|UnitCodeandTitle||ECO500 Economics for Managers|
|Course(s)||Graduate Certificate in Business Graduate Diploma in Business Master of Business|
|CoreorElective||Core: Graduate Certificate in Business Graduate Diploma in Business Master of Business|
|CreditPoints||6 credit points|
|Duration||13 weeks (12 teaching weeks; 1 final examination week) This unit consists of two 2-hour classes each week|
|StudentWorkload||Students should expect to spend approximately 120 hours on learning activities across the study period. This includes time spent attending scheduled classes, undertaking private study, preparing assessments, and completing examinations.|
|Mode(s)ofDelivery||Flexible learning and innovative use of digital technologies This unit is delivered in blended mode which may includes Weekly classes or 3-4 face-to-face workshops (typically on weekends)|
|UnitCoordinator||Dr XXXXX XXXXX|
|ContactInformation||✉: XXXXX.XXXX@pia.edu.au; ፨*፦፥❇: + 61 02 XXXX XXXX Consultation: Day:XXXX; Time:XXXX; or by appointment|
The content of this unit is especially designed for graduate students and provides an examination of economic principles and theories essential to an understanding of current economic problems and economic policy analysis. The syllabus includes both microeconomics and macroeconomics.
The essentials of microeconomics are examined including the theory of market systems and the price mechanism, consumer demand theory, resource allocation and the theory of the firm concentrating on production and cost analysis principles.
The macroeconomics component examines the inter-relationship between the main economic variables.
Microeconomic reform and fiscal and monetary policy measures are examined and related to economic problems of unemployment, inflation and slow economic growth.
Unit Learning Outcomes (ULOs)
On successful completion of this unit, students will be able to:
ULO1 Explain and apply fundamental economic theories and concepts to the management of a business;
ULO2 Critically analyse the economic context in which business operates; and
ULO3 Evaluate the economic and policy environment both in Australia and internationally and apply to the decision making of businesses.
Course Learning Outcomes (CLOs)
Successful completion of this unit will contribute to the following Course Learning Outcomes (CLOs):
CLO1 Critically evaluate a range of core concepts and theories of organisations and their management;
CLO2 Analyse information and be able to review and effectively communicate in a business management context;
CLO3 Apply concepts, theories, and experience to business problems and propose sustainable solutions demonstrating initiative, ethics, and social responsibility;
CLO4 Develop awareness into the management of people and leadership development; and
CLO5 Communicate professionally and proficiently to business and non-business audiences.
Graduate Attributes (GAs)
Successful completion of this unit will contribute to the following PIA Graduate Attributes (GAs):
GA1 Communicate effectively in a diverse range of professional or community context.
GA2 Complete work tasks and assignments independently or as an effective member of multidisciplinary teams.
GA3 Engage in and value life-long learning leading to the enhancement of professional knowledge and skills.
GA4 Are information and technology literate.
GA5 Respond appropriately to a changing workforces, cultures and values reflecting a global work environment.
GA6 Demonstrate critical thinking, problem solving and decision-making abilities essential to contributing soundly to the resolution of issues confronting organisations.
GA7 Facilitate intellectual curiosity.
GA8 Act in an ethical manner in all aspects of professional life.
Learning and Teaching Approach
Learning and teaching in this unit applies the Institute’s model of providing transformational learning experiences that are student-centered, collaborative, active, reflective and applied. Key themes embedded into the resources, challenges and assessments are ethical practice, sustainability, evidence-based decision making and real-world applications. Completion of the learning activities for each week will give students the discipline knowledge and skills required to complete the assessments. Successful completion of all assessments demonstrates that the unit learning outcomes have been achieved. Additional support to further enhance students’ academic skills is available from the Academic Enhancement team.
Expectations of Students
Students are expected to:
- Prepare for scheduled classes by completing assigned activities
- Attend at least 80% of scheduled classes
- Actively participate in class activities
- Seek clarification and advice from teaching staff as needed
- Attempt all assessments
- Submit assessments on time
- Review and reflect on feedback on assessments and seek clarification about feedback where needed
- Notify the lecturer and / or unit coordinator if unable to attend classes and/or submit assessments
Completion of the learning activities for each week will give students the discipline knowledge and skills required to complete the assessments. Successful completion of all assessments demonstrates that the unit learning outcomes have been achieved.
