Unit Code and Title ECO500 Economics for Managers
Unit Outline
Unit Code and Title ECO500 Economics for Managers
Course(s) Graduate Certificate in Business
Graduate Diploma of Business
Master of Business
Credit Points 6 Credit Points
Duration 12 Weeks
AQF Level 9
Student Workload Students should expect to spend approximately 120 hours on learning activities across the study period. This includes time spent attending scheduled classes, undertaking individual study and completing assessments.
Mode of Delivery Face-to-face
Pre-Requisites Nil
Name of Unit Coordinator Dr Sayma Rahman
Contact Information Email: samya@pia.edu.au
Consultation: Refer to your Moodle unit page for your lecturers consultation time.
Unit Description
The content of this unit is specially designed for graduate students and provides an examination of economic principles and theories essential to an understanding of current economic problems and economic policy analysis. The syllabus includes both microeconomics and macroeconomics.
The essentials of microeconomics are examined including the theory of market systems and the price mechanism, consumer demand theory, resource allocation, and the theory of the firm concentrating on production and cost analysis principles. The macroeconomics component examines the inter-relationship between the main economic variables. Microeconomic reform and fiscal and monetary policy measures are examined and related to the economic problems of unemployment, inflation, and slow economic growth.
Unit Learning Outcomes (ULOs)
On successful completion of this unit, students will be able to:
ULO1Explain and apply fundamental economic theories and concepts to the management of a business.
ULO2 Critically analyse the economic context in which the business operates; and
ULO3 Evaluate the economic and policy environment both in Australia and internationally and apply to the decision-making of businesses.
Learning and Teaching Approach
Learning and teaching in this unit applies the Institutes model of providing transformational learning experiences that are student-centred, collaborative, active, reflective and applied. Key themes embedded into the resources, challenges and assessments are ethical practice, sustainability, evidence-based decision making and real-world applications. Completion of the learning activities for each topic will give students the discipline knowledge and skills required to complete the assessments.
Successful completion of all assessments demonstrates that the unit learning outcomes have been achieved. Additional support to further enhance students academic skills is available from the Academic Enhancement team.
Expectations of Students
You are expected to:
Prepare for scheduled classes by completing assigned activities;
Attend all scheduled classes;
Actively participate in all class activities;
Seek clarification and advice from teaching staff as needed;
Submit assessments on time;
Review and reflect on feedback on assessments and seek clarification about feedback where needed; and
Notify the lecturer if you are unable to attend a class.
Topic Number Topic Content
1 Introduction and Production Possibilities Frontier Scarcity
Opportunity Cost
Macro vs microeconomics
2 Demand and Supply The law of demand, and the shift in demand
The law of supply, and shift in supply
Equilibrium
3
Elasticity Price elasticity of demand
Price elasticity of supply
Cross Price elasticity
4 Government Action in Market and Production costs Government intervention
Cost function
Marginal vs average total cost
5 Perfect Competition Features of Perfect Competition
Markets of Perfect Competition
Determining Price and output
Consequences of firms entering and exiting the market
6 Monopoly Single price monopolist
Price discriminating monopolist
Natural monopolist
7 Monopolistic Competition Define and identify the monopolistic firm
Determining the price and output of a Monopolistic firm
Compare and contrast efficiency
8 GDP and Economic growth Defining GDP,
Three ways of measuring GDP
Circular flow model
Nominal and Real GDP
Economic Growth rate calculation
9 Unemployment and Inflation Labour market
Defining unemployment
Types of unemployment
Natural Rate of Unemployment
Unemployment and economic growth
Measuring Inflation
Inflation rate
10 Aggregate Expenditure Model Consumption function
Aggregate expenditure model
Multiplier
Exogenous shock
11 Fiscal Policy Objectives of Economic Policies
Economic growth
Full Employment
12 Money, Money Market, and Monetary Policy Defining money
Money market
Open market operation
Change in cash impacts the money market
Monetary Policy
Schedule of Learning and Teaching Activities
Assessment Information
Assessment Task Weighting Due Length/ Duration Learning Outcome(s)
Assessment 1:
In class quizzes 10%
10%
10%
10%
Individual
Invigilated Week 3
Week 6
Week 9
Week 12 50 to
90 minutes 1 to 3
Assessment 2: A written research-based report using analysis of cases involving diagrams and data to substantiate your responses. 30% Week 8 2000 words 1 to 3
Assessment 3: Group work - Research, evaluation, and application of a macroeconomic system & Recorded presentation 30% -20% written report plus 10% presentation (video upload) Week 11 2000 words + 10-15 mins group presentation 1 to 3
*Detailed information relating to each assessment in the Assessment Block on Moodle.
Grading
Each assessment and the final mark for the unit will be determined as follows:
Mark Grade
0% - 49% Fail
50% - 64% Pass
65% - 74% Credit
75% - 84% Distinction
85% and above High Distinction
Requirements to Pass a Unit
In order to pass the unit, you must:
Attempt all assessments;
Achieve a minimum of 50% of overall marks; and
Achieve a minimum of 50% of marks in invigilated assessments
Resources
Gans, J., King, S., Stoncash, R., Byford, M., Libich, J., and Mankiw., G. 2021. Principles ofEconomics, 7th Ed. Cengage Learning Australia. ISBN: 9780170382656.
Recommended Reading:Case K. E., Fair R.C., and Oster S. M., 2019. Principles of Economics, Global Ed., Prentice Hall,Boston, MA.Guell, R., 2021. Issues in Economics Today, 9th Ed., McGraw-Hill/Irwin, New York, NY.Hubbard G., Garnett A., Lewis P., and O'Brien T., 2019. Essentials of Economics, 4th Ed. PearsonAustralia, Sydney.McEachern W. A., 2017. Economics: A Contemporary Introduction, 11th Ed. Cengage LearningAustralia, South Melbourne.
Useful Websites: Australian Bureau of Statistics, ABS, www.abs.gov.au Productivity Commission PC, www.pc.gov.au Australian Financial Review http://www.afr.com/ The Sydney Morning Heralds business section http://www.smh.com.au/business The Australians business section http://www.theaustralian.com.au/business The Economist https://www.economist.com/free podcastsat:http://itunes.apple.com/us/podcast/the-economist/id151230264 The Financial Times https://www.ft.com The Wall Street Journal Asia Edition https://www.wsj.com/asia Bloomberg Business Week https://www.bloomberg.com/businessweek The Guardian, Business, and Economics sectionhttps://www.theguardian.com/business/economics ABC News Radio http://www.abc.net.au/newsradio/ ABC Business Newshttp://www.abc.net.au/news/business/ BBC Business News http://www.bbc.com/news/business SkyNews Business News http://www.skynews.com.au/business.html
For macroeconomic data in Australia and other countries, the following websites arerecommended:
Reserve Bank of Australiahttp://www.rba.gov.au/ World Bank Open Datahttp://data.worldbank.org/ The Economist
Academic Misconduct
Ethical conduct and academic integrity and honesty are fundamental to the mission of PIA and academic misconduct will not be tolerated by the Institute. It is the responsibility of every student to make sure that they understand what constitutes academic misconduct and to refrain from engaging in it. Please refer to the Institutes Academic Integrity and Misconduct Policy for further details.
Changes to Unit Outlines
This Unit Outline may be updated and amended from time to time. Any changes will be notified to students through the Online Learning System (Moodle) for the unit.
