23566 Economics for Business 2
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.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 23115 Economics for Business
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 23000 Principles of Microeconomics AND 23001 Principles of Macroeconomics AND 25555 Macroeconomics: Theory and Applications AND 25566 Economics for Business 2
Description
This subject extends the foundational treatment received in 23115 Economics for Business by analysing the decisions that lie behind the demand and supply curves in markets, and the forces that affect aggregate demand and aggregate supply curves of the economy. The subject examines a number of core issues in economics such as: how firms choose their production levels and how their decisions are affected by the market conditions, how consumers choose between alternative combinations of goods and services, how government conducts fiscal and monetary policy and which forces affect the long-run economic growth of a country. The subject also equips students with the basic quantitative skills needed to examine these questions.
Subject learning objectives (SLOs)
| 1. | explain a number of important extensions and modifications to the theory of markets, some important implications of macroeconomic policy decisions and the forces that affect long run economic growth |
|---|---|
| 2. | critically evaluate a greater range of government policies at both the microeconomic and macroeconomic levels |
| 3. | communicate critical evaluations of economic phenomena in writing with greater effectiveness. |
Contribution to the development of graduate attributes
This subject contributes to the Bachelor of Business and Bachelor of Economics by providing students with an enhanced understanding of foundational issues in economics. The students will learn how to model behaviour of consumers and producers using graphical and analytical framework. Economics for Business 2 thus extends the knowledge and skills students have developed in Economics for Business to prepare them for more advanced study in economics, finance and other areas of business that draw heavily on economic principles.
This subject contributes to the development of the following graduate attributes:
- Communication and collaboration
- Social responsibility and cultural awareness
- Professional and technical competence
This subject also contributes specifically to develop the following Program Learning Objectives for the Bachelor of Business:
- Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)
- Make judgements and business decisions consistent with the principles of social responsibility, inclusion and knowledge of Indigenous peoples (3.1)
- Apply technical and professional skills to operate effectively in business (4.1)
This subject also contributes specifically to develop the following Program Learning Objectives for the Bachelor of Economics:
- Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)
Teaching and learning strategies
In this subject, students get involved in active learning through the entire semester. The subject is taught through a range of interactive activities, including the following:
Online Quizzes: Five computerized online quizzes will be provided during the course and the best three results will be counted towards the final mark (part of Assignment 1).
Lecture Slides: Lecture slides will be available several days before each lecture on the learning management system. Please note that a lecture is just a summary of the material covered in the subject and should not be regarded as a sufficient coverage of the subject matter.
Additional Notes: Since the subject has a quantitative component, the additional notes, extracts and exercises are supplied to complement the main textbook. These notes are available online. Tutorial questions will refer to the concrete questions and exercises to be studied in these additional notes.
Tutorial Exercises: Tutorial questions containing the homework for the next tutorial are available on the learning management system each week. The tutorials will typically have two parts, self-test Multiple Choice Questions and Open Questions. During the first several weeks an extra part on mathematical background will be added. Tutorial questions should be attempted prior to each class, where a tutor will present and discuss the solutions. Solutions to the tutorial questions will be available the week following the respective tutorial class.
Collaboration: Tutorials will provide an opportunity to discuss key ideas from this subject with your teacher and peers. Students will also have opportunities to directly interact with each other through the learning management system.
Feedback: The learning management website will be used extensively as a vehicle of communication between staff and students, including through the online discussion board. Students will also receive regular feedback through interactive tutorial sessions by completing online quizzes.
Content (topics)
- Firms' cost structures and its impact on production and pricing decisions; graphical and analytical representation of cost functions;
- Market structure and its impact on firms' market strategy;
- Labour and capital market, theories of wage determination;
- Expenditure Multipliers and the Keynesian Model of National Income;
- Macroeconomic Fluctuations;
- Investment, Saving and the Role of Financial Markets;
- Issues in Fiscal Policy.
Assessment
Assessment task 1: Portfolio (Individual* and Group)
| Intent: | This assessment comprises two parts:
|
|---|---|
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
| Weight: | 40% |
| Criteria: | *Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Final Examination (Individual)
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 60% |
| Length: | 2 hours. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
There are two textbooks used in this subject which can be purchased as a bundle in hardcopy or as an e-book.
Gans, Joshua, Stephen King, Martin Byford and N Gregory Mankiw, Principles of Microeconomics, 9th Asia-Pacif
edition, 2024, Cengage Learning, Australia.
Robin Stonecash, Gans, Joshua, Stephen King, Martin Byford, Kris Ivanovski and N Gregory Mankiw, Principles of
Macroeconomics, 9th Asia-Pacif edition, 2024, Cengage Learning, Australia.
Other resources
Support
Please contact your lecturer and tutor to get individual help. We are willing to assist you with your studies but you should make an effort yourself! Think of your questions in advance in order to get the most efficient help from us.