ECON 7239NA - Economics for Management

Ngee Ann Academy - Quadmester 3 - 2024

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 Economics
    Term Quadmester 3
    Level Postgraduate Coursework
    Location/s Ngee Ann Academy
    Units 3
    Contact Intensive
    Available for Study Abroad and Exchange N
    Incompatible ECON 7200
    Restrictions Available for Executive Master of Business Administration, Graduate Diploma and Graduate Certificate students only
    Assessment Typically, assignments, tests & final exam
    Course Staff

    No information currently available.

    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)

    Attribute 1: Deep discipline knowledge and intellectual breadth

    Graduates have comprehensive knowledge and understanding of their subject area, the ability to engage with different traditions of thought, and the ability to apply their knowledge in practice including in multi-disciplinary or multi-professional contexts.


    Attribute 2: Creative and critical thinking, and problem solving

    Graduates are effective problems-solvers, able to apply critical, creative and evidence-based thinking to conceive innovative responses to future challenges.


    Attribute 3: Teamwork and communication skills

    Graduates convey ideas and information effectively to a range of audiences for a variety of purposes and contribute in a positive and collaborative manner to achieving common goals.


    Attribute 4: Professionalism and leadership readiness

    Graduates engage in professional behaviour and have the potential to be entrepreneurial and take leadership roles in their chosen occupations or careers and communities.


    Attribute 5: Intercultural and ethical competency

    Graduates are responsible and effective global citizens whose personal values and practices are consistent with their roles as responsible members of society.


    Attribute 7: Digital capabilities

    Graduates are well prepared for living, learning and working in a digital society.


    Attribute 8: Self-awareness and emotional intelligence

    Graduates are self-aware and reflective; they are flexible and resilient and have the capacity to accept and give constructive feedback; they act with integrity and take responsibility for their actions.

  • 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  and .
    Economic data and commentary pertaining to Australia is available at and .

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

    International Monetary Fund 

    Organisation for Economic Co-operation and Development 

    The World Bank 
    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
    The 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 Summary
    A summary of the lecture schedule is provided on pages 2 and 3 of the Course Outline which appears 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 Requirements
    There are no specific requirements associated with this course beyond those already discussed in this section.
  • 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                    Percentage of Total Mark
    Individual Assessments 20%
    Case Study (Group Assessment) 30%
    Final Exam 50%

    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 Requirements

    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 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 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 the class session on 17th July, 2016 The second assignment worth 10% would be completed by each student during the class session on 7th August, 2016. 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)

    1. Demonstrated understanding of the relevant Economics concepts and theories.

    2. Quality of the analysis and presentation.

    3. Communication of ideas by making use of all available tools including the relevant diagrams.

    4. 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 by Thursday 19th August, 2016. 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.

    1. Within the industrial group describe trends in relation to production, number of participants, prices, competition both domestic and from imports, employment, investment and profitability.

    2.Determinants of changes in demand and supply.

    3.The impact of technological change and economies of scale.

    4. Pricing strategies and interaction between firms.

    5. The nature, extent and impact of Government policies.

    6 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

    1. An understanding of the relevant economic concepts.

    2. An ability to conduct good quality analysis and evaluation of the recent market trends and futures in the industry.

    3. An ability to communicate ideas effectively by means of organisation of the content of the report.

    4. 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.
    Presentation 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.
    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.

    Additional Assessment

    If a student receives 45-49 for their final mark for the course they will automatically be granted an additional assessment. This will most likely be in the form of a new exam (Additional Assessment) and will have the same weight as the original exam unless an alternative requirement (for example a hurdle requirement) is stated in this semester’s Course Outline. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, they will receive 50 Pass as their final result for the course (no higher) but if the calculation totals less than 50, their grade will be Fail and the higher of the original mark or the mark following the Additional Assessment will be recorded as the final result.

    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
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