Course coordinator
Associate Professor Carl Sherwood
Consultation time to be advised once classes commence.
Course overview
- Study period
- Semester 1, 2026 (16/05/2026 - 13/06/2026)
- Study level
- Postgraduate Coursework
- Location
- Brisbane City
- Attendance mode
- Weekend
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
This course endeavours to equip students with an extensive set of economic tools tailored for the world of business, fostering a comprehension of its mechanics and the impact of policies on operational outcomes. It will offer a comprehensive exploration of business economics, equipping students with the skills to understand the connection between micro-level decisions and macro-level forces.
This course covers a range of economic theories and concepts of direct relevance and application to the business environment. The course assumes little or no formal training in economics, notwithstanding the practical economic problems that businesses and consumers confront daily. It aims to provide a solid grounding in the way economists think, the core theories of contemporary economics and how this relates to the business environment and business strategy. Emphasis is placed upon the application of economic theory rather than the theory itself. This theme is developed not only in lectures, but also through student activities including reviewing current newspaper articles, in-class case discussions, and writing a reflective essay on their current work organization and experience.
Course Changes in Response to Previous Student Feedback
Due to student feedback, adjustments have been made to the assessment weightings to better reflect the workload for each assessment.
Course requirements
Assumed background
No background in economics is assumed.ﾠ However, if you want to do some reading before the course starts so asﾠto get a feel for the economic way of thinking, then a good source forﾠmicroeconomics would be Tim Hardford (2006) The Undercover Economist, Oxford, Oxford University Press.ﾠ Forﾠmacroeconomics,ﾠperhaps tryﾠMichael Stewart, Keynes and After (various editions), Harmondsworth, Penguin. Reading some articles in The Economist or The Australian Financial Review is also a good way of gaining insight into some contemporary economic issues. The mathematical requirements for this course are modest and include basic arithmetics and simple graphsﾠmanipulation.
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2010 or 2410 or 7110
Restrictions
GCBA, GDipBA, MBA
Course contact
Course staff
Lecturer
Timetable
The timetable for this course is available on the UQ Public Timetable.
Additional timetable information
Please note: Teaching staff do not have access to the timetabling system to help with class allocation. Therefore, should you need help with your timetable and/or allocation of classes, please ensure you email business.mytimetable@uq.edu.au from your UQ student email account with the following details:
- Full Name
- Student ID
- Course Code
Aims and outcomes
This course aims to enable you to develop the ability to link economic theory with everyday issues so as to encourage critical, independent thinking to promote alternative views and new solutions.
Learning outcomes
After successfully completing this course you should be able to:
LO1.
Interpret fundamental economic terminology.
LO2.
Relate appropriate economic theory to decision making.
LO3.
Apply economic theory to evaluate rather than describe economic behaviour.
LO4.
Critically analyse choices by individuals or business using economic theory.
LO5.
Communicate economic thinking in non-technical, plain language.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz |
CML Quizzes
|
20% |
CML1 First Attempt: Opens 9AM 16/05/26 and closes 4PM on 20/05/26 CML1 Second Attempt: Opens 9AM 21/05/26 and closes 4PM 22/05/26. ------------------------------------------------------------------------- CML2 First Attempt: Opens 9AM 23/05/26 and closes 4PM on 27/05/26 CML2 Second Attempt: Opens 9AM 28/05/26 and closes 4PM 29/05/26. ------------------------------------------------------------------------- CML3 First Attempt: Opens 9AM 30/05/26 and closes 4PM on 3/06/26 CML3 Second Attempt: Opens 9AM 4/06/26 and closes 4PM 5/06/26. ------------------------------------------------------------------------- |
| Paper/ Report/ Annotation, Presentation |
Newspaper Article Review
|
30% |
Written Report - 29/05/2026 4:00 pm Presentation - During Class - 31/05/2026 |
| Essay/ Critique |
Major Assignment (Individual Essay)
|
50% |
15/06/2026 4:00 pm |
Assessment details
CML Quizzes
- Online
- Mode
- Written
- Category
- Quiz
- Weight
- 20%
- Due date
CML1 First Attempt: Opens 9AM 16/05/26 and closes 4PM on 20/05/26
CML1 Second Attempt: Opens 9AM 21/05/26 and closes 4PM 22/05/26.
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CML2 First Attempt: Opens 9AM 23/05/26 and closes 4PM on 27/05/26
CML2 Second Attempt: Opens 9AM 28/05/26 and closes 4PM 29/05/26.
