ECON 7239 - Economics for Management

North Terrace Campus - Trimester 1 - 2016

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 ECON 7239
    Course Economics for Management
    Coordinating Unit School of Economics
    Term Trimester 1
    Level Postgraduate Coursework
    Location/s North Terrace Campus
    Units 3
    Contact Up to 3 hours per week
    Available for Study Abroad and Exchange
    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 Staff

    Course Coordinator: Professor Paul Kerin

    Trimester 1 and Trimester 3
    Professor Paul Kerin

    Some background information on me is available here.
    My office is: Room 3.27, Level 3, Nexus 10 Building, 10 Pulteney Street.
    Consultation times: 4.00pm-5.00pm after each of our Saturday sessions or by
    appointment. Please feel free to arrange appointments with me at times that
    suit you.

    Email: paul.kerin@adelaide.edu.au 
    Mobile phone: 0417 240860.

    Trimester 2
    Dr Raul Barreto

    Some background information on me is available here.
    My office is: Room 426, Level 4, Nexus 10 Building, 10 Pulteney Street.
    Consultation times: 2pm-3pm every Tuesday or by appointment.

    Email: raul.barreto@adelaide.edu.au
    Telephone: 83133240.

    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.

    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;

    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

    Hubbard, R., Garnett, A., Lewis, P., and O’Brien, A. (2016), “Essentials of Economics 3”, Third adaptation edition, Pearson Australia.

    Paperback edition ISBN: 9781486022847. Both paperback and eBook editions are available (e.g., from the publisher at http://www.pearson.com.au).

    Recommended Resources

    As I tailor readings to each topic, no other textbook is recommended. Tailored readings will be available on MyUni well before the relevant class sessions.

    Optional:
    To understand the wide range of interesting issues that microeconomics can be applied to, you may want to read “Freakonomics” and/or “SuperFreakonomics” (both by Steven Levitt and Stephen Dubner) and/or visit the Freakonomics blog at: www.freakonomics.com. To understand current macroeconomic conditions, you may wish to visit the Reserve Bank’s website at www.rba.gov.au. To keep up-to-date with management-relevant microeconomic and macroeconomic issues, you may wish to read the Australian Financial Review and/or The Economist.

    Online Learning

    I will post course materials, assessment tasks and important announcements in MyUni. Please check both our MyUni course website and your university email account regularly. 

    https://myuni.adelaide.edu.au/webapps/login/

    http://www.adelaide.edu.au/its/webmail/

    Lectures will be recorded (whenever possible) and made available on MyUni. Please note that there may be occasions when the recording fails for technical reasons.

  • Learning & Teaching Activities
    Learning & Teaching Modes

    Each of our weekly classes will include a lecture. In addition, significant time will be spent in each class on tutorial-like activities (e.g., discussing review questions and answers, doing short quizzes and debating relevant topical issues) to help us understand and apply what we learn in the lecture. I like to make our class time as interactive as possible, so please feel free to ask questions and/or offer your perspectives and relevant examples at any time.

    To assist you, I will bring paper copies of all materials to each class, for both that class and the following week’s class. While you don’t necessarily have to read the lecture notes prior to class, please complete all required readings and any assigned tasks (e.g., review questions) before class.

    To help ensure that our classes are effective as possible, please feel free to provide me with feedback at any time. Such feedback will be particularly valuable in the early stages of our course, as this will enable me to change my teaching style before it is too late. In addition, I would be grateful if you could complete a SELT form and provide written comments (in addition to numeric scores) at the end of our course, as that will help me improve the course and my teaching for future students.

    Workload

    The information below is provided as a guide to assist students in engaging appropriately with the course requirements.


    The University of Adelaide expects full-time students (i.e., those taking four 3-unit course at a time) to devote a total of 48 hours per week to their studies. This translates to 12 hours per week for our 3-unit course. That is, in addition to our 3 hours of class time per week, you should expect to devote 9 hours per week to your studies in this course.

    Learning Activities Summary

    Note: This schedule is subject to change.

