ECON 7239 - Economics for Management
North Terrace Campus - Trimester 2 - 2020
General Course Information
Course Code ECON 7239 Course Economics for Management Coordinating Unit School of Economics Term Trimester 2 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 Coordinator: Mr David Murphy
The full timetable of all activities for this course can be accessed from Course Planner.
Course Learning OutcomesEconomics 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) 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 Resources1) Kelton, S. (2020), The Deficit Myth: Modern Monetary Theory and How to Build a Better Economy, John Murray.
2) Daly, H. (2007), Ecological Economics and Sustainable Development: Selected Essays of Herman Daly, Edward Elgar.
3) Hail, S. (2018), Economics for Sustainable Prosperity, Palgrave Macmillan.
4) Kahneman, D. (2011), Thinking, Fast and Slow, Penguin Books.
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.
Lectures will be 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 ModesThe class is divided in to 12 topics covering the various key aspects of microeconomics and macroeconomics. As the classes are small and our time together quite intensive, the lectures / tutorials are generally informal to promote as much participation in the discussion as possible. Each topic will have a lecture component, a tutorial excercise and an online assessment. The lectures will consist of a powerpoint presentation. The tutorials will consist of discussion questions similar to those you would face during examinations. The online assessment consists of 10 timed multiple choice questions, again similar to those you will face on your exam.
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
Please note: Schedule subject to change Session Topic Readings 1 The concepts and tools of Microeconomics, Demand and Supply Hubbard Ch 1, 2 & 3 2 Elasticity: The responsiveness of demand and supply Hubbard Ch 4 3 Cost of Production and Market Structures Hubbard Ch 6 4 Market Structures Part 1: Perfect Competition and Monopoly Hubbard Ch 7 & 8 (not including appendix) 5 Market Structures Part 2: Monopolistic Competition and Oligopoly Hubbard Ch 9 6 Economic Efficiency; Market Failure and the Role of Government Hubbard Ch 5 & 11 7 National Income Accounts, Inflation, Unemployement, Business Cycle and Economic Growth Hubbard Ch 13 & 14 8 Introduction to the Aggregate Demand and Aggregate Supply Model Hubbard Ch 15 9 Monetary Policy Hubbard Ch 16 & 17 10 Fiscal Policy Hubbard Ch 18 (including appendix 1) 11 International Trade - Part 1 Hubbard Ch 19 12 International Trade - Part 2 Hubbard Ch 20
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 Task Type Due Weighting Learning Outcome Assignments Individual Ongoing 25% 1,2,3 Group Project Group Monday 10th August, 2020 25% 1,2,3,4,6 Final Examination Individual 5.00 to 8.00 p.m. Tuesday, 18th August, 2020 50% 1,2
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.
Two short assignments would be completed during the class sessions. These assignments will account for 25% of the course marks. The first assignment worth 10% would consist of twenty five (25) multiple choice questions, which must be completed by each student during the class session on 16th June, 2020 The second assignment worth 15% would be completed by each student during the class session on 14th July, 2020. There is no word limit but the assignment must be completed within the allocated time
Assessment criteria for first two assignments (25% 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.
Case Study: (25% of the course marks)
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 25% of the course marks. The case study must be completed by 10th August, 2020.
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.
SubmissionNo late subamissions are accepted.
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 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.
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