-------------------------------------------------------------------------
CML3 First Attempt: Opens 9AM 30/05/26 and closes 4PM on 3/06/26
CML3 Second Attempt: Opens 9AM 4/06/26 and closes 4PM 5/06/26.
-------------------------------------------------------------------------
- Learning outcomes
- L01, L02, L03
Task description
CML Quizzes (Computer Managed Learning Quizzes)
Students complete 3 quizzes to assess understanding of the lecture content:
- CML Quiz 1 – Lectures 1 to 4 (15 questions) 6%
- CML Quiz 2 – Lectures 1 to 7 (15 questions) 6%
- CML Quiz 3 – Lectures 8 to 10 (20 questions) 8%
A student that misses the first attempt for any CML quiz will be able to complete an optional second attempt. The optional second attempt becomes available to all students only after the first attempt closes. Non-submission of a CML quiz will incur a mark of zero for that quiz.
For step-by-step instructions on accessing, completing and submitting CML quizzes, please refer to the CML Information Sheet on the course Blackboard site located under Assessment > Assessment 1: Computer Managed Learning (CML) Quizzes > Assessment 1: Overview and CML Information Sheet > ECON7012 CML Information Sheet. No marks are awarded for incorrect numerical answers, or answers that do not follow all the instructions in the CML Information Sheet. Marks for questions are as indicated in the quiz. Note that an optional second attempt is given for each CML quiz. If only one attempt is submitted and a score received for a CML quiz (either the first attempt or just the second attempt), that quiz score will become the student's CML quiz mark. If both the first and second attempts are submitted for a CML quiz, the student's best score from their two attempts will become their CML quiz mark.
AI STATEMENT
Artificial Intelligence (AI) and Machine Translation (MT) are emerging tools that may support students in completing this assessment task. Students may appropriately use AI and/or MT in completing this assessment task. Students must clearly reference any use of AI or MT in each instance. A failure to reference generative AI or MT use may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
Enter answers into Blackboard prior to due date and time.
Deferral or extension
You cannot defer or apply for an extension for this assessment.
Extensions or deferrals are not available for this assessment due to the intensive nature of the course.
Late submission
Late submissions after the deadline for each CML quiz will not be possible. Access to each CML quiz on Blackboard is blocked once the due date and time has expired. A missed CML quiz will result in a mark of zero.
Newspaper Article Review
- Identity Verified
- In-person
- Mode
- Oral, Written
- Category
- Paper/ Report/ Annotation, Presentation
- Weight
- 30%
- Due date
Written Report - 29/05/2026 4:00 pm
Presentation - During Class - 31/05/2026
- Other conditions
- Secure.
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
By referring to any Australian or International newspaper (or any online news website such as ABC News https://www.abc.net.au/news) select one newspaper article that involves economic concepts presented in any of Lectures 1 to 7 (inclusively). The newspaper article selected must be written in English, be obtained from either a physical or online source, and be published after 1 January 2026. Students must write no more than 1000 words to address each section of the Newspaper Article Marking Criteria, with full details of the marking criteria and how to successfully complete the assessment task available on the course Blackboard site under Assessment > Assessment 2: Newspaper Article Review.
Working notes will be prepared during in-class face to face tutorials/sessions. Submission of your working notes with your completed written assignment will be required.
In addition, students will be required to deliver a short 3-minute oral presentation in class on the last day of the course to overview your assignment and learning (without any notes or PowerPoint slides).
AI STATEMENT
Artificial Intelligence (AI) and Machine Translation (MT) are emerging tools that may support students in completing this assessment task. Students may appropriately use AI and/or MT in completing this assessment task. Students must clearly reference any use of AI or MT in each instance. A failure to reference generative AI or MT use may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
The assignment must be submitted electronically using Blackboard and the submission folders for Turnitin by the due date and time.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 5 days. Extensions are given in multiples of 24 hours.
Extensions or deferrals are not available for an in-class presentation. An extension may be available for the submitted material only.
Extensions are limited to 5 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
10% Late Penalty applies to submitted material only. Late submissions are not accepted for in-class presentations. Failure to present at the scheduled time will result in a mark of zero for the presentation portion of this assessment.
