Units

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Sample subject outline - 6 Week Teaching Period - 3 2013

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

Rationale

All students of business need to understand the forces that shape the economic environment. 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. The location of the unit in the course structure reflects the fact that economic forces have a profound impact on most areas of business decision-making and an early appreciation of the subject is therefore desirable.

Aims

The mission of the MBA and associated programs is to provide world class, graduate business education and stimulating real world learning opportunities to develop current and future business leaders and managers to confidently lead in complex environments.

The aim of the unit is to provide a basic understanding of how market conditions are determined. In particular, it aims to show how supply and demand forces drive production and prices in both individual markets and the national economy.

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.

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

The specific course learning goals that apply to this unit are shown in the assessment section of this unit outline.

Discipline Knowledge

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

1. Demonstrate an understanding of the determinants of supply and demand and their interactions in the market system. KS1.1 (MBA1),; CTA2.1 (MBA4).
2. Demonstrate an understanding of the decision making process of the individual firm in different market structures. KS1.1 (MBA 1).
3. Demonstrate an understanding of the macroeconomic perspective and how policy can help to improve economic performance. KS1.1 (MBA 1).
4. Demonstrate an understanding of how economies are inter-related and how international trade impacts on the structure and performance of the economy. KS1.1 (MBA 1), CTA2.1 (MBA4).
5. Demonstrate knowledge and application of economic theory to current economic issues and problems. KS 1.1 (MBA 1), CTA 2.1 (MBA 4) , PC 3.1 (MBA 3)

Content

The content of the unit has been designed to develop and enhance general, transferable skills and competencies in economic analysis. The unit includes topics related to economic analysis at the micro and macro levels. Topics include:
- an overview of the key economic concepts relevant to analysis at both the firm level and that of the overall economy.
- Forces related to supply and demand.
- Different market structures and how they impact on the pricing strategies and the decision making process of individual firms.
- The macroeconomic structure of the economy including the business cycle, macroeconomic policy and international trade.

Approaches to Teaching and Learning

This unit adopts a blended learning approach and as such, includes a variety of teaching and learning approaches

Three hour face-to-face class sessions are supplemented by a textbook and a range of online materials that are designed to support and extend learning prior to, during and after class sessions. Online materials are available in the unit Blackboard site. Given the importance of the unit Blackboard site to the teaching and learning strategy used in this unit, a computer or tablet device with internet access is strongly recommended for all students.

The principal purpose of the lectures and readings is to build upon key concepts that were introduced through the Preparation for Class activities and readings. Class sessions will be divided between lectures and problem solving individually and in small groups. The purpose of the case study work, experiential learning tasks and all assessment tasks is to help the student develop their understanding of the concepts and enable them to be applied within a range of business contexts.

There is an expectation that the student will participate in class sessions, to take advantage of the opportunity to discuss important issues with their instructor and their peers in an informal environment. These sessions also provide students with an opportunity to hone important generic skills that are in high demand in the business.

It is expected that students have completed all Preparation for Class activities and readings identified in the unit Blackboard site prior to coming to class to be able to maximise the learning opportunities of the class sessions.

A variety of learning activities designed to engage students in their learning will be incorporated into the lectures/workshops. Such learning activities may include short lectures, class discussions, debates, role plays, group work, guest speakers, student presentations, simulations, case study analysis, videos, readings, wikis, media/current events reports, web searches, etc.

There is a commitment to critical inquiry and intellectual debate in regard to the material covered. Students are encouraged to relate the theories and research discussed to situations known to them and will be encouraged to share their experiences relating to the topics explored in this unit with the class to enrich the overall learning experience of all students.
Expanding the awareness of Australian management policies and practices into intercultural and international perspectives is fostered within this unit. Typically, students enrolling in this unit have extremely varied backgrounds. There is diversity of professional background and socio-cultural background. Students are reminded that this is to their advantage and they have much to learn from one another. To this end, students are strongly encouraged to be sensitive to cultural, gender-related and international issues.

Assessment

A further Guide to the Assessment Items is available from the unit Blackboard Site:

At the end of the teaching period student grades are determined by the Faculty Academic Board. The Unit Coordinators provide the detailed assessment results to the Board, working through the relevant School. These results are advisory in nature and do not necessarily constitute the final grades awarded by the Board. In its decision the Board compares results both within units and programs, using as a guide a set of standard distribution criteria. These criteria enable the Board to systematically compare student performance, but are not applied in a prescriptive fashion.Students will receive a variety of feedback throughout this unit.
Informally, feedback will be given verbally in class through class discussions and during the debriefing of learning activities.
Direct feedback will be available to those students who request a private or group consultation session with the lecturer.
Formal feedback will be received on both formative and summative assessment tasks through a Criterion Reference Assessment sheet which will also include written feedback on the assessment task. The Criterion Reference Assessment Sheet will be available in the unit Blackboard site at the commencement of the unit. Students will receive feedback on their formative assessment task prior to their summative assessment task being submitted.

Assessment name: Essay Assignment
Description: Optional essay assignment. The essay topic is based upon social and economics issues, covering lecture topics 1 through 3 inclusive designed to test understanding and real world application of concepts.
Length/Duration: 1,000 words
Formative/Summative: Formative and Summative
Weighting: 0 - 40%
Relates to objectives: Unit Objectives: 1, 2, 5 and AOL Goals: KS 1.1, CTA 2.1, PC 3.1
Weight: 40%
Internal or external: Internal
Group or individual: Individual
Due date: Week 4

Assessment name: Final Examination
Description: Open book final exam covering topics 1 through 6 inclusive, consisting of short and long answer questions.
Length/Duration: 2 hours plus 10 minutes perusal
Formative/Summative: Summative
Weighting: 60 - 100%
Relates to objectives: Unit Objectives: 1, 2, 3, 4, 5 and AOL Goals: KS 1.1, CTA 2.1
Weight: 60%
Internal or external: Internal
Group or individual: Individual
Due date: Week 7

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 Texts

Layton, A., Robinson, T, & Irvin B. Tucker (2012), 'Economics for Today 4th Edition', Thomson, Southbank VIC.

This publisher also has an eBook version of this textbook available through their Cengage Brain or Vital Source platform. This platform is currently available for IOS and Android devices, Mac and PCs. Before purchasing this book as an eBook, please be aware that this publisher only allows a 2 year license for this textbook in eBook format. Individual chapters of the book can also be purchased.


Additional Resources

Web sites of various central banks:
Federal Reserve Bank of Australia www.rba.gov.au/
US Federal Reserve www.federalreserve.gov/
Bank of England www.bankofengland.co.uk/
ECBG www.ecb.int/
Monetary Authority of Singapore www.mas.gov.sg/

Risk assessment statement

There are no out of the ordinary risks associated with 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 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: 22-Mar-2013