An introduction to the economic tools and theories used in managerial decision-making. Macroeconomic considerations such as deficits, price stability, exchange rate fluctuations and other factors are examined in relation to their individual and collective impact on a firm’s operating environment. Individual economic behaviour is also considered to explore how consumer and firm market interactions affect consumption and production decisions. Practical tools and strategies to support the manager’s roles in pricing strategies, converting high value from low value assets, market segmentation, product differentiation and product complementarities, extending insights to cooperative and non-cooperative solutions of firms are also emphasised.
|Academic unit:||Bond Business School|
|Subject title:||Economics For Decision Making|
Delivery & attendance
|Attendance and learning activities:||Attendance at all scheduled sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.|
|Prescribed resources:|| |
|[email protected] & Email:||[email protected] is the online learning environment at Bond University and is used to provide access to subject materials, lecture recordings and detailed subject information regarding the subject curriculum, assessment and timing. Both iLearn and the Student Email facility are used to provide important subject notifications. Additionally, official correspondence from the University will be forwarded to students’ Bond email account and must be monitored by the student.|
To access these services, log on to the Student Portal from the Bond University website as www.bond.edu.au
|Restrictions: ?|| This subject is not available to|
Must be admitted into an EMBA Program.
This subject is not available as a general elective. To be eligible for enrolment, the subject must be specified in the students’ program structure.
Assurance of learning
Assurance of Learning means that universities take responsibility for creating, monitoring and updating curriculum, teaching and assessment so that students graduate with the knowledge, skills and attributes they need for employability and/or further study.
At Bond University, we carefully develop subject and program outcomes to ensure that student learning in each subject contributes to the whole student experience. Students are encouraged to carefully read and consider subject and program outcomes as combined elements.
Program Learning Outcomes (PLOs)
Program Learning Outcomes provide a broad and measurable set of standards that incorporate a range of knowledge and skills that will be achieved on completion of the program. If you are undertaking this subject as part of a degree program, you should refer to the relevant degree program outcomes and graduate attributes as they relate to this subject.
Subject Learning Outcomes (SLOs)
On successful completion of this subject the learner will be able to:
- Evaluate economic policy and its impact on businesses
- Utilise economic theory to evaluate firm activity and performance
- Articulate sound economic reasoning in a clear, concise writing style appropriate for the intended purpose and audience.
- Deliver a clear, concise, well-organised presentation appropriate for the intended purpose and audience.
|*In-Class Quiz - Individual||A review quiz at the end of each intensive class session.||50%||Progressive||1, 2, 3.|
|Case Analysis||Case analysis requiring application of concepts and theories.||40%||To Be Negotiated||1, 2, 3.|
|Oral Pitch||Oral presentation of the case analysis.||10%||To Be Negotiated||1, 2, 3, 4.|
- * Assessment timing is indicative of the week that the assessment is due or begins (where conducted over multiple weeks), and is based on the standard University academic calendar
- C = Students must reach a level of competency to successfully complete this assessment.
|High Distinction||85-100||Outstanding or exemplary performance in the following areas: interpretative ability; intellectual initiative in response to questions; mastery of the skills required by the subject, general levels of knowledge and analytic ability or clear thinking.|
|Distinction||75-84||Usually awarded to students whose performance goes well beyond the minimum requirements set for tasks required in assessment, and who perform well in most of the above areas.|
|Credit||65-74||Usually awarded to students whose performance is considered to go beyond the minimum requirements for work set for assessment. Assessable work is typically characterised by a strong performance in some of the capacities listed above.|
|Pass||50-64||Usually awarded to students whose performance meets the requirements set for work provided for assessment.|
|Fail||0-49||Usually awarded to students whose performance is not considered to meet the minimum requirements set for particular tasks. The fail grade may be a result of insufficient preparation, of inattention to assignment guidelines or lack of academic ability. A frequent cause of failure is lack of attention to subject or assignment guidelines.|
For the purposes of quality assurance, Bond University conducts an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Students must check the [email protected] subject site for detailed assessment information and submission procedures.
Policy on late submission and extensions
A late penalty will be applied to all overdue assessment tasks unless an extension is granted by the subject coordinator. The standard penalty will be 10% of marks awarded to that assessment per day late with no assessment to be accepted seven days after the due date. Where a student is granted an extension, the penalty of 10% per day late starts from the new due date.
Policy on plagiarism
University’s Academic Integrity Policy defines plagiarism as the act of misrepresenting as one’s own original work: another’s ideas, interpretations, words, or creative works; and/or one’s own previous ideas, interpretations, words, or creative work without acknowledging that it was used previously (i.e., self-plagiarism). The University considers the act of plagiarising to be a breach of the Student Conduct Code and, therefore, subject to the Discipline Regulations which provide for a range of penalties including the reduction of marks or grades, fines and suspension from the University.
Feedback on assessment
Feedback on assessment will be provided to students within two weeks of the assessment submission due date, as per the Assessment Policy.
If you have a disability, illness, injury or health condition that impacts your capacity to complete studies, exams or assessment tasks, it is important you let us know your special requirements, early in the semester. Students will need to make an application for support and submit it with recent, comprehensive documentation at an appointment with a Disability Officer. Students with a disability are encouraged to contact the Disability Office at the earliest possible time, to meet staff and learn about the services available to meet your specific needs. Please note that late notification or failure to disclose your disability can be to your disadvantage as the University cannot guarantee support under such circumstances.
Additional subject information
As part of the requirements for Business School quality accreditation, the Bond Business School employs an evaluation process to measure and document student assessment as evidence of the extent to which program and subject learning outcomes are achieved. Some examples of student work will be retained for potential research and quality auditing purposes only. Any student work used will be treated confidentially and no student grades will be affected.
Considers the principles of effective management including identifying goals and constraints, recognising the nature and importance of profits, understand incentives, understand markets, recognise time value of money and the marginal analysis.
Examines various types of markets and explains what determines demand under each type of market. The role of demand and supply in determining market prices and its role in allocating scarce resources in market economies, the concept of elasticity and the effects of government intervention are also considered.
Examines what items are included in a firm’s costs of production, analyses the link between a firm’s production process and its total costs. Also explores the relationship between short-run and long-run costs.
An overview of the characteristics of a competitive market. Managerial decisions such as how much output to produce, when to shut down production temporarily, whether to exit or enter a market are considered in relation to the market’s short-run and long-run supply curves.
Analyses competition among firms that sell differentiated products, compares the outcome under monopolistic and perfect competition. We also analyse debates over the effects of advertising, the role of brand names and apply the prisoners’ dilemma to oligopolies and other issues.
Explains why an economy’s total income equals its total expenditure and how gross domestic product (GDP) is defined and measured. Also considers the major components of GDP and its use as a measure of economic wellbeing. Similarly, the composition and utility of the consumer price index (CPI) is also examined.
An examination of net exports, net foreign investment and how domestic savings and investments are related with trade balance. The concept of purchasing power parity as a theory of exchange rates determination is also considered. Finally, the role of policy makers in stabilising the economy is discussed through contemporary examples.