Major Assignment (Individual Essay)
- Identity Verified
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 50%
- Due date
15/06/2026 4:00 pm
- Learning outcomes
- L01, L02, L03, L04, L05
Task description
The focus of the course is to better understand economic concepts and apply them in business situations. This in part will require interventions at times by managers and choices to be made to coordinate information and knowledge to avoid wasted opportunities. The course also highlights the importance of understanding the roles consumption, investment, and government actions play in making business decisions, coordinating activities, and assessing strategic directions. Economic theories and concepts used in the course examine how and why businesses and markets work the way they do. With this knowledge, students are given the tools to assist them in making informed, strategic, business decisions.
Using the perspectives outlined above, the assessment task requires students to write an essay by reflecting on a variety of economic concepts and critically analysing the impacts on their chosen business. Students must write no more than 2,700 words to address each section of the Major Assignment Marking Criteria, with full details of the marking criteria and how to successfully complete the assessment task available on the course Blackboard site under Assessment > Assessment 3: Major Assignment (Individual Essay).
AI STATEMENT
Artificial Intelligence (AI) and Machine Translation (MT) are emerging tools that may support students in completing this assessment task. Students may appropriately use AI and/or MT in completing this assessment task. Students must clearly reference any use of AI or MT in each instance. A failure to reference generative AI or MT use may constitute student misconduct under the Student Code of Conduct.
Submission guidelines
The assignment must be submitted electronically using Blackboard and the submission folder for Turnitin.
Please note that words exceeding the 2,700 total word limit will not be marked.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 5 days. Extensions are given in multiples of 24 hours.
Extensions are limited to 5 calendar days to ensure timely feedback to other students.
Late submission
A penalty of 10% of the maximum possible mark will be deducted per 24 hours from time submission is due for up to 7 days. After 7 days, you will receive a mark of 0.
Course grading
Full criteria for each grade is available in the Assessment Procedure.
| Grade | Cut off Percent | Description |
|---|---|---|
| 1 (Low Fail) | 0 - 29 |
Absence of evidence of achievement of course learning outcomes. |
| 2 (Fail) | 30 - 46 |
Minimal evidence of achievement of course learning outcomes. |
| 3 (Marginal Fail) | 47 - 49 |
Demonstrated evidence of developing achievement of course learning outcomes |
| 4 (Pass) | 50 - 64 |
Demonstrated evidence of functional achievement of course learning outcomes. |
| 5 (Credit) | 65 - 74 |
Demonstrated evidence of proficient achievement of course learning outcomes. |
| 6 (Distinction) | 75 - 84 |
Demonstrated evidence of advanced achievement of course learning outcomes. |
| 7 (High Distinction) | 85 - 100 |
Demonstrated evidence of exceptional achievement of course learning outcomes. |
Additional course grading information
A student’s final overall end of semester percentage mark will be rounded to determine their final grade. For example, 64.5% rounds to 65%, while 64.4% rounds to 64%.
Grades will be allocated according to University-wide standards of criterion-based assessment.
Supplementary assessment
Supplementary assessment is available for this course.
Additional assessment information
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Learning resources
You'll need the following resources to successfully complete the course. We've indicated below if you need a personal copy of the reading materials or your own item.
Library resources
Library resources are available on the UQ Library website.
Learning activities
The learning activities for this course are outlined below. Learn more about the learning outcomes that apply to this course.
