ECON 7239NA - Economics for Management
Ngee Ann Academy - Quadmester 2 - 2017
General Course Information
Course Code ECON 7239NA Course Economics for Management Coordinating Unit School of Economics Term Quadmester 2 Level Postgraduate Coursework Location/s Ngee Ann Academy Units 3 Contact Intensive Available for Study Abroad and Exchange N 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 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 Coordinator: Mr David MurphyThe University of Adelaide Business School.
ADELAIDE. S.A. 5000.
Office Phone +61 8 8313 2039.
After Hours +61 8 8339 7676.
Mobile Service +61 408 809 734.
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesEconomics is often 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 at the economy as a whole, especially the behaviours of aggregate measures (such as gross domestic product, economic growth the unemployment rate, the inflation rate, exchange rates and interest rates) and how they vary with the business cycle and respond to government policies.
Our course provides an overview of both microeconomics and macroeconomics. Throughout the course, we will consider contemporary economic issues – and their relevance to business operational and/or strategic decision-making, as well as economic and/or social policy – through the lens of economics.
By the time you successfully complete this course, you will have developed:
An understand of key economic concepts, principles and analytical tools, as well as the “language” and ways of thinking that economists employ;
An ability to apply key microeconomic and macroeconomic principles and analytical tools to make better managerial decisions – and communicate your solutions convincingly to both economists and non-economists;
An understanding of economic policy issues and their relevance to management;
An ability to communicate your views on economic conditions and policy issues and why they are relevant to management;
An understanding of the roles that governments and markets can play in improving the welfare of our society; and
Leadership, communication interpersonal skills and an ability to work collaboratively with your peers through group work.
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
Required ResourcesREQUIRED RESOURCES
Krugman, P. and Wells, R. Economics; Worth Publishers, New York, 2013.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.
Hubbard. R.G; Garnett. A.M; Lewis. P; and O’Brien. A.P.: “Essentials of Economics", Second Edition 2013, Pearson Australia, Sydney.
Recommended ResourcesIn 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.
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 LearningFrom time to time, you may be referred to other resources on the World Wide Web. These sites will be selected because they offer a more in-depth analysis of the issue being studied than is offered in an introductory subject, but which may be of particular interest for you in your work.
The textbook URL is: http://www.worthpublishers.com/krugmanwellsnew/
For a list of world-wide-web resources in economics check: http://www.helsinki.fi/WebEc/webec.html
A good source of information about global macroeconomic and financial policy issues is:
http://www.stern.nyu.edu/globalmacro/ and from the free encyclopaedia “Wikipedia”.
From time to time, you may be referred to other resources on the World Wide Web. These sites will be selected because they offer a more in depth analysis of the issue being studied than is offered in an introductory subject, but which may be of particular interest for you in your work. Economic data and commentary pertaining to Australia is available at http://www.abs.gov.au. Economic data and commentary pertaining to Singapore can be viewed from http://www.singstat.gov.sg and http://www.mas.gov.sg
Other useful pages on the World Wide Web are as follows:
International Monetary Fund
Organisation for Economic Co-operation and Development
The World Bank
Learning & Teaching Activities
Learning & Teaching ModesThe approach to teaching and learning in this course is to firstly develop the concepts of Economics through a series of lectures on the topics as outline. These concepts will then be expanded by each student attempting a set of “Review Questions”, by discussion and 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 a concept is applied to the “real world”.
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. In general it is anticipated that students should spend one hour of preparation and review for each hour spent in each intensive. On top of this students are asked to complete a Case Study which will take some considerable time working with-in a group. It is difficult to quantify the time the assignment will take to complete and it will depend on the enthusiasm of each group for the task.
Learning Activities SummaryA summary of the lecture schedule is provided in the course folder. 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 intensives.
Specific Course RequirementsThere are no specific requirements associated with this course beyond those already discussed in this section.
The University's policy on Assessment for Coursework Programs is based on the following four principles:
- Assessment must encourage and reinforce learning.
- Assessment must enable robust and fair judgements about student performance.
- Assessment practices must be fair and equitable to students and give them the opportunity to demonstrate what they have learned.
- Assessment must maintain academic standards.
Assessment Task Due Weighting Learning Outcome Individual Assessments
20% TBA Case Study (Group Assessment) TBA 30% TBA Final Exam TBA 50% TBA Total 100%
Group assessment tasks have a maximum 30% weighting. A minimum of seventy precent (70%) of the total value of a course’s assessment will be devoted to individually submitted work, which may be in the form of assignments, examinations or presentations.
In addition to achieving a course mark of at least 50%, students need to attain an average of fifty precent (50%) across all the individually assessed items, considered as a whole, in order to pass the course.
Assessment Related RequirementsAttendance
Statutory obligations in Singapore are such that attendance in person is a compulsory condition of passing a course. Our specific requirements are that students must attend at least 80% of class sessions to be graded for that course. For these purposes each intensive weekend is defined as comprising 5 sessions with 1 on Friday evening and 2 on each of Saturday and Sunday.
Each course in total comprises 10 sessions; Students must attend a minimum of 8 sessions to be eligible to be given a grade for the course. Students failing to meet these requirements will be automatically graded 0% Fail (F) on their transcripts.
To gain a pass for this course, a student must achieve at least 50% overall with a minimum of 45% for the overall individual components. Students not achieving this requirement will have a fail (F) recorded as their final grade.
Assessment DetailAssessment 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 would 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 first intensive. The second assignment worth 10% would be completed by each student during the second intensive. There is no word limit to the second assignment but the assignment must be completed within the allocated time.
Assessment criteria for Second Assignment; (10% of the course marks)
Demonstrated understanding of the relevant Economics concepts and theories.
Quality of the analysis and presentation.
Communication of ideas by making use of all available tools including the relevant diagrams.
Clarity of expression, including accuracy of terminology used.
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 before the final examination. Guidelines for the case study are as follows.
Guidelines for the Case Study:
The aim of this exercise is to apply economics concepts to critically analyse an industry of your choice.
While completing the cases study you may consider yourself as a consultant who has been approached by a firm or an investor to undertake an analysis of the market trends in a particular industry. The firm may be considering an investment within the industry and is in the evaluation phase. As the principal researcher/consultant you have been handed the brief. You may wish to form a team of 2-4 colleagues in order to prepare the required report.
Select an industry in which you have a particular interest. You should aim to analyse the market trends over a 5-10 year period. Therefore choose carefully as availability of information is a major consideration.
You should then use this information and the concepts studied in the course to prepare your report. Please refer to the attached notes on report writing to gain an understanding of how the report should be structured.
The report should address the following questions.
Within the industrial group describe trends in relation to production, number of participants, prices, competition both domestic and from imports, employment, investment and profitability.
Determinants of changes in demand and supply.
The impact of technological change and economies of scale.
Pricing strategies and interaction between firms.
The nature, extent and impact of Government policies.
You opinion as to whether the industry represents an area of potential investment for your client.
Assessment criteria for the case study:
In your report you and your team should demonstrate
An understanding of the relevant economic concepts.
An ability to conduct good quality analysis and evaluation of the recent market trends and futures in the industry.
An ability to communicate ideas effectively by means of organisation of the content of the report.
Clarity of expression, including accuracy of terminology used.
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.
SubmissionPresentation of Assignments:
Please must 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.
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.
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.
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