GMBA71-203: Economics for Managers

Description

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.

Subject details

Type: Postgraduate Subject
Code: GMBA71-203
Faculty: Bond Business School
Semesters offered:
  • May - Bond-BBT MBA 2024 [Non-Standard Offering - Bond-BBT]
  • September - Bond-BBT MBA 2024 [Non-Standard Offering - Bond-BBT]
  • May - Bond-BBT MBA 2025 [Non-Standard Offering]
Credit: 10
Study areas:
  • Business, Commerce, and Entrepreneurship

Learning outcomes

  1. Define and describe microeconomic theory
  2. Apply microeconomic theory to analyse issues faced by firms and consumers in an efficient decision-making process.
  3. Apply microeconomic theory to formulate recommendations based on the analysis of the firm and consumer behaviours.
  4. Define and describe the macroeconomic concepts, interpret and critique aggregated data.
  5. Apply macroeconomic concepts and analyse various real-world issues that affect national economies, including economic growth, unemployment, inflation and monetary and fiscal policies.
  6. Apply international economic theory of open economies to discuss the trade barriers and trade policy.

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.

Restrictions: This subject is not available to
  • Study Abroad Students
  • This subject is not available to students on US Financial Aid.
  • Students on a Student Visa may be restricted from enrolment due to the mode of delivery in the chosen semester. Check the subject outline for further details.

Must be admitted into a BBT/MBA 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.

Subject outlines

Subject dates

Non-Standard Offering - Bond-BBT
Enrolment opens: 19/03/2024
Semester start: 13/05/2024
Subject start: 13/05/2024
Last enrolment: 25/05/2024
Teaching census: 09/06/2024
Withdraw - Financial: 10/06/2024
Withdraw - Academic: 27/06/2024
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