23115 Economics for Business
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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 2018 is available in the Archives.
Credit points: 6 cp
Subject level:
Undergraduate
Result type: Grade and marksRequisite(s): 26100c Integrating Business Perspectives
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses. See access conditions.
Anti-requisite(s): 23000 Principles of Microeconomics AND 23001 Principles of Macroeconomics AND 25115 Economics for Business
Description
This subject provides students with a basic understanding of the economic influences on business. It offers an introductory treatment of consumer and business behaviour in competitive markets, the effects of government policies on market outcomes, and the basic economic concepts used in business analysis and decision-making. It also introduces students to the problem of aggregate economic fluctuations, inflation and the structure of economic relations between countries. Economics for Business also equips students with basic analytical skills to examine the impact of these macroeconomic forces on business conditions and to communicate the results of their analysis in writing.
Subject learning objectives (SLOs)
| 1. | Explain the core principles of market competition and market failures, the characteristics of a variety of market structures and the main factors shaping the macroeconomic environment in which consumers and businesses operate |
|---|---|
| 2. | Analyse and propose solutions to the basic problems faced by firms using knowledge of consumer behaviour, production costs, market structures and the macroeconomic environment |
| 3. | Interpret and critically evaluate economic commentary in the media |
| 4. | Communicate economic analysis at a basic level in written form |
Contribution to the development of graduate attributes
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.
This subject contributes to the development of the following graduate attributes:
- Business knowledge and concepts
- Attitudes and values
- Business practice oriented skills
This subject also contributes specifically to introduce the following Program Learning Objectives (PLOs):
- PLO 1.1: Critically analyse relevant concepts to understand practice in business and related professions in a global workplace
- PLO 4.1: Critically analyse business decisions in terms of ethical practice and social responsibility
- PLO 5.1: Apply technical and professional skills necessary to operate effectively in business and related professions
Teaching and learning strategies
The subject is taught through a combination of in-class (face-to-face) activities and on-line learning activities. In-class activities include weekly 1.5-hour lectures and 1.5-hour tutorials. On-line learning activities include practice activities such as online problem sets as well as readings and media watching in preparation for in-class activities. The section “Program” of this guide provides the detail of the weekly activities students are expected to engage in.
Lectures. Lecturers present key economic concepts and real world applications. To facilitate engagement, mobile–based audience response systems are used to ask students questions related to the material covered during the lecture. Students’ answers are anonymously collected, presented to the class and then discussed by the lecturer to provide immediate feedback.
Tutorials. Tutors discuss short problems and real-world case studies related to lecture material. Students are expected to read and attempt both the problems and the case studies before attending each tutorial in order to actively participate in the discussion. In particular, for case studies students have to discuss their answers in small groups and then submit the group-preferred answer using audience response systems before the tutor provides the solutions and feedback.
Lectures’ and tutorials’ material is made available to students via UTSOnline on a weekly basis.
Online Problem Sets. Each week, students are provided with online practice problem sets via UTSOnline to test their understanding of the subject material. These problem sets include a detailed explanation of each answer and thus provide students with immediate feedback. Similar problem sets are also used for assessment, with the solutions and feedback released only after the submission deadline.
Discussion Board. This is a web-based resource that can be accessed via the UTSOnline course page. The discussion board is a forum that gives students the opportunity to interact with their peers as well as with teaching staff. Students are able to post questions and comments about the course material. A member of staff will moderate the Forum and will answer students’ questions when appropriate.
UTSOnline. UTSOnline is a web-based tool used at UTS to provide online learning to students. UTSOnline is accessible by most web browsers, and provided you have access to an internet connection you can access UTSOnline anywhere. From the UTSOnline main page, you can access the course page by clicking on the Economics for Business link. In the course page, you will be able to:
- Download course material (e.g. lecture notes, tutorial material, case-studies, etc.);
- Access the Online Problem Sets;
- Interact with peers and teaching staff (via Discussion Board);
- Keep up to date (via Announcements).
We expect that students browse the UTSOnline page of the subject on a regular basis (at least twice a week).
Content (topics)
- Demand and supply with applications;
- Equilibrium and Elasticity;
- Effects of Government policies on market outcomes;
- Markets and market failure: efficiency and equity;
- Measuring GDP, Price Indices and Unemployment;
- Introduction to Aggregate Supply and Demand Analysis;
- Introduction to Money, Money Markets and Interest Rates;
- Exchange Rates and the Balance of Payments.
Assessment
Assessment task 1: Portfolio (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2 and 3 |
|---|---|
| Weight: | 40% |
Assessment task 2: Final Exam (Individual)
| Objective(s): | This addresses subject learning objective(s): 1, 2, 3 and 4 |
|---|---|
| Weight: | 60% |
| Length: | The final exam is a 2-hour exam, plus 10 minutes of reading time. |
Minimum requirements
Students must achieve at least 50% of the subject’s total marks.
Required texts
Textbook for this Subject
Gans, Joshua, Stephen King, Robin Stonecash, Martin Byford, Jan Libich and N Gregory Mankiw, Principles of Economics, 7th Asia-Pacif edition, 2018, Cengage Learning, Australia.
Barron, M. (2015) Fundamentals of Business Law for University of Technology, Sydney. McGraw Hill, ISBN (First Edition 2015) 97-817-437-61250
Other resources
UTSOnline
Logging in to UTSOnline. The URL for the UTSOnline front page is:
From the UTSOnline front page, enter your Username and Password in the LOGIN box on the left hand side, and click the Login button. Your user name is your student number eg: 12345678. Your default password is your usual UTS email password.
The student guide to UTSOnline can be found at:
http://www.iml.uts.edu.au/elearning/student/
Having Problems with UTSOnline? If you are having technical problems with UTSOnline you should contact the ITD Help Desk on ph: 9514 2222 or e-mail: Help.Desk@uts.edu.au.
