23719 Economics Foundations

Warning: The information on this page is indicative. The subject outline for a 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.

UTS: Business: Economics
Credit points: 6 cp

Subject level:

Postgraduate

Result type: Grade and marks

There are course requisites for this subject. See access conditions.
Anti-requisite(s): 230708 Foundation Studio AND 23708 Studio 1: Foundation

Description

Economics Foundations introduces students to economic concepts that provide the foundation for further study in economics. Students are introduced to the theory of consumer and firm behaviour and markets. The subject focuses on real-world settings, where students learn how to use economic frameworks to analyse markets and evaluate the application of economic policy.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1.	Analyse how consumers and firms behave and interact in markets using economic frameworks
2.	Evaluate the application of economic policy on consumers, firms and markets
3.	Apply economic frameworks in industry and government contexts

Contribution to the development of graduate attributes

The subject equips students with economic tools to analyse consumer and firm behaviour, including the interactions of firms and consumers in markets. This subject requires students to analyse data contained in case studies. In doing so, students need to apply knowledge of economic concepts and data analysis techniques to real-world data. They will also be challenged to develop their communication skills by demonstrating the capability to convey analysis conclusions to professional audiences.

This subject contributes to the development of the following graduate attribute(s):

Intellectual rigour and innovative problem solving
Communication and collaboration
Professional and technical competence

Teaching and learning strategies

Students will learn through independent learning activities, group work, peer review, and participation in collaborative online sessions through the learning management system.

Orientation activities

In preparation for the Session, students are expected to undertake activities prior to the first week. These activities (approximately two hours in duration) include online readings, videos (database searching) and interaction with peers and are important in helping students prepare for the subject’s Assessment Tasks. This also provides students with an opportunity to meet and interact with peers.

Independent learning activities

Readings, videos and activities will be made available online relevant to the topic of the week. The online material aims to enhance students’ understanding of the topic or delve deeper into a more specific area. Information and links to all these learning activities can be accessed via Canvas as well as the subject outline.

Online collaborative sessions

The online collaborative sessions will provide opportunities for group activities and discussion, self-assessment, peer review and formative feedback from the subject facilitator. Students are expected to come to the collaborative online sessions prepared. This will enhance the students’ ability to progress successfully throughout the subject and complete assessment items effectively. Online collaborative sessions will be conducted at a time that enables most students to contribute.

Feedback

Feedback will be frequent and includes self-assessment and peer review. Formative feedback throughout the subject aims to increase student performance at summative assessments.

Content (topics)

Consumer demand
Firm behaviour
Market structure
Market equilibrium
Government policy
Applications of economic frameworks in industry and government contexts?

Assessment

Assessment task 1: Case analysis (Individual)

Objective(s):	This addresses subject learning objective(s): 1 and 3
Weight:	30%
Length:	The Case Analysis should be no longer than 2,000 words.
Criteria:	Appropriate use of economic frameworks in analysis Accurate interpretation of results Clear communication of results and their interpretation

Assessment task 2: Problem Set (Individual)

Objective(s):	This addresses subject learning objective(s): 1 and 2
Weight:	30%
Length:	Less than 12 pages including any figures, tables and references.
Criteria:	The appropriate and accurate use of economic theory Accurate use of analytical tools as discussed in class Answers are presented clearly and unambiguously

Assessment task 3: Applied Policy Project (Individual)

Objective(s):	This addresses subject learning objective(s): 2 and 3
Weight:	40%
Length:	The report should be no longer than 2,000 words.
Criteria:	Appropriate application of economic methodology Conclusions based on sound economic arguments Findings are presented clearly and coherently

Minimum requirements

Students must achieve at least 50% of the subject’s total marks.

It is a requirement of this subject that all students complete OPELA. Students who receive a Basic grade in the OPELA 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 [W] grade.

Required texts

There is no required textbook. Resources will be made available through the learning management system as required.