25115 Economics for Business
UTS: Business: Finance and EconomicsCredit points: 6 cp
Subject level: Undergraduate
Result Type: Grade and marksThere are also course requisites for this subject. See access conditions.
Subject coordinator
Harry Tse 5D.2.33, City campus, Haymarket Telephone (02) 9514 7786 Fax (02) 9514 7711 Email Harry.Tse@uts.edu.au
Contact the subject coordinator with queries about the subject's organisation.
Handbook description
This subject develops an understanding of basic economic principles and their application to business decision making and business strategy. It provides a foundation for further studies in business, economics and finance. It provides the ability to read and understand analyses presented in the financial and business media and be able to effectively participate in the formulation of business strategies.
Subject objectives/outcomes
On successful completion of this subject students should be able to:
- analyse and solve business problems relating to costs, output, price and profit
- analyse competition, business behaviour and the effects of changes in market conditions on industries and firms
- understand markets and their limitations (for example, in handling environmental effects) in allocating resources
- understand the main mechanisms by which governments manage the macro economy and how this impacts on business.
Contribution to graduate profile
The subject contributes to the Bachelor of Business 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 basic 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.
Teaching and learning strategies
Economics for Business is taught through lectures, tutorials and self-managed learning materials in print and electronic forms. Real world examples and policy problems are used along with simple hypothetical case studies. The tutorials provide students with an opportunity to discuss economics and its relevance to business and the community.
Content
- Introduction to market theory
- Consumer demand, price elasticity and pricing policy
- The firm's costs and their impact on production decisions
- The structure of markets and their impact on business strategy
- Externalities and the role of government
- Introduction to macroeconomic problems and measurement
- Aggregate supply and aggregate demand analysis
- Fiscal and monetary policy and their impacts on business
- Exchange rates and the balance of payments
Assessment
Assessment item 1: Mid-semester Exam (individual)
| Objective(s): | 1-3 |
| Weighting: | 20% |
| Task: | The mid-semester exam (20%) is a 1-hour exam and likely to cover material from lectures 1 to 6. It contains multiple choice questions. The details of which will be announced in the lecture and posted on UTSOnline under the 'Announcement'. |
Assessment item 2: Assignment (individual)
| Objective(s): | 2-4 |
| Weighting: | 20% |
| Task: | The assignment requires students to integrate their knowledge of current economic events with the economic theory presented in lectures. Addresses objectives 2-4. Economics is concerned with current real world problems. Thus to assist your education, and to make your study more interesting and useful, it is strongly suggested that you follow current economic debates through the media. It will be assumed that you have kept abreast of them. It is strongly suggested that you:
So as to encourage you to take an active interest in current events, you will be required to submit a media assignment. This media assignment is to contain one newspaper or a magazine article on a topic covered in lectures. A list of topics can be found below. You are to write a three to four pages (with 1.5 line spacing) analysis on the article discussing the relevance of the news item to the concepts you have studied in this subject. You will be expected to integrate as best as possible the theory presented in lectures with the material in the article. A format of your report is given below. A penalty will apply to those who write more than four pages (with 1.5 line spacing). This is to encourage you to write concisely. Unless there are extaordinary circumstances, no late assignments will be accepted. These news items are to be current, that is, from Jan, 2010 Onwards. Your media portfolio will count for 20% of your total assessment. Below are the guidelines for the presentation of your media assignment. |
Assessment item 3: Final Examination (Individual)
| Objective(s): | 2-4 |
| Weighting: | 60% |
| Task: | The final exam requires students to display proficiency in the use of economic theories and modes in analysing business problems and explaining the impact of macroeconomic variables on business and the community. Addresses objectives 2-4. |
Minimum requirements
To pass Economics for Business an overall grade of 50% or more is required.
Required text(s)
Textbook for this Subject
Jackson, J., McIver, R. and Bajada, C. (2007) Economic Principles, (2nd ed.) McGraw Hill, Australia.
Lecture Overheads
These are available at a printing cost recovery price. City students may purchase their copy from the Haymarket UTS Union Shop (Building 5D). Kuring-gai students may purchase their copy from the UTS Union Shop (Union Centre, Level 5, Building 1).
The CN Number for the Lecture Overheads is CN --- 3814.
Indicative references
These titles are available in the UTS Library
Faculty of Business (2006), Guide to Writing Assignments, Faculty of Business, University of Technology, Sydney (this should be available at the Co-op Bookshop) available online : http://www.business.uts.edu.au/teaching/guide/index.html
Layton, A., Robinson, T., and Tucker, I., (2009) Economics for Today, Thomson, Australia
McTaggart, D., Findlay, C., and Parkin, M. (2007), Economics, Third Edition, Addison-Wesley, Sydney.
Other resources
Web
Certain materials are available on the Web. These can be accessed through UTSOnline. The materials include
- This Subject Guide;
- The Lecture Slides;
- The tutorial and homework solutions - the UTS Online Economics for Business Web page should be checked regularly, as there may be changes to it throughout the semester;
- Announcements about the subject, mid-semester examination and assignment marks.
UTS Online
What is UTS Online?
UTS Online is a web-based learning tool used in many UTS subjects. It can be accessed from inside and outside UTS via most web-browsers. It can be used for:
- asking and answering questions (via Communication: Discussion Forums by peers),
- interacting with peers and team members (via Communication: Group Pages),
- keeping up to date (via Announcements),
- accessing learning resources (via Course Documents)
Logging on to UTS Online
UTS Online is located at: http://online.uts.edu.au/
To log in to UTS Online:
· Your user name is your student number eg: 12345678
· Your default password is your usual email password.
Note: UTS Online is case sensitive. This means for example "SMITH", "Smith" and "smith" would be interpreted by UTS Online as three different words.
You must log out of UTS Online at the end of each session to prevent other students accessing your UTS Online account. Students are responsible for the security of their UTS Online account. You must keep your password secure. It is strongly suggested that you change your default password the first time you log on to UTS Online.
Having Problems with UTS Online? If you are having technical problems with UTS Online you should contact the ITD Help Desk on ph: 9514 2222 or e-mail: Help.Desk@uts.edu.au.
