Units
Managerial Economics
Unit code: EFN405
Contact hours: 3 per week
Credit points: 12
Information about fees and unit costs
This unit addresses the following topics: managerial decision making in an economic environment; an introduction to economics, demand analysis, cost analysis, market strategy and the macroeconomic environment; issues including problems of resource allocation at the firm, in industry and in the economy.
Availability
| Semester | Available |
|---|---|
| 2013 Semester 1 | Yes |
| 2013 Semester 2 | Yes |
Sample subject outline - Semester 1 2013
Note: Subject outlines often change before the semester begins. Below is a sample outline.
Rationale
An understanding of the economic forces which determine the environment in which individual businesses operate is an essential part of a sound training for senior business managers.
Aims
The framework developed in this unit is aimed at providing students on how consumers and firms behave in different market structures. It also aims to provide students on the workings of the macroeconomy in terms of government fiscal policy and central bank monetary policy.
Objectives
Course Learning Goals (Postgraduate)
The QUT Business School has established the Assurance of Learning (AOL) Goals to meet contemporary industry needs and standards. Achieving these learning outcomes will assist you to meet the desired graduate outcomes set at QUT - aligned with other internationally renowned business schools. Students will develop the following capabilities relevant to a contemporary global and sustainable business environment:
Have knowledge and skills pertinent to a particular discipline (KS)
1.1 Well-researched knowledge and critical understanding applied to issues at the forefront of a specialised discipline area
1.2 Ability to select and use effectively a range of tools and technologies to locate and/or generate information appropriate to the disciplinary context
Be critical thinkers and effective problem solvers (CTA)
2.1 Apply logical, critical and creative thinking and judgement to generate appropriate solutions to problems in the disciplinary context
Be professional communicators in an intercultural context (PC)
3.1 Ability to create and present professional documents and/or reports using high levels of analysis/synthesis/evaluation for a range of contexts and audiences
3.2 Ability to orally communicate and justify ideas and information, at a professional level, for a variety of contexts and audiences, including peers and discipline specialists
Be able to work effectively in a Team Environment (TW)
4.1 Operate effectively and with flexibility to achieve common goals in collaborative settings, using a range of skills, including leadership, negotiation, reflection, proactivity and support for team members
Have a Social and Ethical Understanding (SEU)
5.1 Apply knowledge of the ethical, social and cultural dimensions relevant to business situations, including appropriate standards or codes of practice, to provide courses of action
Unit Objectives
It is intended that students should as a result of this unit acquire:
1. the key analytical tools required to analyse the characteristics of markets within which they may be called upon to operate as part of their employment;
2. an understanding of the broad macroeconomic context within which all business operates; and
3. an understanding of some of the broad directions of economic policy in Australia and overseas.
The specific course learning goals and unit objectives that apply to this unit are shown in the assessment section of this unit outline.
Content
The major topics/areas covered in this unit include microeconomic fundamentals, market structures, macroeconomic fundamentals and macroeconomic theory and policy.
Approaches to Teaching and Learning
The subject employs lectures and tutorials. Tutorial questions will be assigned for each chapter that is covered and discussed during the tutorial. In addition to this the student will be expected to do 2 (two) class tests, one oral presentation and a final exam which comprises of short answer questions and 2 (two) essays of which one is to be attempted.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The unit coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Blackboard site.
Assessment
Students will receive feedback in various forms throughout the semester which may include:
Assessment name:
Quiz/Test
Description:
There will be 2 (two) class tests comprising of short answer questions. 20 marks each for a total of 40 marks. The first class test will be held in week 5; and the second class test will be held in week 9.
Length/Duration: 45 minutes
Formative or Summative: Formative and Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), (1.2), CTA (2.1)
Weight:
40%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Weeks 5 and 9
Assessment name:
End of Semester Examination
Description:
The final exam is comprised of short answer questions and two (2) essays of which one (1) is to be attempted. Further advice will be provided at the beginning of the semester.
Length/Duration: 2 hours + 10 minutes perusal
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.1), SEU (5.1)
Weight:
50%
Internal or external:
Internal
Group or individual:
Individual
Due date:
Central Exam Period
Assessment name:
Presentation (Oral)
Description:
A list of questions/topics for oral presentation will be made available in Week 1 so that students can begin preparation. Oral presentations are held each week in tutorials.
Length/duration: 10-15 minutes per student
Formative or Summative: Summative
Relates to objectives:
Unit objectives: 1, 2, 3 and AOL Goals: KS (1.1), (1.2), PC (3.1), (3.2)
Weight:
10%
Internal or external:
Internal
Group or individual:
Individual
Due date:
TBA
Academic Honesty
QUT is committed to maintaining high academic standards to protect the value of its qualifications. To assist you in assuring the academic integrity of your assessment you are encouraged to make use of the support materials and services available to help you consider and check your assessment items. Important information about the university's approach to academic integrity of assessment is on your unit Blackboard site.
A breach of academic integrity is regarded as Student Misconduct and can lead to the imposition of penalties.
Resource materials
Prescribed Text
Layton, A., Robinson, T. and Tucker, I. (2011). Economics for Today. (4th edition). Thomson. Melbourne.
Recommended Reading
Frijters, P., Dulleck, U. and Torgler, B. (2008). Introductory Economics for Decision Makers. What you need to know to make economic decisions in Australia. Thomson. Melbourne.
McTaggart, D., Findlay, C. and Parkin, M.( 2007). Economics. ( 5th edition). Pearson Education. Frenchs Forest. NSW.
Students are strongly encouraged to regularly read the Australian Financial Review throughout the duration of this Unit. It is likely that frequent reference will be made to issues reported in that newspaper.
There is a multiplicity of introductory economics books any of which could be used as supplementary reading.
Additional Resources
Additional references can also be found at the unit's Blackboard site: http://blackboard.qut.edu.au
Risk assessment statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to
view the Emergency video.
Disclaimer - Offer of some units is subject to viability, and information in these Unit Outlines is subject to change prior to commencement of semester.
Last modified: 04-Oct-2012
