23709 Economics for Management
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 2025 is available in the Archives.
Credit points: 6 cp
Subject level:
Postgraduate
Result type: Grade and marksThere are course requisites for this subject. See access conditions.
Anti-requisite(s): 230709 Managerial Economics AND 23706 Economics for Management AND 25745 Economics: Concepts and Applications
Description
This subject comprises two parts which deal with the fundamental principles of macroeconomics and microeconomics as they relate to business management.
The macroeconomics part of the subject is concerned with the larger-scale aspects of the economic systems in which businesses operate. It examines the determinants of gross domestic product, the behaviour of the general price level and inflation, unemployment, and the forces that affect the general rate of interest. Attention is also given to the nature, rationale and impact of government policies on the macroeconomic environment and business conditions.
The microeconomics part of the subject examines the forces of supply and demand, consumer behaviour, the nature of production costs, price-setting by firms in a range of market types, and the rationale for and fundamental forces affecting international trade.
Subject learning objectives (SLOs)
| 1. | explain the key principles of macro/microeconomic analysis and the forces that determine key economic indicators that impact on the local and global economy |
|---|---|
| 2. | select, manipulate and interpret economic data to analyse economic conditions and developments |
| 3. | apply economic models and frameworks to the analysis of complex business issues |
| 4. | report the findings of economic analyses to inform business decision-making |
Contribution to the development of graduate attributes
This foundation subject serves to develop a capacity to analyse businesses, industries and the economy and provides an understanding of the paradigms developed in related subjects, such as finance, accounting, marketing and management. While business and community problems have many dimensions, a capacity to identify and understand their economic dimensions is an important prerequisite for sound decision-making. The subject will specifically develop student’s capacity to research and analyse complex information to support business decisions in local and international contexts. It will also develop student’s capacity to apply critical thinking to address strategic business issues in complex contexts.
This subject contributes to the development of the following graduate attributes:
- Intellectual rigour and innovative problem solving
- Professional and technical competence
This subject also contributes to the development of the following program learning objectives for the Master of Business Administration:
- Synthesise critical thinking and advanced analytical skills to develop creative solutions that address strategic business issues in complex contexts (1.1)
Teaching and learning strategies
The teaching and learning activities consist of:
Weekly lecture/seminar
This provides the main vehicle for the sequential development of course content. New material is presented each week, and each week’s new material builds upon and develops earlier material. Students will also be prompted with questions throughout the seminar to engage in discussions also to facilitate collaborative learning experiences amongst students.
Pre-class weekly Online MCQ
Students are required to complete a number of online multiple-choice questions every week before coming to class. Immediate feedback is provided after students submit their answers. Some multiple-choice questions will be discussed in class. The purpose of this exercise is to help consolidate and strengthen student’s knowledge and experience of learning in the area so that students are better equipped for the coming weeks new topic.
Pre-class weekly Short Answer questions
Students are also required to attempt short answer questions before coming to class. These will be provided online each week. To promote self-managed and “active learning”, when appropriate, students will be encouraged to discuss their answers in class. These short answer questions will help students understand, apply and communicate economic principles.
Pre-class weekly current affairs article discussions
A current affairs article from the media will be discussed each week. Students are required to download the article, read and analyse before the class, and then discuss and debate in class. Students are also expected to incorporate this discussed material when preparing the final assignment and examination.
In-Class Exercises
To increase class interaction and make the learning experience more interesting, in-class exercises are conducted during the lecture. We will increase interaction by using PINGO (an interactive media) to encourage students’ participation and to monitor their progress. The pre-class exercises will also be discussed in class through a process of encouraging students to share their proposed solutions to motivate further discussions and debate on current economic issues.
UTS Peer Assisted Study Success (UPASS)
To foster a collaborative learning environment, the subject runs a number of UPASS classes to help students who need additional support. UPASS classes are led by students who have achieved a high grade in the subject in the previous semester. This provides a peer learning environment so that the UPASS leaders can share their previous learning in the subject.
Extensive use of the learning management system & staff consultation:
i) To stimulate collaborative learning, the discussion board will not be moderated by teaching staff.
ii) Students are encouraged to discuss the unresolved issues with the teaching staff in class or after class. Video clips will also be made available to help student learning.
iii) Regular announcements will also be made to keep students up to date with subject learning, development and administrative matters.
