r the management of business and other organisations.
To access and critically interpret business
statistics and apply them in changing business environments.
The subject’s contents have been designed for students who are studying economics as part of a business (i.e. non-economics) degree and wish to develop an understanding of economic principles and a capacity to make economically sound judgements.
Content
Economics has traditionally been divided into 3 primary areas. These are macroeconomics, microeconomics and international economics. This course will adhere to this classification in its treatment of content.
The first part of the course will deal with macroeconomics. Macroeconomics, as the name implies, is concerned with the larger scale aspects of an economy. It is concerned with such topics as the determinants of GDP (Gross Domestic Product), the general price level, the unemployment rate and the general interest rate. All of these factors have a sizeable impact on businesses. Indeed, major change in the macroeconomic environment has frequently been the most important factor affecting business profitability. Clearly, an understanding of what drives the macroeconomy is central to any attempt to more effectively manage a business.
The second part of the course deals with microeconomics. Microeconomics is concerned with the component parts of the economy. It seeks to explain the principles of price determination for individual products, focussing on those factors that influence supply and demand. Microeconomics also analyses market structure. This refers to the number and size of firms in a particular industry. Why are some industries dominated by a small number of large firms while others are dominated by a large number of small firms? What impact do economies of scale and technological change have on industry structure? Do the prices of products reflect the true social costs of production? These are all microeconomic issues.
Finally the course introduces international economics. International economics actually draws on techniques and concepts developed in macro- and microeconomics. However so important is international trade and finance, that it has taken on an identity of its own. International economics deals with such issues as the difference between moneys generated from exports and imports of goods and services (plus other transfers), which is referred to as the Current Account Balance. This is a closely monitored economic variable in Australia and elsewhere, with financial-market participants in particular following its gyrations. Other topics in international economics include the principle of comparative advantage (i.e. why countries trade) and exchange rate determination (the price of one currency in terms of another).
2 Learning resources
This course involves lectures, reading and a self-managed learning program. To get the most from the course it is recommended you attend all lectures and adhere to the reading and self-learning schedule. However, the only compulsory components of the course involve attendance at all exams and completion of the Report, as described below.
Sometimes students find the learning schedule quite demanding, involving perhaps 5 to 8 hours each week in reading and completing the self-managed learning program (excluding time spent attending lectures). You are accordingly advised to set aside sufficient time each week to keep abreast of the flow of material
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