Business Economics (ECON7012)

A1 CML Quizzes

Students complete 3 quizzes to assess understanding of lecture content:

• Quiz 1 – Lectures 1 to 4 (15 questions) 7.5%
• Quiz 2 – Lectures 1 to 7 (15 questions) 7.5%
• Quiz 3 – Lectures 8 to 10 (20 questions) 10%

CML Quizzes (Computer Managed Learning Quizzes)

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 after the first attempt closes. Non-submission of a CML quiz will incur a penalty of 100%.

For step-by-step instructions on accessing, completing and submitting CML quizzes, please refer to the course Blackboard site under Assessment > CML Quizzes > CML Administrative Folder > CML Information Sheet. No marks are awarded for incorrect numerical answers, or ones that do not follow all the CML instructions outlined in the CML Information Sheet on Blackboard. 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

This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct. 

By referring to any Australian or International newspapers, find one article that relates to economic concepts presented in any of lectures 1 to 7 (inclusively). This newspaper article must be written in English, can be scanned or obtained from online sources, and published on or after 1 January 2025. Please note that radio, TV online transcripts, or blogs are NOT to be used. Your newspaper article must satisfy these requirements to pass this assessment task.

Using no more than 1000 words, complete the following:

1. Briefly summarise the newspaper article, including the central economic concepts that are used.
2. Support the article’s view by clearly stating any assumptions it makes and applying economic theory.
3. By using different assumptions, critically analyse the article and logically argue for an alternative perspective using economic theory.
4. Summarise what you learnt from the critical analysis of the article. Then, by naming some "other specific company or business", in a completely different industry used in the article, discuss how what you learnt would be relevant. Then as a manager of this "other specific company or business", explain one recommendation you would implement based on what you learnt.
5. Self assess your assignment by completing each section of the Newspaper Article Marking Criteria sheet (available on Blackboard), being sure to give an overall mark for your assignment. Also complete the section “Student's specific feedback request(s)” provided on the Marking Criteria sheet. Please ensure you honestly self assess. This self-assessment will not influence the grade awarded for this piece of assessment. However, your self-assessment thoughts are intended to be incorporated into the marking feedback. Please ensure that your completed self-assessment Marking Criteria sheet is included as the last page of your assignment.

 IMPORTANT: Please ensure that your newspaper article submission is compiled as follows:

1. First page is a cover sheet with your name, student number and word count for the assignment.
2. Second page is the relevant news article (ensure it is clearly able to be read).
3. Your final written submission (of no more than 1000 words).
4. A copy of your working notes, rough sketches, thoughts etc. while completing your assignment. Ideally, these working notes will be generated during discussions in the tutorials or afterwards with colleagues. The aim is to make your learning process visible while completing the assignment. By doing so, academic integrity and credibility is enhanced (in a world of AI). The working notes etc. should also help with your reflective process in discovering what you learnt. Submission of your rough working notes is essential.
5. Final page is your completed self-assessment Marking Criteria sheet, showing the marks awarded by you for each section. You should indicate areas where feedback is required.

The marking criteria can be found under the Assessment tab on Blackboard for:

1. The self-assessment document called Newspaper Article Review Marking Criteria, and
2. The detailed marking rubric called Newspaper Article Review Marking Rubric.

AI STATEMENT

This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.

The focus of this course is to better understand economic concepts so as to then apply them in business situations. This, in part, will require interventions at times by managers and choices to be made in order 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 this course have examined how and why businesses and markets work the way they do. With this knowledge, students have been given a tool to assist in making more informed, strategic, business decisions.

Using the perspectives outlined above, write an essay reflecting on a variety of economic concepts that impact your chosen business (where you are currently working, have worked in the past, or perhaps a future business where you plan to work).

Using no more than 2,700 words, the essay must address the following points.

1. An Executive Summary is to be provided (note: these words ARE to be included in the assignment total word count). Details of what is needed in an Executive Summary can be found under the "Assessment" tab on Blackboard.
2. Background information on the student’s chosen business is to be briefly outlined. The integration of relevant economic terminology should be used to clearly set the scene for the following sections.
3. Using economic theory (incorporating graphs and relevant calculations as applicable), critically analyse past performances of your chosen business in relation to the market it operated in. Similarly, critically analyse the current performance of your chosen business in relation to the current market environment it now operates in.
4. Based on the critical analysis, a detailed reflection is provided on what was learnt, what was confirmed, and what remains puzzling about the chosen business and the market it operates in. Clear linkages should be evident from your analysis and reflection to reveal what you perceive as the one key strategic issue your chosen business faces either now or in the future. It is advisable to use relevant analytical tools such as SWOT, PESTEL, Porter’s Five Force analysis etc. to provide insights to the economic analysis of your chosen business’s past, present and future performances. This should be used to help you identify the key strategic issue your chosen business faces. Any analysis using SWOT etc. needs to be included in an Appendix and NOT in the body of the assignment. Clearly though, the findings from such an analysis should be included in the body of the assignment.
5. Using economic terminology and incorporating graphs, briefly explain how Australian macroeconomic indicators and policies are relevant to your chosen business. Evaluate any impacts on your options in trying to address the key strategic issue.
6. Draws a conclusion from the analysis. Provides clearly supported recommendation(s) for management to address the identified strategic issue, along with implementation guidelines.
7. Self-assess your assignment using the Major Assignment Marking Criteria document that is available on Blackboard. Please ensure you honestly self-assess. This self-assessment will not influence the grade awarded for this piece of assessment. However, your self-assessment thoughts are intended to be incorporated into the marker’s feedback. Please ensure you complete the self-assessment, using the Major Assignment Marking Criteria document on Blackboard, and include it as the last page of your assignment.

IMPORTANT: Please ensure that your report submission is compiled as follows:

1. First page is a cover sheet with your name, student number and word count for the assignment
2. Your final written essay submission covering all requirements. Be sure that you have listed two(2) clear options to address the one key strategic issue based on the lesson(s) you learnt from your critical analysis, and combining this with your identified key strategic issue. Both options need to be able to be implemented. For each option, use microeconomic theory to fully evaluate how each option address the key strategic issue and highlight the benefits to the business of implementing each option. Be sure to discuss and assess the assumptions you will have made when evaluating each option, and look at the impacts on your chosen business for each option if your assumptions prove to be incorrect.
3. A copy of your working notes, rough sketches, thoughts etc. while completing your assignment. Ideally, these working notes will be generated during discussions in the tutorials or afterwards with colleagues. The aim is to make your learning process visible while completing the assignment. By doing so, academic integrity and credibility is enhanced (in a world of AI). The working notes etc. should also help with your reflective process in discovering what you learnt. Submission of your rough working notes is essential.
4. Final page is your completed self-assessment Marking Criteria sheet, showing the marks awarded by you for each section. You should indicate areas where feedback is required.

Note:

• The words in the Appendix are NOT to be included in assignment total word count.
• Appropriate headings based on the Major Assignment Marking Criteria sheet must be used in the essay.

The marking criteria can be found under the Assessment tab on Blackboard for:

1. The self-assessment document called Major Assignment Marking Criteria, and
2. The detailed marking rubric called Major Assignment Marking Rubric.

AI STATEMENT

This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI) or Machine Translation (MT). Students are advised that the use of AI or MT technologies to develop responses is strictly prohibited and may constitute student misconduct under the Student Code of Conduct.