of our society
    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)
    Deep discipline knowledge
    • informed and infused by cutting edge research, scaffolded throughout their program of studies
    • acquired from personal interaction with research active educators, from year 1
    • accredited or validated against national or international standards (for relevant programs)
    1,2,3,5
    Critical thinking and problem solving
    • steeped in research methods and rigor
    • based on empirical evidence and the scientific approach to knowledge development
    • demonstrated through appropriate and relevant assessment
    1,2,3,6
    Teamwork and communication skills
    • developed from, with, and via the SGDE
    • honed through assessment and practice throughout the program of studies
    • encouraged and valued in all aspects of learning
    1,2,4,6
    Career and leadership readiness
    • technology savvy
    • professional and, where relevant, fully accredited
    • forward thinking and well informed
    • tested and validated by work based experiences
    1-6
    Intercultural and ethical competency
    • adept at operating in other cultures
    • comfortable with different nationalities and social contexts
    • able to determine and contribute to desirable social outcomes
    • demonstrated by study abroad or with an understanding of indigenous knowledges
    5,6
    Self-awareness and emotional intelligence
    • a capacity for self-reflection and a willingness to engage in self-appraisal
    • open to objective and constructive feedback from supervisors and peers
    • able to negotiate difficult social situations, defuse conflict and engage positively in purposeful debate
    6
  • Learning Resources
    Required Resources
    Hubbard. R.G; Garnett. A.M; Lewis. P; and O’Brien. A.P.: “Essentials of Economics", Fourth Edition 2018, Pearson Australia, Sydney.
    Paperback ISBN: 9781488616983
    eBook ISBN: 9781488620225
    Recommended Resources
    In addition to the assigned readings from the prescribed text, you may find it useful to access information from other sources. A number of introductory economics texts have been written over the past decades. Some of these books are held in the Ngee-Ann library. Please feel free to browse through the available books for alternative explanations of the relevant concepts.

    It is also recommended that you read relevant articles published in the business section of major newspapers (such as “The Straits Times”) 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.

    Economic data and commentary pertaining to Singapore can be viewed from http://www.singstat.gov.sg  and http://www.mas.gov.sg .
    Economic data and commentary pertaining to Australia is available at http://www.abs.gov.au and https://www.rba.gov.au/ .

    Other useful pages on the World Wide Web are as follows:

    Economist.com
    www.economist.com 

    International Monetary Fund
    www.imf.org 

    Organisation for Economic Co-operation and Development
    www.oecd.org 

    The World Bank
    www.worldbank.org 
    Online Learning
    This course makes use of MyUni for the posting of course materials, assessment tasks, and important announcements. It is expected that all students will regularly check the MyUni course website, and regularly check their university email accounts or re-direct them to an account that they regularly check.

    Further details about the online delivery of this course can be found on MyUni.
  • Learning & Teaching Activities
    Learning & Teaching Modes
    Classes will take place over two intensive weekend periods.

    These classes will take place over Zoom. Students are advised to read the appropriate chapters of the textbook in advance of the sessions, such that they can productively participate in the classes and discussions.

    Given the breadth of topics covered, much of our in-class time will necessarily be spent in “interactive lecture” mode, with the emphasis on interactive. I like to make our in-class time as interactive as possible, so please feel free to ask questions and/or offer your perspectives and relevant examples from your own experience at any time. We may also break up our sessions with short problem-solving exercises, quizzes, brief assigned activities, and discussion of current economic issues to help us understand and apply what we learn. I may ask individual students to present their answers to particular assignment questions in-class. As well as focusing on the basic theoretical content and concepts that we need to cover, I will also bring some current applications for discussion. Please also feel free to suggest current issues that you would like us to discuss.
    Workload

    No information currently available.

    Learning Activities Summary
    Details of learning activities are available on MyUni.
  • 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 Task Due Date / Week Weighting
    Case Study 21st February 30%
    Presentation 5th-7th February 10%
    Peer Assessment Report 14th February 10%
    Final Exam Exam Period 50%
    Total 100%
    Assessment Detail
    Case Study 30%

    Students will complete a case study as an individual assignment. This will involve critical assessment of an industry of your choice. The topic must be approved by the lecturer within the specified timelines. In addition to the due date of the final report, it should be noted that a draft report must be submitted at an earlier date prior to the Presentation. Individual feedback will be provided to each student via MyUni on both the draft, and the final report. Refer to MyUni for further details.

    Presentation 10%

    Students will be asked to give a presentation during the 2nd weekend of intensive classes on the topic of their Case Study.
    A draft written case study must also be provided prior to this. Refer to MyUni for further details.

    Peer Assessment Report 10%

    Students will each be assigned to be a peer reviewer of one other student's Presentation and draft Case Study. The reviewer will prepare a brief report providing feedback to the student. The reviewer will be assessed on the quality of their peer assessment report. The peer assessment does not affect the grade of the student being reviewed. Refer to MyUni for further details.

    Final Exam 50%

    Students will complete an open-book written final exam covering all topics within the course. Further details regarding the conduct of this exam will be provided on MyUni
    Submission
    Some assessment items for this course include not only the final due dates of the graded component, but also deadlines at various milestones, including topic proposals, drafts and presentations. Students are expected to meet all deadlines as clearly detailed on MyUni. Failure to meet required deadlines may impact the assessment of the graded assessment components.

    Written submissions will be made electronically via MyUni.

    Dates for presentations will be coordinated by the lecturer, and will occur during scheduled class time.

    Late submissions will be subject to a 20% penalty per business day late. Exceptions may be made in line with the University's Modified Arrangements for Coursework Assessments Policy.
    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.