Course overview
- Study period
- Semester 2, 2024 (22/07/2024 - 18/11/2024)
- Study level
- Postgraduate Coursework
- Location
- Brisbane City
- Attendance mode
- In Person
- Units
- 2
- Administrative campus
- St Lucia
- Coordinating unit
- Economics School
Economics focuses on choices between alternative ways of using resources and the consequences of these choices, which often have to be made in the face of problems associated with the availability of information and limitations to knowledge. These choices concern issues such as what to consume, what to produce, how to produce it, how to organize production between different economic entities, and what prices to charge. Choices taken by individuals need to be coordinated to avoid wasted opportunities, the more so the more that specialization is taking place at the level of the individual, firm or national economy. A major coordinating role is played by price mechanisms, i.e. adjustments in relative prices and the incentives provided by profits and losses. However, much coordination is achieved via the use of planning and institutions. Even with coordination assisted by these devices coordination failures can still occur, such as major slumps in employment and international trade. Economic theory can help to assess when these problems are likely and how they may be dealt with.
This course covers a range of economic theories and concepts of direct relevance and application to the business environment.ﾠ 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.ﾠ 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.ﾠ ﾠ
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.
Recommended prerequisites
We recommend completing the following courses before enrolling in this one:
MGTS7801 + 7803
Incompatible
You can't enrol in this course if you've already completed the following:
ECON2010 or 2400 or 7003 or 7010 or 7011 or 7110 or MEBS7103
Restrictions
GCBA, GDipBA, MBA
Course contact
School enquiries
Student Enquiries, School of Economics
All enquiries regarding student and academic administration (i.e. non-course content information, e.g., class allocation, timetables, extension to assessment due date, etc.) should be directed to enquiries@economics.uq.edu.au.
Enquiries relating specifically to course content should be directed to the Course Coordinator/Lecturer.
Course staff
Lecturer
Timetable
The timetable for this course is available on the UQ Public Timetable.
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.
Analyse situations where economic principles and theories are applicable to and directly assist in business or organisational decision making.
LO2.
Acquire a recognition of the resource allocation problem and how economic theory assists in making rational decisions.
LO3.
Apply economic theory to business problems in an informed and analytical way.
LO4.
Critically evaluate choices made by individuals and firms using economic concepts.
Assessment
Assessment summary
| Category | Assessment task | Weight | Due date |
|---|---|---|---|
| Quiz | Microeconomics Lectures 1 to 4 | 7.5% |
17/08/2024 - 20/08/2024 2nd Attempt 22/08/2024 - 26/08/2024
The CML first attempt opens at 9am and closes at 4pm. The CML optional second attempt opens at 9am and closes at 4pm. |
| Quiz | Microeconomics Lectures 1 to 7 | 7.5% |
12/09/2024 - 17/09/2024 2nd Attempt 19/09/2024 - 23/09/2024
The CML first attempt opens at 9am and closes at 4pm. The CML optional second attempt opens at 9am and closes at 4pm. |
| Quiz | Macroeconomics Lectures 8 to 10 | 10% |
3/10/2024 - 8/10/2024 2nd Attempt 10/10/2024 - 14/10/2024
The CML first attempt opens at 9am and closes at 4pm. The CML optional second attempt opens at 9am and closes at 4pm. |
| Paper/ Report/ Annotation | Individual Newspaper Article Reviews 1 | 25% |
14/10/2024 4:00 pm |
| Essay/ Critique | Individual Essay | 50% |
4/11/2024 4:00 pm |
Assessment details
Microeconomics Lectures 1 to 4
- Mode
- Written
- Category
- Quiz
- Weight
- 7.5%
- Due date
17/08/2024 - 20/08/2024
2nd Attempt 22/08/2024 - 26/08/2024
The CML first attempt opens at 9am and closes at 4pm.
The CML optional second attempt opens at 9am and closes at 4pm.
- Learning outcomes
- L01, L02, L03
Task description
A set of questions on Microeconomics Lectures 1 to 4.
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.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and 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.
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 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%.
Microeconomics Lectures 1 to 7
- Mode
- Written
- Category
- Quiz
- Weight
- 7.5%
- Due date
12/09/2024 - 17/09/2024
2nd Attempt 19/09/2024 - 23/09/2024
The CML first attempt opens at 9am and closes at 4pm.
The CML optional second attempt opens at 9am and closes at 4pm.
