Subject Outline 2020 2 (v6) PDF

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SUBJECT OUTLINE 23706 Economics for Management Course area

UTS: Business

Delivery

Autumn 2020; City

Credit points 6cp Requisite(s)

Completionof subject 21878 c Organisational Dialogue: Theory and Practice These requisites may not apply to students in certain courses. There are also course requisites for this subject. See access conditions.

Result type

Grade and marks

Subject coordinator Harry TSE E-mail: [email protected]. Office: Building 8. 07.062 Telephone: Ext 7786

Teaching staff See the subject page on UTS Online for a list of teaching staff and their class allocations.

Subject description This subject comprises two parts which deal with the fundamental principles of macroeconomics and microeconomics as they relate to business management. The macroeconomics part of the subject is concerned with the larger-scale aspects of the economic systems in which businesses operate. It examines the determinants of gross domestic product, the behaviour of the general price level and inflation, unemployment, and the forces that affect the general rate of interest. Attention is also given to the nature, rationale and impact of government policies on the macroeconomic environment and business conditions. The microeconomics part of the subject examines the forces of supply and demand, consumer behaviour, the nature of production costs, price-setting by firms in a range of market types, and the rationale for and fundamental forces affecting international trade.

Subject learning objectives (SLOs) Upon successful completion of this subject students should be able to: 1. Explain the key principles of macro/microeconomic analysis and the forces that determine key economic indicators that impact on the local and global economy 2. Select, manipulate and interpret economic data to analyse economic conditions and developments 3. Apply economic models and frameworks to the analysis of complex business issues 4. Report the findings of economic analyses to inform business decision-making

Contribution to the development of graduate attributes This subject contributes to the development of the following graduate attributes: Business knowledge and concepts Critical thinking, creativity and analytical skills This foundation subject serves to develop a capacity to analyse businesses, industries and the economy and provides an understanding of the paradigms developed in related subjects, such as finance, accounting, marketing and management. While business and community problems have many dimensions, a capacity to identify and understand their economic dimensions is an important prerequisite for sound decision-making. This subject also contributes to the development of the following program learning objectives for the Master of 11/03/2020 (Autumn 2020)

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Business Administration: 1.1 research and analyse complex information and concepts to support business decisions 2.1 apply critical thinking to address strategic business issues It also contributes to developing the following program learning objective for the Master of Finance and the Master of financial Analysis : 1.1: Access and critically analyse relevant information for business decisions 2.1: Apply innovative problem solving processes to address business issues

Teaching and learning strategies Students are advised to note the following points about this subject : 1. Each week’s lecture builds on the material given in the previous lecture. Therefore it is essential to keep up with the weekly preparation and homework. 2. Active learning and participation are strongly encouraged. During the 3 hours face-to-face contact time, students will be able to ask questions and discuss with the lecturer. 3. This subject takes a blended approach to learning in which lectures are supplemented by online activities. The teaching and learning activities consist of : 1) Weekly lecture/seminar This provides the main vehicle for the sequential development of course content. New material is presented each week, and each week’s new material builds upon and develops earlier material. 2) Pre-class weekly Online MCQ Students are required to complete a number of online multiple-choice questions every week before coming to class. Immediate feedback is provided after students submit their answers. Some multiple-choice questions will be discussed in class. The purpose of this exercise is to help consolidate and strengthen students knowledge and experience of learning in the area so that students are better equipped for the coming weeks new topic. 3) Pre-class weekly Short Answer questions Students are also required to attempt short answer questions before coming to class. These will be provided online each week. To promote self-managed and “active learning”, when appropriate, students will be encouraged to discuss their answers in class. These short answer questions will help students understand, apply and communicate economic principles. 4) Pre-class weekly current affairs article discussions A current affairs article from the media will be discussed each week. Students are required to download the article, read and analyse before the class, and then discuss and debate in class. Students are also expected to incorporate this discussed material when preparing the final assignment and examination. 5) In-Class Exercises To increase class interaction and make the learning experience more interesting, in-class exercises are conducted during the lecture. We will increase interaction by using PINGO (an interactive media) to encourage students’ participation and to monitor their progress. 6) UTS Peer Assisted Study Success (UPASS) To foster a collaborative learning environment, the subject runs a number of UPASS classes to help students who need additional support. UPASS classes are led by students who have achieved a high grade in the subject in the previous semester. This provides a peer learning environment so that the UPASS leaders can share their previous learning in the subject. 7) Extensive use of the learning management system & staff consultation : i) To stimulate collaborative learning, the discussion board will not be moderated by teaching staff. ii) Students are encouraged to discuss the unresolved issues with the teaching staff in class or after class. Video clips will also be made available to help student learning.