Filter activity type by
Please select
| Learning period | Activity type | Topic |
|---|---|---|
Week 1 |
Lecture |
Day 1 Lectures - Saturday 16/05/2026 Lecture 1: Introduction and Key Economic Concepts Establishes the important themes of the course. Outlines learning approaches, the structure of the lectures and tutorials and the assessment items. Introduces important questions of economics - what economics studies, why and how economists approach these topics. Key principles include acknowledgement of scarcity the assumption of rationality, opportunity cost, economic surplus, specialisation, cost benefit principle, and marginal analysis. Lecture 2: Demand and Supply - Part 1 An introduction to markets. Understanding supply and demand, using supply and demand models in business decision making, predicting likely market responses to different choices and strategies ensuring efficient uses of resources. Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Day 1 Tutorials - Saturday 16/05/2026 Tutorial 1: Introduction and Key Economic Concepts Tutorial 2: Demand and Supply - Part 1 Learning outcomes: L01, L02, L03, L04, L05 |
|
Lecture |
Day 2 Lectures - Sunday 17/05/2026 Lecture 3: Elasticity of Demand and Supply - Part 2 The concept of elasticity of demand and supply. Examine the application and implications of elasticity theory for business managers and pricing strategies. Lecture 4: Economic Efficiency and Market Failure Defining key terms such as producer and consumer surplus, maximising the surplus, and dead weight loss. Assessing the impacts on “free markets” where governments intervene. Examine price ceilings, price floors, black-markets, impacts of subsidies, quotas, and import tariffs, and the implications for businesses. Learning outcomes: L01, L02, L03, L04, L05 |
|
Tutorial |
Day 2 Tutorials - Sunday 17/05/2026 Tutorial 3: Elasticity of Demand and Supply - Part 2 Tutorial 4: Economic Efficiency and Market Failure Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 2 |
Lecture |
Day 3 Lectures - Saturday 23/05/2026 Lecture 5: Profit Maximising using Microeconomic Theory Assess short run and long run productions costs of a firm, Total Cost, Average Cost, Marginal Cost. Introduce the theory of Perfect Competition as a basis for analysing more realistic market structures. Examine a perfectly competitive firm's profit maximising output, loss minimising and shutdown situations. Lecture 6: Monopolies, Cartels and the ACCC How monopolies emerge, how a monopoly maximises profit, real world applications of the theory, the implications to society from both economic and business perspectives, the role of the ACCC and the economic theory behind their decisions, cartel behaviour and some recent examples. Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Day 3 Tutorials - Saturday 23/05/2026 Tutorial 5: Profit Maximising using Microeconomic Theory Tutorial 6: Monopolies, Cartels and the ACCC Learning outcomes: L01, L02, L03, L04, L05 |
|
Lecture |
Day 4 Lectures - Sunday 24/05/2026 Lecture 7: Monopolistic Competition Monopolistic firms, their business strategies and characteristics, profit maximising criteria, comparisons to other market structures and implications for strategic decision making. Lecture 8: Introduction to Macroeconomics Key concepts - defining and measuring GDP, economic growth, unemployment, inflation and CPI, along with other metrics and how they all impact businesses and their decision making. Learning outcomes: L01, L02, L03, L04, L05 |
|
Tutorial |
Day 4 Tutorials - Sunday 24/05/2026 Tutorial 7: Monopolistic Competition Tutorial 8: Introduction to Macroeconomics Learning outcomes: L01, L02, L03, L04, L05 |
|
Week 3 |
Lecture |
Day 5 Lectures - Saturday 30/05/2026 Lecture 9: Aggregate Demand and Aggregate Supply (AD-AS) Establish linkages between various economic variables using the AD-AS Model. Review reasons for shifts in aggregate demand and supply, and using the AD-AS model consider implications of various macroeconomic events. Show how the model is applied to predict real world possible outcomes from specific policy actions. Lecture 10: Monetary and Fiscal Policy Define Monetary Policy and the role of the RBA regarding interest rates. Review fiscal policy, government deficit and surplus, levels of debt, crowding out private investment. Understand the various policy measures governments take to stabilise economies during periods of boom and bust. Applying theoretical models to help analyse fiscal policy decisions. Adopt the models to provide a framework to appreciate the ongoing political debates about an economy. Examine how to apply the models to make more informed strategic business decisions. Learning outcomes: L01, L02, L03, L04, L05 |
Tutorial |
Day 5 Tutorials - Saturday 30/05/2026 Tutorial 9: Aggregate Demand and Aggregate Supply (AD-AS) Tutorial 10: Monetary and Fiscal Policy Learning outcomes: L01, L02, L03, L04, L05 |
|
Lecture |
Day 6 Lectures - Sunday 31/05/2026 Lecture 11: Guest Speaker Lecture 12: Overview of Course Concepts (Revision) Review of course concepts. A discussion on the applicability of course theories for business managers. Focus to be on how theories can be applied to students' work situations, personal behaviour, and ideas relating their final assignment. Learning outcomes: L01, L02, L03, L04, L05 |
|
Tutorial |
Day 6 Tutorials - Sunday 31/05/2026 Assignment work Learning outcomes: L01, L02, L03, L04, L05 |
Policies and procedures
University policies and procedures apply to all aspects of student life. As a UQ student, you must comply with University-wide and program-specific requirements, including the:
- Student Code of Conduct Policy
- Student Integrity and Misconduct Policy and Procedure
- Assessment Procedure
- Examinations Procedure
- Reasonable Adjustments for Students Policy and Procedure
- AI for Assessment Guide
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.