Units

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Sample subject outline - Semester 1 2013

Note: Subject outlines often change before the semester begins. Below is a sample outline.

Rationale

To make sound business decisions managers must understand the forces that shape the economic environment and their decision making should, where appropriate, use relevant data analysis. This unit provides the analytical framework needed to understand how market conditions are determined at the micro and macro levels and how market conditions affect business performance. It also provides an essential grounding in statistical literacy and an introduction to basic techniques and concepts in the statistical treatment and analysis of data relevant to the business environment.

Aims

The aim of the unit is to provide a basic understanding of how market conditions are determined and, in particular, it investigates market forces that drive production and prices in both individual markets and the national economy. It also helps students to develop a statistical way of thinking to assist with decision-making in the absence of complete information in real world situations.

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
Upon completion of this unit, you should be able to:

1. Demonstrate an understanding of the working of the market mechanism, behaviour of firms in competitive market and the working of the macroeconomy
2. Apply the economic concepts and models to analyse micro and macroeconomic issues
3. Organise, present and summarise data
4. Apply inferential statistical techniques to model and solve problems encountered in business situations

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 content of the unit has been designed to develop and enhance general, transferable skills and competencies in economic analysis as well as in the presentation and analysis of data relevant to the business environment. The unit covers topics related to economic analysis at the micro and macro levels. They include an overview of key economic concepts, demand and supply model, costs of production, pricing in competitive market, macroeconomic fundamentals and international economics. In relation to data analysis, the topics include organising and presenting data, probability and probability distributions, fundamentals of statistical sampling, estimation, hypothesis testing and regression analysis.

Approaches to Teaching and Learning

This unit consists of lectures, workshops and discussion sessions that focus on key concepts and principles underpinning statistical analysis, as well as the national and international economic environments and the policies which impact upon business. The teaching and learning of statistical concepts and methods does involve the use of some mathematical expressions and specialist terminology. However, the learning emphasis is on the essential principles of the various statistical techniques. It is the acquisition and application of the statistical way of thinking, rather than mathematical derivations and manipulations that the learning activities and assessment are geared towards. To this end, Microsoft Excel will be used for the analysis of statistics problems. It is a well-known fact that many students can acquire a concept or a technique but fail to apply it in real world settings. The class activities, therefore, aim to develop within students an affinity for statistical and economic thinking to solve novel problems in environments reminiscent of the real world.

Assessment

Students will receive feedback in various forms throughout the semester which may include:

Informal: worked examples, verbal feedback in class, personal consultation

Indirect: to the whole class

Assessment name: Mid-term Exam (Online)
Description: Multiple choice type questions to test the understanding and application of economic concepts, covering Lectures 1 to 4.
Length/Duration:time1 hour + 5 minutes perusal
Formative or Summative:Formative and Summative
Relates to objectives: Unit objectives: 1, 2 and AOL goals: KS (1.1), (1.2) CTA (2.1), PC (3.1)
Weight: 40%
Internal or external: Both
Group or individual: Individual
Due date: Week 6

Assessment name: End of Semester Examination
Description: Closed book exam, consisting of application questions on topics covered in lectures 5-6 and 7-12 inclusive.
Length/ Duration: 2 hours + 15 minutes perusal
Formative or Summative: Both
Relates to objectives: Unit objectives: 3, 4 and AOL goals: KS (1.1), (1.2), CTA (2.1), PC (3.1)
Weight: 60%
Internal or external: Both
Group or individual: Individual
Due date: Central Exam Period

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
Week 1-6
Layton, A., Robinson, T. & Irvin B. Tucker (2012). Economics for Today (4th edn.). Thomson. Southbank, Victoria.

Other Resources
Week 7-12
A Statistics study guide for EFN422 is available on the unit's Blackboard site.

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: 11-Feb-2013