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iii) Regular announcements will also be made to keep students up to date with subject learning, development and administrative matters. Notes: As face-to-face interaction plays an important part in our subject, students who miss their enrolled class are strongly encouraged to attend another class in the same week so as not to miss that week’s material. An aim of this subject is to help you develop academic and professional language and communication skills in order to succeed at university and in the workplace. To determine your current academic language proficiency, you are required to complete an online language screening task, OPELA (information available at https://www.uts.edu.au/research-and-teaching/learning-and-teaching/enhancing/language-and-learning/about-opela-stu If you receive a Basic grade for OPELA, you must attend additional Language Development Tutorials (each week from the week [3/4] to a week [11/12] in order to pass the subject. These tutorials are designed to support you to develop your language and communication skills. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X [W] grade.

Content (topics) 1. Macroeconomic models and their use predicting the consequences of economic shocks and changes 2. The logic and operation of fiscal and monetary policies, and their impact on the business environment 3. The international dimensions of a small open economy 4. Demand and supply analysis, its methodological and ethical underpinnings, and its relevance to business decision-making 5. Inputs, costs and production functions 6. Industry models, their relevance for business decisions and the rationale for basic trade practice restrictions

Program Week/Session

Dates

Description

1

9 Mar

The first face-to-face classes will commence on 19 Nov 2019 (Tuesday) all Economics for Management (23706). Before attending the first class, you should: 1. Download and read the "Subject Outline". (If you have not done so). 2. Attempt the Orientation Week 'Maths induction exercises' quiz to brush up your basic mathematical skills for the subject before attending. 3. Watch and take notes for the "S/D Model" video & discussions. 4. Read the "Assignment Topic" and the requirements when it becomes available. 5. Familiarise yourself with Canvas after class. Lecture 1: Measuring Macroeconomic Activity Attempt "OPELA" Exercise (Compulsory) Notes: Tse: Ed 1 - Chapter 1 (Farnham Ed 3 - Ch11)

2

16 Mar

Lecture 2: Spending by Individuals, Firms and Government. Notes: Tse: Ed 1 - Chapter 2 (Farnham Ed 3- Ch12)

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3

23 Mar

Lecture 3: The Aggregate Model of the Macro-economy Notes: Tse: Ed 1 - Ch 3 (Parkin and Bade - Ed1 : Chapter 11) In-class quiz 1 (5%) (To be confirmed)

4

30 Mar

Lecture 4: Fiscal Policy & Monetary Policy Notes: Tse: Ed 1 - Ch 4 - Ch 5 (Parkin & Bade - Ed1: Chapter 14 & chapter 15)

5

6 Apr

Lecture 5: The Exchange Rate and Balance of Payments Notes: Tse: Ed 1 - Ch 6 (McTaggart et al. Ed 7 Chapter 23) In-class quiz 2 (5%) (To be confirmed)

6

13 Apr

Lecture 6: Demand, Supply and Equilibrium Prices Assignment Part 1: Group Assignment (powerpoint slides submission only, no presentation - 10%) due at the beginning of the class this week. Submit your group powerpoint slides to your seminar leader that you enrolled in and the electronic copy on Canvas under 'assignment'. Notes: Tse: Ed 1 - Ch 7 (Farnham: Ed 2 - Chapter 3 (Excluding pp. 99 - 106)

