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ECON71-600: Economics for Business May 2019 [Standard]

General information

An introduction to economics for postgraduate students, with a focus on microeconomics. An overview of fundamental topics such as opportunity cost, trade-off, relative scarcity and marginal analysis are explained using contemporary issues including minimum wages, carbon taxes, competition policy and state ownership of monopolies.  The underlying structure of macroeconomics is also included to provide a framework for understanding the economy as a whole and the news and policy that affects it.

Details

Academic unit:Bond Business School
Subject code:ECON71-600
Subject title:Economics for Business
Subject level:Postgraduate
Semester/Year:May 2019
Credit points:10

Delivery & attendance

Timetable: https://bond.edu.au/timetable
Delivery mode:

Standard

Workload items:
  • Lecture: x12 (Total hours: 24) - Weekly Lecture
  • Tutorial: x12 (Total hours: 24) - Weekly Tutorial
  • Personal Study Hours: x12 (Total hours: 72) - Recommended study time & reviewing materials
Attendance and learning activities: Attendance at all class sessions is expected. Students are expected to notify the instructor of any absences with as much advance notice as possible.

Resources

Prescribed resources:
  • Ori Heffetz,Robert Frank,Kate Antonovics,Ben Bernanke (2015). Principles of Economics. 7th, McGraw-Hill Education , 816.
[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

Enrolment requirements

Requisites: ?

Nil

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.

Find your program

Subject Learning Outcomes (SLOs)

On successful completion of this subject the learner will be able to:
  1. Describe the different market structures and summarise the policy responses to the market failure associated with monopoly power.
  2. Explain the concept of Game Theory and summarise its practical implications.
  3. Apply economic theory to evaluate equity and income distribution policy issues.
  4. Differentiate between public goods and common resources and their link with both positive and negative externalities.
  5. Describe the gains from trade and the cost to society of foregoing such potential gains.
  6. Interpret recent movements in key economic indicators in the national economy.

Assessment

Assessment details

TypeTask%Timing*Outcomes assessed
In-Class Quiz - Individual Four online quizzes – Week 3, Week 5, Week 8, Week 9. 10% Ongoing 1, 2, 3, 4, 5, 6.
Skills Assignment Two Homework Assignments - consisting of short answer and analytical questions 20% Ongoing 1, 2, 3, 5.
Paper-based Examination (Closed) Comprehensive Final Examination consisting of short answer and analytical questions. 40% Final Examination Period 1, 2, 3, 4, 5, 6.
Paper-based Examination (Closed) Mid-semester Examination consisting of short answer and analytical questions. 30% Week 7 (Mid-Semester Examination Period) 1, 2, 3, 5.

Pass requirement

Please note that the final exam is comprehensive. That is, all material taught over the whole semester is examinable.

  • * 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 [email protected] subject site for detailed assessment information and submission procedures.

Policy on late submission and extensions

Late submissions will normally not be accepted. Homeworks will be collected at the start of the lecture in the specified week and/or as prescribed. Please make sure your work is stapled together.

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.

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.

Disability 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. Please note that with the mid-semester exam all material taught up until that point in the subject is examinable (except for the material taught in the Week 6 lecture). Note that the exams are CLOSED BOOK. You may, however, bring in calculators and non-electronic dictionaries. Note that calculators must not be capable of recording text. Please plan to be here throughout the exam period. If you have plans to be away during some part of the exam period, you had better change them ASAP.

Subject curriculum

Examines the notion of trade-offs and how rational people respond to incentives and think in the margin when making decisions. This is compared with how an economist approaches such decisions and the models used to understand and explain the world around them.

Graphically explains the relationship between demand and supply to provide a framework to analyse policy issues such as minimum wages. Policy-relevant examples such as why a ‘war on drugs’ might lead to an increase in drug-related burglaries are discussed to explain the concept of elasticity.

Consideration of how buyer and seller choices are based on maximising behaviour. Consumer and producer surpluses are introduced to analyse the cost to society of various policies such as rent control.

Explores economics as a discipline and how it can provide useful insights for decision making and policy formation. The concept of comparative advantage is introduced to show a trader is made best-off by specialising in the good where he/she has the lowest comparative opportunity cost.

Under what circumstances will the market outcome be socially optimal? Perfect competition provides us with a benchmark to compare with other market structures discussed in subsequent topics.

Considers the various sources of market power and the respective conditions necessary for monopoly, oligopoly and monopolistic competition to arise. Also presents policy responses to a natural monopoly, concentrated market structures and anticompetitive behaviour.

An introduction to game theory using static games, credible threats and commitments. The topic continues with applications to moral hazard and adverse selection.

Examines the impact of the Coase theorem and Pigovian taxes. The Tragedy of the Commons and property rights are used to explore the use and value of public goods. We also look at the provision of public goods by government and the problems associated with government decision making.

This topic examines imperfections in labour markets. It also examines alternative methods for redistributing income.

An overview of Gross Domestic Product (GDP) measured both in output and expenditure terms. Consideration of the Consumer Price Index and the relationship between inflation and interest rates.

An examination of the components of national savings and households’ choice between savings and consumption. Investment and capital formation is also considered in relation to the willingness of firms to invest in new capital.

Approved on: Mar 25, 2019. Edition: 3.5