23115 Economics for Business
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particular session, location and mode of offering is the authoritative source
of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.
Subject handbook information prior to 2024 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 23000 Principles of Microeconomics AND 23001 Principles of Macroeconomics AND 25115 Economics for Business
Description
This subject provides students with a foundational understanding of the economic influences on business. It offers an introductory treatment of consumer and business behaviour in competitive markets, the effects of government policies and different market structures on market outcomes, and other fundamental economic concepts used in business analysis and decision-making. It also introduces students to the problem of aggregate economic fluctuations, inflation and the structure of economic relations between countries. Economics for Business also equips students with analytical skills to examine the impact of these economic forces on business conditions and to communicate the results of their analysis in writing.
Subject learning objectives (SLOs)
| 1. | Explain the core principles of market competition and market failures, the characteristics of a variety of market structures and the main factors shaping the macroeconomic environment in which consumers and businesses operate |
|---|---|
| 2. | Analyse and predict the effects of government policies and other economic forces on consumer and business behaviour, market outcomes and the macroeconomic environment |
| 3. | Interpret and critically evaluate economic commentary in the media |
| 4. | Communicate economic analysis in written form |
Contribution to the development of graduate attributes
The subject contributes to the Bachelor of Business and Bachelor of Economics learning goals in that it provides students with an understanding of the economic influences on business. Economics for Business offers an introductory analysis of consumer and business behaviour in a range of market structures. It introduces students to the foundational economic concepts used in business analysis and decision-making. It provides students with the opportunity to understand the broad economic contexts in which business operates.
This subject contributes to the development of the following graduate attributes in the Bachelor of Business and Bachelor of Economics
- Intellectual rigour and innovative problem solving
- Communication and collaboration
This subject also contributes to the following graduate attribute in the Bachelor of Economics
- Social responsibility and cultural awareness
This subject also contributes specifically to introduce the following Program Learning Objectives (PLOs) for the Bachelor of Business:
- Apply evidence, creativity and critical reasoning to solve business problems (1.1)
- Communicate information clearly in a form appropriate for its audience (2.1)
This subject also contributes specifically to introduce the following Program Learning Objectives (PLOs) for the Bachelor of Economics:
- Critically analyse economic problems in Australian and global society using and justifying appropriate economic concepts and frameworks (1.1)
- Communicate information clearly in a form appropriate for its audience (2.1)
- Analyse and discuss the intended and unintended effects of economic decisions on social welfare, equity, the environment and Indigenous peoples (3.1)
Teaching and learning strategies
The subject is taught through a combination of face-to-face learning activities and online learning activities. These include lectures, tutorials, practice activities such as online problem sets as well as readings and media watching in preparation for in-class and online activities.
Lectures present key economic concepts and real world applications. Tutorials provide an opportunity to discuss problems and real-world case studies related to lecture material. Students are expected to read and attempt the problems before attending each tutorial in order to actively participate in the discussion.
Online practice (non-assessed) problem sets are provided regularly to give students feedback on their understanding of the subject material. A subject discussion board moderated by teaching staff gives students the opportunity to interact with their peers and teaching staff about the subject material.
All learning materials are made available to students via Canvas on a weekly basis. A plan of learning activities for each week are communicated to the students at the start of the teaching session.
Content (topics)
- Demand and supply with applications;
- Equilibrium and Elasticity;
- Effects of Government policies on market outcomes;
- Markets and market failure: efficiency and equity; Market Structure;
- Measuring GDP, Price Indices and Unemployment;
- Introduction to Aggregate Supply and Aggregate Demand Analysis;
- Monetary and Fiscal Policy
- Exchange Rates and the Balance of Payments.
Assessment
Assessment task 1: Portfolio (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 40% |
| Criteria: | Questions will assess students’ skills and knowledge of economic theory and their ability to relate it to real-world applications. The mark is determined based on the answer's correctness
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 60% |
| Length: | The final exam is a 2-hour exam. |
| Criteria: | Students have to answer a combination of multiple choice, short answer and extended response questions. The exam will assess students’ skills and knowledge of economic theory and their ability to relate it to real-world applications. For multiple choice questions, the mark is determined based on the answer's correctness. The short answer questions will assess students’ capacity to communicate economic analysis in a form appropriate for its audience. For extended response questions, the mark is determined on the answer's comprehensiveness of knowledge.
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Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
If not previously completed in another UTS subject, it is a requirement of this subject that all students complete OPELA [or a written diagnostic task]. Students who received a Basic grade in the OPELA [or the written diagnostic task] are required to attend 80% of the Language Development Tutorials in order to pass the subject. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X grade.
Required texts
Textbook for this Subject
There are two textbooks used in this subject which can be purchased as a bundle in hardcopy or as an e-book.
- Joshua Gans, Stephen King, Martin Byford and N Gregory Mankiw, Principles of Microeconomics, 9th Asia-Pacific edition, 2024, Cengage Learning, Australia.
- Robyn Stonecah, Joshua Gan, Stephen King, Martin Byford, Kris Ivanovski, and N Gregory Mankiw, Principles of Macroeconomics, 9th Asia-Pacific edition, 2024, Cengage Learning, Australia.
Other resources
CANVAS
Logging in to CANVAS. The URL for Canvas is:
From the Canvas front page, click on Canvas enter your Username and Password in the LOGIN box and click the Login button. Your user name is your UTS email address and password is your usual UTS email password.
Having Problems with Canvas? If you are having technical problems with Canvas you should contact the ITD Help Desk on ph: 9514 2222 or e-mail: Help.Desk@uts.edu.au.