20 Apr

No Class (non-teaching week) (Mid-semester break - 20 April to 24 April inclusive)

7

27 Apr

Lecture 7: Demand Elasticity Notes: Tse: Ed 1 Ch 8 (Farnham - Ed 3: Ch3) In-class quiz 3 (5%) (To be confirmed)

8

4 May

Lecture 8: Production & Cost Analysis in the Short Run & in the Long Run Notes: Tse: Ed 1 Ch 9 and Ch10(Farnham - Ed 3: Ch5 excluding pp.156-159) and Chapter 6 (excluding appendices).

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9

11 May

Lecture 9: Market structure 1: Perfect Competition market and Monopoly Notes: Tse: Ed 1 Ch 11 & Ch12 (Farnham - Ed 3: Ch 7 excluding appendices) and Chapter 8 (excluding appendix) In-class quiz 4 (5%) (To be confirmed) Assignment Part 2: Individual Memo (5% content; 5% language) due in this seminar in class to your lecturer.

10

18 May

Lecture 10: Market Structure 2 : Monopolistic Competition & Oligopoly Assignment Part 2: Individual Memo (5% content; 5% language) due in this seminar in class to your lecturer. Notes: Tse: Ed 1 Ch 12 & Ch13 (Farnham: Ed3 - Ch8 & Ch9)

11

25 May

Revision Lecture By now, you should have revised all the weekly lecture slides to refresh your memory and re-attempted all the weekly pre-class exercises (MCQ, short answer questions and the weekly reading) to sharpen your examination problem-solving skills. Most importantly, you should have attempted the two sets of MOCK Final examination papers. I will standby any topics or questions that you may have and we will work them through in class. Please email me so that I can prepare more exercises to practice in the revision class. The Formal Final Examination (60%) will be held on this Thursday 9 Jan 2019. I will make an announcement to confirm the final examination details. Notes: In-class quiz 5 (5%) (To be confirmed)

Vacation

8 Jun

Consultation Week - TBA

12

1 Jun

Study Vacation (No classes will be held) Chect with Student Adminstration for your own final examination details. Notes: Structure of the Final Exaimination (60%) paper: 20 Multiple Choice Questins (10 Macro and 10 Micro questions) [20 marks]. 4 Short Answer Questions [10 marks each].

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(3 questions in Microeconomics and 1 question in Macroeconomics)

Additional information Some tips for doing well in this Course: It is important to attend classes, do the assigned reading, revise the lecture material, and complete the weekly on-line multiple-choice question exercises and the written short answer questions before attending classes. You will need to study continuously throughout the session. Completing the weekly homework exercises (Online multiple-choice questions and short answer questions) each week will prepare you well for the examinations. This subject incorporates some equations, mostly in the form of basic algebra, as well as diagrams and graphs, they are essential for business communication. These may seem uncomfortable to some of you if you have been away from school for a number of years, but they are actually designed to make the learning of economics easier. By learning how to manipulate these equations and graphs correctly, you can answer most questions in economics without having to remember a lot of other material. You should learn not only how to interpret diagrams such as supply and demand curves, but also practice drawing and manipulating them to tell an economic story.

Assessment Assessment for this course will consist of five online in-class computer quizzes (20%), an assignment (20%) and a final examination (60%). Assessment task 1: Online In-class multiple question Quizzes (Individual) Intent:

The aim of the online in-class multiple choice questions quiz is to help students to revise and consolidate their learning before progressing to the next topic.

