ECON 7239 - Economics for Management

North Terrace Campus - Trimester 3 - 2022

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 3
    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
    Incompatible ECON 7200
    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: Dr Nathan Gray

    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.

    1,2,3,5

    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.

    1,2,3,5

    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.

    1,2,4,5

    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.

    1-5

    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.

    5

    Attribute 7: Digital capabilities

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

    1-5

    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.

    3
  • Learning Resources
    Required Resources


    1)Brander & Perloff (2019) Managerial Economic and Strategy, 2nd edition
    Recommended Resources
    1) 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.
    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 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
    The course will be conducted in intensive mode over Friday and Saturday sessions. Each session will begin at 9.00 am and end at 4.00 pm, with a 45-minute lunch break and two 15-minute breaks in-between. Due to the intensive nature of the course, I have divided the course into three units – Unit 1 (Days 1 and 2): The Economy and the Economic Process; Unit 2 (Days 3 and 4): Microeconomics; and Unit 3 (Days 5 and 6): Macroeconomics.

    • 9.00 – 11.00 am (session 1) 2 hours
    • 11.00 – 11.15 am (break) 15 minutes
    • 11.15 – 12.30 pm (session 2) 1 hour + 15 minutes
    • 12.30 – 1.15 pm (Lunch) 45 minutes
    • 1.15 – 2.30 pm (session 3) 1 hour + 15 minutes
    • 2.30 – 2.45 pm (break) 15 minutes
    • 2.45 – 4.00 pm (session 4) 1 hour + 15 minutes
    5 hours + 45 minutes of sessions; 1 hour + 15 minutes of breaks

    Given the breadth of topics covered and the intensive nature of our course, much of our seminar time will necessarily be spent in ‘interactive lecture’ mode, with the emphasis on interactive. You are encouraged to ask questions and/or offer your perspectives and relevant examples from your own experience. We will also break up our sessions with discussions of current economic issues to help us understand and apply what we have learned.
    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 an average of 12 hours per week (48 hours per 4 weeks) for our 3-unit course. Therefore, in addition to our 12 class hours (two 6-hour sessions, excluding breaks) every 4 weeks, you should expect to devote an average of 36 hours per 4-week period to your studies in this course.

    Learning Activities Summary
    Unit 1 – Days 1 and 2 (Friday, 11 September and Saturday, 12 September): The Economy and the Economic Process

    Unit 2 – Days 3 and 4 (Friday, 9 October and Saturday, 10 October): Microeconomics and management/decision-making

    Unit 3 – Days 5 and 6 (Friday, 6 November and Saturday, 7 November): Macroeconomics and management/decision-making
  • 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 Task Task Type Due Weighting Learning Outcome
    Active Participation Individual Awarded based on the extent and quality of your participation during the course 5% 1,3,4
    Online quizzes  Individual  True/False and Multiple-Choice Question quizzes (3 × 5% each) 15%  1,3,5
    Assignment 1 Individual 2,000-word assignment – Due 5.00 pm on Thursday, 8 October 20% 1-5
    Assignment 2 Individual 2,000-word assignment – Due 5.00 pm on Thursday, 5 November 20% 1-5
    Final Examination Individual End of course (3-hour exam) 40% 1-5
    Assessment Detail
    Further details regarding assessment will be provided on the first day of the course.
    Submission
    Please refer to MyUni for further instructions regarding how to submit tutorial 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 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.
  • 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.