ECON 7239 - Economics for Management

North Terrace Campus - Trimester 1 - 2018

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 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 in standard trimester. More when offered in intensive mode.
    Available for Study Abroad and Exchange
    Restrictions Available for Graduate Certificate, Graduate Diploma in Business Administration and Masters of Business Administration, Master of Business Administration (12) 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: 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: 4pm-5pm (after class) each Friday and Saturday on classes are held or 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.

    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

    Hubbard, R., Garnett, A., Lewis, P., and O’Brien, A. (2016), “Essentials of Economics 3”, Third adaptation edition (3e), 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:
    I will also provide purely optional reading suggestions on MyUni well before each class. In addition, to understand the wide range of interesting issues that microeconomics can beapplied 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
    http://www.adelaide.edu.au/its/webmail/

    Lectures will be automatically recorded (whenever possible) and made available in the Echo 360 folder on MyUni. Please note that there may be occasions when the recording fails for technical reasons.

  • Learning & Teaching Activities
    Learning & Teaching Modes

    Our course will be conducted over 12 weekly sessions. All sessions will be held on Tuesday evenings from 5.00pm to 8.00pm, with a short break halfway through. We will generally cover one topic on each Tuesday evening. As it is difficult to predict exactly how long it will take to cover each topic and I don’t want to limit our in-class discussions, we may not finish our coverage of a topic in the designated session; if so, we will finish it in our next session.

    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, reviews of assignment questions/answers 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. I’ll bring at least
    one current issue to each session for us to discuss. Please also feel free to suggest current issues that you would like us to discuss.

    While you don’t necessarily have to read the lecture notes prior to the relevant session, it would be useful to complete the required reading beforehand.

    To help ensure that our classes are as effective as possible, please feel free to provide me with feedback at any time. Your 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.

    Important note: This course assumes no previous training in economics. Please be aware that when people first study economics, they will almost-certainly feel frustrated for some time. I certainly did! We do need to learn a number of economic concepts/tools before we are able to tackle the more interesting stuff. It will almost-certainly take some time before you feel that what we are learning starts to “clicks together”. Therefore, if you feel somewhat frustrated in our first few sessions, that is completely normal. You will also feel somewhat frustrated even at the end of our course because, given the time available and the territory we need to cover, we will not be able to go into as much depth as you would like on various issues. It is more important that you gain some knowledge and the ability to use a range of economic concepts/tools rather than an in-depth knowledge of only a few. However, to partially ease your frustration, I will provide optional (non-assessable) readings and/or optional attachments to our lecture notes so that you can explore particular topics in more depth if you wish to.

    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, 2 & 3 (but not the appendices)

    January 31

    2

    Demand & Supply Part 2

    Hubbard Ch. 4

    February 7

    3

    Firms, Revenues, Costs & Supply

    Hubbard Ch. 6

    February 14

    4

    Market Structures Part 1: Perfect Competition & Monopoly

    Hubbard Ch. 7 & 8

    February 21

    5

    Market Structures Part 2: Monopolistic Competition and Oligopoly

    Hubbard Ch. 9

    February 28

    6

    Economic Efficiency, Market Failure & the Role of Government

    Hubbard, Ch. 5 & 11

    March 7

    Mid-Trimester Test (in-class)

    Nil

    March 14

    7

    Introduction to the Macroeconomy: Part 1

    Hubbard Ch.12 & 13

    March 14

    8

    Introduction to the Macroeconomy: Part 2
    Aggregate Demand & Aggregate Supply

    Hubbard Ch. 14 (but not the appendix)

    March 21

    9

    Monetary Policy

    Hubbard Ch. 15 & 16

    March 28

    10

    Fiscal Policy

    Hubbard Ch. 17

    April 4

    11

    International Macroeconomics: Part 1

    Hubbard Ch. 18

    April 11

    12

    International Macroeconomics: Part 2

    Hubbard Ch. 19

    April 18

    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

    Assignments

    25%

    Mid-trimester
    test

    25%

    Final Exam

    50%

    Assessment Detail


    Assignments: 25%

    There will be 10 short assignments; each is worth 2.5% of your total grade. These
    assignments are due prior to the start of each of our Tuesday sessions except
    those on January 31 (our first class) and March 14 (when we’ll have our mid-trimester
    test). To be eligible to receive a grade, you must submit your written answers
    to the assignment questions prior to the start of the relevant session. Late
    submissions will not be accepted. Instructions on how to submit your assignment
    answers are provided on MyUni.

    I will grade all assignments submitted and post
    your grades on MyUni as soon as possible. I will also post suggested answers as
    soon as I have completed grading all assignments submitted. Your assignments
    and my feedback will be returned to you by no later than our next session after
    you submit it (and probably earlier if you submit your assignment on Turnitin).
    We will discuss some of each assignment’s questions and answers in our next
    session (the week after the assignment is submitted).

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

    Mid-trimester test: 25%

    A mid-trimester test will be held on March 14. It will comprise 15 minutes
    reading time and 60 minutes writing time. The test questions will be similar in
    style to our assignment questions and to those in the mid-trimester test I set
    for this course in Trimester 3 2016 (which I will post on our MyUni site). The
    test questions will be of similar style to. The test will be open-book and you
    will have significant choice in the questions that you answer. Wireless
    internet access will not be permitted during the test.

    I will grade the mid-trimester test and post the grades
    on MyUni as soon as possible. I will provide further information on the
    mid-trimester test closer to the time.

    Final exam: 50%

    The final exam will comprise 30 minutes reading time and 2 hours writing time.
    This exam may assess all topics covered in the course. However, as the
    mid-trimester test will focus on Topics 1-6, the final exam will focus more on
    Topics 7-12. The exam questions will be similar in style to those in final exams
    that I have set in this course in the past (example of which I will post on our
    MyUni site). The exam will be open-book and you will have significant choice in
    the questions that you answer. Wireless internet access will not be permitted
    during the test.

    I will provide further information on the final
    exam closer to the time.

    Submission



    Please refer to MyUni for further instructions
    regarding how to submit assignments. 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.

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