Objective(s): This addresses subject learning objective(s): 1 and 2 Groupwork: Individual Weight:

20%

Task:

TBA and to be discussed in class

Due:

The formal in-class multiple-choice classes quizzes (either on-line or hard copy) will be scheduled in Seminar 3, Seminar 5, Seminar 7, Seminar 9 and Seminar 11 (to be confirmed)

Further Each in-class on-line quiz is made up of 10 online multiple choice questions to be completed in 10 information: minutes. The quiz will be conducted in class and will commence immediately after the class break. Students will complete the quiz on their own mobile device (smartphone, tablet or laptop). Only the best four results out of the five quizzes will be counted towards the final mark. The quizzes will be based on the material studied in the previous two weeks. Some of the questions will be similar to your weekly homework exercises, class discussions and activities. The quiz results will be released after the quiz and the lecturer will provide feedback on the online test questions in the next class. This assessment component will help students to develop the following Graduate Attributes 1 and 2. Assessment task 2: Assignment (Group and Individual) Intent:

Part 1: Group PPT (Weight: 10%) Part 2: Individual written memo (500 words) (Weight: 10%)

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Objective(s): This addresses subject learning objective(s): 2, 3 and 4 Groupwork: Group, individually assessed Weight:

20%

Further Part 1: The Group PPT (Weight: 10%) [Power point hard copy submission only, no class information: presentation required] Part 2: Individual written memo (500 words) (Weight: 10%) [5% on knowledge content and 5% on English language proficienty]. This assessment will be assessed for English language proficiency. You will be directed to further language support after the completion of this subject if your language is below the required standard. The assignment topic, details and instructions will be available under the ‘Assignment’ folder on Canvas in Seminar 1. Students should look at this carefully before starting on the assignment. This is an authentic assessment exercise. The topic of the assignment relates to the latest ‘real world’ economic situation. Students are required to select, interpret economic data and apply macroeconomic models to analyse the current state of the economy, make a forecast and then comment on current macroeconomic policies. Written feedback will be provided on the student’s hardcopy submission by the marker. This assessment component will help students to develop the following Graduate Attributes 1, 2, 3 and 5. Assessment task 3: Final Exam (Individual) Intent:

It is a closed-book examination of 2 hours duration plus 10 minutes reading time.

Objective(s): This addresses subject learning objective(s): 1, 2 and 3 Groupwork: Individual Weight:

60%

Due:

UTS Exam period The final examination timetable, time and venue details will be sent to you from the Examination Branch by email or you should check your 'My Student Admin'.

Further The final examination will cover the entire subject, Macroeconomics (week 1 to week 5), information: Microeconomics (week 6 to week 10) and the weekly work listed in the Weekly Study Program. The questions will be similar in format and topic covered in the weekly pre-class exercises (MCQ and short answer questions), class exercises, on-line quizzes and the class discussions on current affairs articles. The final examination is a closed book examination comprises of multiple choice questions and written short answer questions. A “Sample examination paper” with full examination instructions on the cover page will be available on Canvas closer to the time of the final examination. This assessment component will help students to develop the following Graduate Attributes 1, and 2.

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Examination material or equipment You must bring a soft-lead pencil and an eraser to fill out the multiple-choice answer sheet. Do not use a pen to answer the multiple-choice answer sheet, as you will not be able to make corrections! You should also bring your student identification card and a calculator.

Minimum requirements Students must achieve at least 50% of the subject’s total marks. It is a requirement of this subject that all students complete OPELA. Students who receive a Basic grade in the OPELA are required to attend 80% of the Language Development Tutorials in order to pass the subject. Students who do not complete the OPELA and/or do not attend 80% of the Language Development Tutorials will receive a Fail X [W] grade.

Required texts The textbook for this course is : Tse H., Economics for Management, 1st Edition, Pearson, 2016 (ISBN: 978 1 4886 1389 0)

Recommended texts Farnham P G., Economics for Managers, 3rd edition, Pearson, 2013. Parkin M and Bade R., Macroeconomics, 1st edition, Pearson, 2016. McTaggart D., Findlay C., and Parking M., Economics, 7th edition, Pearsion, 2013.

Other resources Lecture Notes: The lecture notes for each week are available for download from UTS Online. Homework Exercises: The weekly pre-class on-line homework multiple choice questions with automated feedback assigned for each week...