Schedule of Learning and Teaching Activities
|Week1||Introduction: The Australian Economy; the Issue of Scarcity; Opportunity Costs and Production Possibilities||Concepts People are rational Role of economic incentives Trade-offs Opportunity costs Macro vs micro-economics Market systems Activities Thinking critically, p15 – Q1, Q2 Review Questions, p15 – Q1.2; p17 – Q2.1; p50 – Q1.2 Problems & Applications, p16 – Q1.5; p18 – Q3.7; p51 – Q1.9||Chapters 1 and 2|
|Week2||Market Demand and Supply||Concepts Demand Supply Equilibrium Activities Thinking Critically p79 – Q1 and Q2 Review Questions p80 – Q1.4 and Q1.5; p82 – Q3.1 and Q3.3 Problems & Applications p 80 – Q1.6; p83 – Q4.4 and Q4.5||Chapter 3|
|Week3||Demand and Supply Elasticities, Government Intervention||Concepts Price elasticity Surplus Economic Efficiency Activities Thinking Critically p119 – Q1, Q2 Problems & Applications p151 – Q3.12 and Q3.14 Problems & Applications: p 122 – Q4.3; p124 – Q5.7||Chapters 4 and 5|
|Week4||Production Issues: Costs, Revenue & Economic Profit||Concepts Short run vs long run Product of labor Marginal vs average total cost Activities Thinking Critically p175 – Q1, Q2 Review Questions p177 – Q2.1 and Q2.3; p177 – Q3.3; p178 – Q4.3 Problems & Applications: p177 – Q3.4; p179 – Q5.3; p179 – Q5.6||Chapter 6|
|Week5||Competition, Monopoly and Efficiency||Concepts Perfect competition Monopoly markets Efficiency outcomes Government policy and monopolies Price discrimination Activities Review Questions p240 – Q1.1, p241 -Q2.1; p242 – Q4.1 Problems & Applications: p241 – Q3.4; p242 – Q3.7||Chapters 7 and 8|
|Week6||Imperfect Competition||Concepts Barriers to entry Game theory Oligopolies Activities Thinking Critically p277 – Q1, Q2 Review Questions p278 – Q1.1 and Q1.2; p283 – Q5.1 p284 – Q6.2 Problems & Applications: p284 – Q6.6 and Q6.8||Chapter 9|
|Week7||Market Failure||Concepts Market failure vs government failure Economic bases for government intervention Economic efficiencies Categories of goods Activities Review Questions p362 – Q1.1; p363 – Q2.1; p367 – Q5.2; p368 – Q6.3 Problems & Applications: p362 – Q1.5; p363 – Q2.6; p 369 – Q6.10||Chapter 11|
|Week8||Major Project guidance and review sessions||The teacher will be available in Week 8 to support and guide the groups in refining their analytical projects.|
|Week9||Macroeconomics and Economic Growth, Aggregate Demand and Supply||Concepts Economic growth GDP Business cycles Demand and supply Macro equilibrium Activities Thinking Critically p427 – Q1, Q2 Review Questions p428 – Q1.3 and Q1.4; p430 – Q2.3 Problems & Applications: p429 – Q1.11, p430 – Q2.5; p512 – Q4.10||Chapters 13 and 15|
|Week10||Unemployment and Inflation||Concepts Types of unemployment Participation rates Causes of inflation Economic costs of unemployment Activities Review Questions p469 – Q3.1; p470 – Q3.3; p470 – Q4.5; p471 – Q5.4 Problems & Applications: p472 – Q5.8; p472 – Q5.9; p474 – Q7.8||Chapter 14|
|Week11||Macroeconomic Policy||Concepts Monetary policy Fiscal policy Activities Thinking Critically p581 – Q1 and Q2 Review Questions p582 – Q1.2; p583 – Q2.3 and Q2.4; p584 – Q3.1; p586 – Q4.1 Problems & Applications: p585 – Q3.11; p618 – Q1.5; p621 – Q4.5||Chapters 17 and 18|
|Week12||Australia in the World Economy||Concepts International trade Globalisation Balance of Payments Exchange rates Activities Thinking Critically p661 – Q1 and Q2 Review Questions p662 – Q2.2; p708 – Q7.2 and Q7.3 Problems & Applications: p664 – Q4.4; p708 – Q7.4||Chapters 19 and 20|
Below is a Summary of assessments tasks required in this unit.
For full details of each assessment task, including instructions, see the Assessment Brief for this unit.
1, 2, 3
1, 2, 3, 5
1, 2, 3
1, 2, 3, 5
1, 2, 3
1, 2, 3, 5
PrescribedResources: Hubbard, G., Garnett, A., Lewis, P. and O’Brien, A. (2019), Essentials of Economics 4th Edition, Pearson Education
MaterialsandEquipment– you cannot use your mobile phone as a calculator in examinations A Non-Programmable Financial Calculator Resources
Students are required to participate in all collaborative work, group work and work integrated activities, such as study tours, industry lead activities and open forums, (a) actively, fully and positively; and (b) in a timely manner. Student contributions to collaborative, group, and work integrated activities must be meaningful, of value to peers, and follow the specifications of the Unit Study Guide.
Ethical conduct and academic integrity and honesty are fundamental to the mission of PIA and academic misconduct will not be tolerated by the Institute. It is the responsibility of every student to make sure that they understand what constitutes academic misconduct and to refrain from engaging in it. Please refer to the Institute’s Academic Integrity Policy for further details.
This unit study guide may be updated and amended from time to time. Any changes to the unit will be notified to students through the Online Learning System (MyPIA) for the unit.
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