Notes: As face-to-face interaction plays an important part in our subject, students who miss their enrolled class are strongly encouraged to attend another class in the same week so as not to miss that week’s material.
An aim of this subject is to help you develop academic and professional language and communication skills to succeed at university and in the workplace. During the course of this subject, you will complete a milestone assessment task that will, in addition to assessing your subject-specific learning objectives, assess your English language proficiency.
Students are advised to note the following points about this subject:
- Each week’s lecture builds on the material given in the previous lecture. Therefore it is essential to keep up with the weekly preparation and homework.
- Active learning and participation are strongly encouraged. During the 3 hours of face-to-face contact time, students will be able to ask questions and discuss with the lecturer.
- This subject takes a blended approach to learning in which lectures are supplemented by online activities.
Content (topics)
- Macroeconomic models and their use predicting the consequences of economic shocks and changes
- The logic and operation of fiscal and monetary policies, and their impact on the business environment
- The international dimensions of a small open economy
- Demand and supply analysis, its methodological and ethical underpinnings, and its relevance to business decision-making
- Inputs, costs and production functions
- Industry models, their relevance for business decisions and the rationale for basic trade practice restrictions
Assessment
Assessment task 1: Online In-class Multiple question Quizzes (Individual)*
| Objective(s): | This addresses subject learning objective(s): 1 and 2 |
|---|---|
| Weight: | 20% |
| Criteria: |
*Note: Late submission of the assessment task will not be marked and awarded a mark of zero. |
Assessment task 2: Assignment (10% Group and 10% Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 20% |
| Criteria: |
|
Assessment task 3: Final Examination (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 3 and 4 |
|---|---|
| Weight: | 60% |
| Criteria: |
|
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Tse H., Economics for Management, 1st Edition, Pearson, 2016 (ISBN: 978 1 4886 1389 0)
Recommended texts
Farnham P G., Economics for Managers, 3rd edition, Pearson, 2013.
Parkin M and Bade R., Macroeconomics, 1st edition, Pearson, 2016.
McTaggart D., Findlay C., and Parking M., Economics, 7th edition, Pearsion, 2013.
Other resources
Lecture Notes: The lecture notes for each week are available for download from CANVAS.
Homework Exercises: The weekly pre-class on-line homework multiple choice questions with automated feedback assigned for each week are available on Canvas. These consist of multiple choice questions only.
In addition to the MCQ, written short answer questions are available for download from Canvas.
The questions are similar in format and topic coverage to those you will encounter in the exams. You should complete the exercises after you have done the assigned chapter reading and revised the lecture material. Your lecturer will go through some of your exercises with you in class, but you should attempt them before class. Short Answer question solutions will also be made available via Canvas each week.
Attendance Policy
The attendance policy is in accordance with the University policy on attendance and/or participation requirements as detailed in the UTS Student Rules Section 3.8 (see http://www.gsu.uts.edu.au/rules/student/index.html)
3.8 Attendance and/or participation requirements
3.8.1 If there are any attendance and/or participation requirements for a subject, they must be prescribed in the relevant subject outline.
3.8.2 If a student does not satisfy the prescribed attendance and/or participation requirements for a subject, the Responsible Academic Officer may:
- refuse permission for the student to be considered for assessment;
- refuse permission for the student to attempt an assessment task;
- refuse permission for the student to undertake an examination in that subject;
- record a final result of ‘Fail’ for the student’s enrolment in that subject.
3.8.3 If a student is prevented from meeting prescribed attendance or participation requirements as a result of illness or other circumstances beyond the student’s reasonable control, the student may lodge an application for special consideration under Rule 8.3 for consideration of alternative arrangements.
3.8.4 Where appropriate, the Responsible Academic Officer in consultation with the Subject Coordinator may approve suitable alternative arrangements.
3.8.5 Approval of alternative arrangements for attendance and/or participation does not imply exemption from payment of any fees or charges, nor does it imply exemption from, or concessions relating to, assessment or examinations. Alternative arrangements will be subject to normal assessment grading.