- Learning outcomes
- L01, L02, L03
Task description
A set of questions on Microeconomics Lectures 1 to 7.
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.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and 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.
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 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%.
Macroeconomics Lectures 8 to 10
- Mode
- Written
- Category
- Quiz
- Weight
- 10%
- Due date
3/10/2024 - 8/10/2024
2nd Attempt 10/10/2024 - 14/10/2024
The CML first attempt opens at 9am and closes at 4pm.
The CML optional second attempt opens at 9am and closes at 4pm.
- Learning outcomes
- L01, L02, L03
Task description
A set of questions on Macroeconomics Lectures 8 to 10.
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.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and 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.
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 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%.
Individual Newspaper Article Reviews 1
- Mode
- Written
- Category
- Paper/ Report/ Annotation
- Weight
- 25%
- Due date
14/10/2024 4:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
By referring to any Australian or International newspapers, find one article that relates to economic concepts discussed in any 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 March 2024. Radio and TV transcripts 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:
- Briefly summarise the newspaper article, including the central economic concepts that are used.
- Support the article’s view by clearly stating any assumptions it makes and applying economic theory.
- By using different assumptions, critically analyse the article and logically argue for an alternative perspective using economic theory.
- Summarise what was 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 the lesson learnt would be relevant. Then, as a manager of this other specific company or business, explain one recommendation you would implement based on what was learnt.
- 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 the 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 marker’s 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:
- First page is a cover sheet with your name, student number and word count for the assignment.
- Second page is the relevant news article (ensure it is clearly able to be read).
- Your written work.
- 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:
- The self-assessment document called Newspaper Article Review Marking Criteria, and
- The detailed marking rubric called Newspaper Article Review Marking Rubric.
This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and 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 7 days. Extensions are given in multiples of 24 hours.
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.
Individual Essay
- Mode
- Written
- Category
- Essay/ Critique
- Weight
- 50%
- Due date
4/11/2024 4:00 pm
- Learning outcomes
- L01, L02, L03, L04
Task description
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, which 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). The essay must address the following points.
- 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.
- 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.
- Using economic theory (incorporating graphs and relevant calculations as applicable), critically analyse past performances of your chosen buisness in relation to the market it operated in. Similarly, critically analyse the current performance of your chosen buisness in relation to the current market environment it now operates in.
- 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.
- Note: the words in the Appendix are NOT to be included in assignment total word count.
- Based on the lesson(s) you learnt from your critical analysis, and combining this with your identified key strategic issue, you must list two clear options to address the one 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.
- 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.
- Draws a conclusion from the analysis. Provides clearly supported recommendation(s) for management to address the identified strategic issue, along with implementation guidelines.
- 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.
Submit your assignment online via Blackboard/Turnitin by the due date. To do this, go to the “Assessment” tab on Blackboard and follow the instructions there.
NOTE: The essay is not to exceed a total of 2,700 words maximum, which includes the Executive Summary. Please note that words exceeding the 2,700 total word limit will not be marked. Appropriate headings based on the Major Assignment Marking Criteria sheet must be used in the essay.
When submitting your assignment, please ensure: the first page is a cover page (with your name and student number), followed by your written assignment, then your completed self-assessment using the Major Assignment Marking Criteria document which includes your own self-assessed marks.
The marking criteria can be found under the Assessment tab on Blackboard for:
- The self-assessment document called Major Assignment Marking Criteria, and
- The detailed marking rubric called Major Assignment Marking Rubric.
- This assessment task evaluates students' abilities, skills and knowledge without the aid of generative Artificial Intelligence (AI). Students are advised that the use of AI technologies to develop responses is strictly prohibited and 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.
Deferral or extension
You may be able to apply for an extension.
The maximum extension allowed is 7 days. Extensions are given in multiples of 24 hours.
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
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
Plagiarism
The School of Economics is committed to reducing the incidence of plagiarism. Further information on plagiarism and how to avoid an allegation of plagiarism is available in this course profile under Policies & Guidelines. Please refer to the Academic Integrity Module (AIM). It is strongly recommended that you complete the AIMﾠif you have not already done so.
CML Quizzes
For step by step instructions on accessing, completing and submitting CMLﾠquizzes, please refer to the course Blackboard site under Assessment > CML Quizzes > CML Administrative Folder.
