ECON 7239NA - Economics for Management

Ngee Ann-Adelaide Education Centre - Quadmester 4 - 2019

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 4
    Level Postgraduate Coursework
    Location/s Ngee Ann-Adelaide Education Centre
    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 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: Mr David Murphy

    The University of Adelaide Business School.
    North Terrace,
    ADELAIDE.  S.A.  5000.
    email: david.g.murphy@adelaide.edu.au 
    Office Phone +61 8 8313 2039.
    After Hours +61 8 8339 7676.
    Mobile Service +61 408 809 734.

    Course Timetable

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

  • Learning Outcomes
    Course Learning Outcomes
    Economics 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.

    On successful completion of this course, students will be able to:

    1 An understand of key economic concepts, principles and analytical tools, as well as the “language” and ways of thinking that economists employ;
    2 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;
    3 An understanding of economic policy issues and their relevance to management;
    4 An ability to communicate your views on economic conditions and policy issues and why they are relevant to management;
    5 An understanding of the roles that governments and markets can play in improving the welfare of our society; and
    6 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
    6
  • Learning Resources
    Required Resources
    REQUIRED RESOURCES
    Recommended Text:

    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 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.

    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 Learning
    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.

    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:

    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
  • Learning & Teaching Activities
    Learning & Teaching Modes

    No information currently available.

    Workload

    No information currently available.

    Learning Activities Summary

    No information currently available.

  • 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

    No information currently available.

    Assessment Detail

    No information currently available.

    Submission

    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 (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.