Economics for Business Decision Making
Overview
This unit aims to provide students with an introduction to microeconomic and macroeconomic theories and how these are applied practices. It seeks to bridge the gap between theory and practice in the context of today’s changing technological landscape by requiring students to apply analytical skills to address industry and government case studies such as: how prices and output are set by firms to maximise profit; how key macroeconomic indicators are employed to assess economic conditions by business decision-makers; and what ESG (environmental, social and governance) policies and best practices are available to deal with different types of market failures.
Requisites
27-October-2024
01-June-2025
08-June-2025
02-November-2025
08-February-2026
Learning outcomes
Students who successfully complete this unit will be able to:
- Identify economic indicators and models to understand and analyse real-world situations.
- Apply economic concepts and frameworks to understand, explain and evaluate decision-making by individuals, firms and government.
- Use analytical skills to address problematised industry and government issues in the context of today’s changing technological landscape.
- Analyse what ESG (environmental, social and governance) policies and best practices are available to private firms and government to deal with different types of market failures including externalities and public goods.
- Explain contemporary economic issues and determine the optimal responses to stabilise macroeconomic fluctuations.
Teaching methods
Hawthorn
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| On-campus Class | 2.00 | 12 weeks | 24 |
| Online Lecture | 1.00 | 12 weeks | 12 |
| Unspecified Activities Various | 9.50 | 12 weeks | 114 |
| TOTAL | 150 |
Swinburne Online
| Type | Hours per week | Number of weeks | Total (number of hours) |
|---|---|---|---|
| Online Directed Online Learning and Independent Learning |
12.50 | 12 weeks | 150 |
| TOTAL | 150 |
Assessment
| Type | Task | Weighting | ULO's |
|---|---|---|---|
| Assignment | Individual | 20 - 30% | 1,2,3,4,5 |
| Examination | Individual | 40 - 60% | 1,2,3,4,5 |
| Online Quiz | Individual | 20 - 30% | 1,2,3,4,5 |
Content
- Economic concepts of opportunity cost and comparative advantage
- Demand and supply
- Elasticity and its applications
- Production, costs, and technological changes
- Market Structures: perfect competition, monopoly, monopolistic competition, oligopoly
- Externalities and ESG (environmental, social and governance) policies
- GDP, inequality, growth and technological innovations
- Unemployment and inflation
- Aggregate demand and aggregate supply analysis
- Monetary policy
- Fiscal policy
Study resources
Reading materials
A list of reading materials and/or required textbooks will be available in the Unit Outline on Canvas.