An optionalﾠsecond attemptﾠis given for each CML quiz.ﾠIf 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 contribute towards the student's aggregate CML quiz result. If both the first and second attempts are submitted, the student'sﾠbest score from the 2 attemptsﾠfor a CML quiz will contribute towards their aggregate CML quiz result.
ASSIGNMENT SUBMISSIONﾠﾠ
Unless otherwise specified, ALL assignments must be lodged by the due date and time stated in the course profile. For this course, students are required to submit assignments viaﾠBlackboard/Turnitin.ﾠ
The following should also be noted:ﾠ
1.ﾠ Students must pay attention to the order in which pages of an assignmentﾠareﾠto be collated.ﾠ Requirements for assignment submissionsﾠare under section 5.5 "Assessment Details".
2.ﾠ Students will have acknowledged the plagiarism Statute of the University via their submission through Turnitin and must keep a copy of their submitted work.ﾠ
Please also note:
ﾷﾠﾠAssignments must not be faxed or emailed to the Course Coordinator without prior arrangement.
ﾷﾠ Incomplete or incorrect assignment coversheets can cause delays in processing your assignments.
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
Find the required and recommended resources for this course 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 |
Business Economics - The Big Picture 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. Learning outcomes: L01, L02 |
Tutorial |
Tutorial 1 Workshop based on Lecture 1 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 2 |
Lecture |
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 |
Tutorial |
Tutorial 2 Workshop based on Lecture 2 material Learning outcomes: L01, L02, L03, L04 |
|
Week 3 |
Lecture |
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. Learning outcomes: L01, L02, L03, L04 |
Tutorial |
Tutorial 3 Workshop based on Lecture 3 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 4 |
Lecture |
Economic Efficiency and Market Failure. Defining key terms such as producer and consumer surplus, maximizing 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, L04 |
Tutorial |
Tutorial 4 Workshop based on Lecture 4 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 5 |
Lecture |
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 analyzing more realistic market structures. Examine a perfectly competitive firm s profit maximizing output, loss minimizing and shutdown situations. Learning outcomes: L01, L02, L03, L04 |
Tutorial |
Tutorial 5 Workshop based on Lecture 5 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 6 |
Lecture |
Monopolies, Cartels and the ACCC. How monopolies emerge, how a monopoly maximizes 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 behavior and some recent examples. Learning outcomes: L01, L02, L04 |
Tutorial |
Tutorial 6 Workshop based on Lecture 6 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 7 |
Lecture |
Monopolistic Competition. Monopolistic firms, their business strategies and characteristics, profit maximising criteria, comparisons to other market structures and implications for strategic decision making. Learning outcomes: L01, L02, L03, L04 |
Tutorial |
Tutorial 7 Workshop based on Lecture 7 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 8 |
Lecture |
Introduction to Macroeconomics. Key concepts - defining and measuring GDP, unemployment, inflation and CPI, interest rates along with other useful macroeconomic metrics. Economic growth and the Solow Growth Model (plus endogenous growth ideas). Limitations of these models, and how they affect businesses are discussed. Learning outcomes: L01 |
Tutorial |
Tutorial 8 Workshop based in Lecture 8 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 9 |
Lecture |
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. Learning outcomes: L01, L02 |
Tutorial |
Tutorial 9 Workshop based on Lecture 9 material. Learning outcomes: L01, L02, L03, L04 |
|
Mid Sem break |
No student involvement (Breaks, information) |
In-Semester Break |
Week 10 |
Lecture |
Fiscal Policy. Define and apply Fiscal Policy. Government deficits and surplus, levels of debt, crowding out private investment. Understanding 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 |
Tutorial |
Tutorial 10 Workshop based on Lecture 10 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 11 |
Lecture |
Monetary Policy. Define Monetary Policy, describe its main roles and how the RBA affects interest rates. Monetary Policy and its impact in economic activity. Applying theoretical models to help analyse monetary 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 |
Tutorial |
Tutorial 11 Workshop based on Lecture 11 material. Learning outcomes: L01, L02, L03, L04 |
|
Week 12 |
Lecture |
Guest Industry Speaker (to be advised). Learning outcomes: L01, L03 |
Week 13 |
Workshop |
Special Topic Discussion Special Topic Learning outcomes: L01, L02, L03, L04 |
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 - Students Policy and Procedure
Learn more about UQ policies on my.UQ and the Policy and Procedure Library.