    Week

    Topic

    Textbook Reading

    Class Date

    1

    Introduction to Microeconomics; Demand & Supply Part 1

    Hubbard Ch. 1 (not the appendix), 2 & 3 (not the appendix)

    February 3

    2

    Demand & Supply Part 2: Elasticities

    Hubbard Ch. 4

    February 10

    3

    Firms, Production and Costs

    Hubbard Ch. 6

    February 17

    4

    Market Structures Part 1: Perfect Competition & Monopoly

    Hubbard Ch. 7 & 8

    February 24

    5

    Market Structures Part 2: Monopolistic Competition and Oligopoly

    Hubbard Ch. 9

    March 2

    6

    Market Failure & the Role of Government

    Hubbard, Ch. 5 & 11

    March 9

    7

    Introduction to Macroeconomics: GDP, Unemployment & Inflation

    Hubbard Ch.12 & 13

    March 16

    8

    Aggregate Demand & Aggregate Supply

    Hubbard Ch. 14 (not the appendix)

    March 23

    9

    Money & Monetary Policy

    Hubbard Ch. 15 & 16

    March 30

    10

    Fiscal Policy

    Hubbard Ch. 17

    April 6

    11

    International Macroeconomics: Trade, Capital Flows & Exchange Rates

    Hubbard Ch. 18 & 19

    April 13

    12

    Review Session

    Nil

    April 20

    13

    Final Exam (in-class)

    Nil

    April 27

  • 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

    Type

    Weight

    Tutorial assignments

    25%

    Group assignment

    25%

    Final Exam

    50%

    Assessment Detail

    Tutorial assignments: 25% There will be 11 weekly tutorial assignments. The first tutorial assignment is due prior to the start of class in week 2. To be eligible to receive a grade, you must submit your written answers to the tutorial assignment questions prior to the start of the relevant class. Late submissions will not be accepted. Instructions on how to submit your tutorial assignment answers will be provided on MyUni.

    I recommend that you keep a copy of each submitted assignment and bring it along to class to help you participate in our discussion of the answers. I will post answers to tutorial assignment questions after the class in which they are discussed.

    As some tutorial assignment questions may focus on issues that emerge in the news during our course, I will post tutorial assignments on MyUni as the course progresses. However, I will ensure that each tutorial assignment is available on MyUni at least 2 weeks prior to the due date.

    Your best 8 tutorial assignment grades will be used to calculate your final result for this portion of assessment. Therefore, if you submit all 11 assignments, your lowest 3 grades will not be counted.

    Nevertheless, you are expected to complete every tutorial assignment; this will help to ensure that our class discussions are as effective as possible. As the “best 8” rule allows for leeway in the event of illness or compassionate issues, there will generally be no special consideration granted for such issues.

    Group assignment: 25% A 1,500 word group assignment will be due prior to the start of class in week 9. Late submissions will not be accepted. Groups may comprise 2, 3 or 4 people. You may form these groups yourselves or with my assistance. I will confirm the groups prior to the start of class in week 3. It is probably not worthwhile for you to do much work on this assignment until after our week 4 class (by then, you will have learned enough to get started). That will give you 5 weeks to complete the assignment. The assignment question and instructions on how to submit your group assignment will be provided on MyUni.

    Final exam: 50% The final exam will be a 3-hour exam, plus 10 minutes reading time. This exam may assess all topics covered in the course. Details regarding the final exam will be posted on MyUni. Please note that it will be a closed book exam. Dictionaries of any type will not be allowed in the exam. Calculators will be allowed in the exam, but calculators that can store text, are programmable, or have wireless functions will not be permitted. This means that graphics calculators are not permitted, and some particular scientific calculators may not be permitted.

    Submission

    Please refer to MyUni for further instructions regarding how to submit tutorial assignments and the group assignment. Late submissions will not be accepted. Please retain a copy of all assignments submitted.

    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.


    Additional Assessment
    If a student receives a final mark of 45-49 for the course, he/she 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. If, after replacing the original exam mark with the new exam mark, it is calculated that the student has passed the course, the student will receive a final grade of 50 Pass for the course (no higher). If the calculation totals less than 50, the student’s 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.

  • 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.