General Information
Economics for Managers introduces both microeconomics and macroeconomics for global business managers. The economic theories are supplemented with an emphasis on practical applications to real-world business problems. Microeconomics is the study of individual decision-making units (consumers and firms) and their interaction in a market economy. An understanding of this assists managers when faced with choices and issues such as how much to produce, what price to charge, whether to shut down production in the short run and the impact of new, cheaper substitute products. Macroeconomic principles assist managers in their need to analyse, predict and respond to changes in an uncertain economic environment. Topics covered include inflation, unemployment and the influence of monetary and fiscal policy. The skills that students will develop in this subject are essential for successful managers. This will certainly establish a vital component in most jobs in the multidisciplinary fields of business.
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Details
Academic unit: Bond Business School Subject code: GMBA71-203 Subject title: Economics for Managers Subject level: Postgraduate Semester/Year: May 2021 Credit points: 10.000 -
Delivery & attendance
Timetable: https://bond.edu.au/timetable Delivery mode: Online Workload items: - Seminar: x12 (Total hours: 24) - Webinar 1
- Personal Study Hours: x12 (Total hours: 36) - Study time and reviewing materials
Attendance and learning activities: Participation in all scheduled sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. -
Resources
Prescribed resources: Books
- Joshua Gans,Robin Stonecash,Martin Byford,Gregory Mankiw,Stephen King, Ph.D.,Jan Libich (2017). Principles of Economics with Student Resource Access 12 Months. 7th, Cengage AU
iLearn@Bond & Email: iLearn@Bond 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
| Academic unit: | Bond Business School |
|---|---|
| Subject code: | GMBA71-203 |
| Subject title: | Economics for Managers |
| Subject level: | Postgraduate |
| Semester/Year: | May 2021 |
| Credit points: | 10.000 |
| Timetable: | https://bond.edu.au/timetable |
|---|---|
| Delivery mode: | Online |
| Workload items: |
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| Attendance and learning activities: | Participation in all scheduled sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible. |
| Prescribed resources: | Books
|
|---|---|
| iLearn@Bond & Email: | iLearn@Bond 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 |
Enrolment requirements
| Requisites: |
Nil |
|---|---|
| Assumed knowledge: |
Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.
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| Restrictions: |
Nil |
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:
- Define and describe microeconomic theory
- Apply microeconomic theory to analyse issues faced by firms and consumers in an efficient decision-making process.
- Apply microeconomic theory to formulate recommendations based on the analysis of the firm and consumer behaviours.
- Define and describe the macroeconomic concepts, interpret and critique aggregated data.
- Apply macroeconomic concepts and analyse various real-world issues that affect national economies, including economic growth, unemployment, inflation and monetary and fiscal policies.
- Apply international economic theory of open economies to discuss the trade barriers and trade policy.
Generative Artificial Intelligence in Assessment
The University acknowledges that Generative Artificial Intelligence (Gen-AI) tools are an important facet of contemporary life. Their use in assessment is considered in line with students’ development of the skills and knowledge which demonstrate learning outcomes and underpin study and career success. Instructions on the use of Gen-AI are given for each assessment task; it is your responsibility to adhere to these instructions.
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Assessment details
Type Task % Timing* Outcomes assessed Computer-Aided Examination (Open) Final Examination 40% Final Examination Period 1,2,3,4,5,6 Computer-Aided Examination (Open) Midterm exam 40% Week 6 (Mid-Semester Examination Period) 1,2,3 *Online Quiz Aplia based - 5 quizzes 20% Ongoing 1,4,5 - * 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.
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Assessment criteria
Assessment criteria
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. Quality assurance
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.
| Type | Task | % | Timing* | Outcomes assessed |
|---|---|---|---|---|
| Computer-Aided Examination (Open) | Final Examination | 40% | Final Examination Period | 1,2,3,4,5,6 |
| Computer-Aided Examination (Open) | Midterm exam | 40% | Week 6 (Mid-Semester Examination Period) | 1,2,3 |
| *Online Quiz | Aplia based - 5 quizzes | 20% | Ongoing | 1,4,5 |
- * 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.
Assessment criteria
| 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. |
Quality assurance
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.
Study Information
Submission procedures
Students must check the iLearn@Bond 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.
Academic Integrity
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.
Bond University utilises Originality Reporting software to inform academic integrity.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.
Accessibility and Inclusion Support
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.
Subject curriculum
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Introduction to Economics
How economists analyse important issues of microeconomic and macroeconomic nature? How much to produce and charge? Deciding whether to continue production or shut down, in the short-term. What is the impact from new and cheaper substitute products? How does an economy grow? What are the impacts of monetary and fiscal policies on the economy?
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How the market operates: determining price and quantity
What is the competitive market? What determines the demand and supply of a good in a competitive market? How supply and demand together set the price of a good and the quantity sold?
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The responsiveness of demand and supply
What is the price elasticity of demand? What determines the elasticity of demand and supply? What are applications of elasticity in various types of markets?
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Government intervention and market failure
What are the implications of government policies that place a ceiling and floor on prices? How taxes affect the price of the good and the quantity sold? How the burden of taxes is split between buyers and sellers? How a subsidy on a good affects the price of the good?
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Costs of production
What are economic and accounting costs? What items are included in a firm’s costs of production and analyse the link between a firm’s production process and its total costs? What are interconnections between the average total cost and marginal cost? What is the relationship between short-run and long-run costs?
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Firm behaviour in Perfectly competitive markets
What are the unique features of a competitive market? How competitive firms decide how much output to produce and when to shut down production temporarily? How competitive firms decide whether to exit or enter a market and how firm behaviour determines a market’s short-run and long-run supply curves?
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Monopoly markets
Why do some markets have only one seller? Analyse how a monopoly determines the quantity to produce and the price to charge. How the monopoly’s decisions affect economic wellbeing and see why monopolies try to charge different prices to different customers.
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Imperfectly competitive markets
What outcomes are possible when a market is an oligopoly and learn about the prisoners’ dilemma and how it applies to oligopoly and other issues.
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Gross domestic product and economic growth
Why an economy’s total income equals its total expenditure and how gross domestic product (GDP) is defined and calculated. What are the major components of GDP? What distinguishes the nominal and real GDP? Is GDP the best measure of economic well-being?
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Unemployment
What are types of unemployment, what the natural rate of unemployment is, and discuss its causes? How ‘classical’ unemployment can result from the real wage being too high due to minimum-wage laws, union wage bargaining, or efficiency wages and get to know how ‘frictional’ unemployment is driven by the process of job search.
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Inflation
How the consumer price index (CPI) is constructed and why the CPI is an imperfect measure of the cost of living? What are common differences between CPI and GDP deflator? What are distinctions between nominal and real interest rates?
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Aggregate economy
What are the common causes of short-run economic fluctuations? How the economy in the short run differs from the economy in the long run? How shifts in either aggregate demand or aggregate supply can cause recessions?
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Monetary and fiscal policy
What is money and its functions in the economy? What is the role of the Reserve Bank of Australia (RBA)? How the banking system influences the amount of money in the economy? What tools the RBA uses to influence liquidity conditions in the economy?
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Macroeconomics of open economies
How net exports measure the international flow of goods and services? How net foreign investment measures the international flow of capital? Why net exports must always equal net foreign investment and how saving, domestic investment and net foreign investment are related. What is the difference between nominal exchange rate and real exchange rate?
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International trade and trade policy
Examine an open economy’s trade balance and exchange rate. What are the effects of government budget deficits? What are the macroeconomic effects of trade policies? What is the effect of political instability and capital flight in the economy?