Postgraduation Program HI5003 Economics for Business HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION HOLMES INSTITUTE FACULTY OF HIGHER EDUCATION POSTGRADUATE PROGRAM SUBJECT OUTLINE HI5003 Economics for Business (Normal Mode) Sydney / Melbourne/Brisbane TRIMESTER 1 / 2017 Holmes Institute is committed to providing the highest quality education in a dynamic, student-centred learning environment. Holmes Institute fosters in its students rational thought, intellectual integrity and social responsibility. www.holmes.edu.au/highereducation Hong Kong Brisbane Sydney MelbournePostgraduate Program HI5003 Economics for Business FACULTY OF HIGHER EDUCATION Holmes Institute Faculty of Higher Education offers business courses that combine discipline-based excellence with practical applications. The faculty operates on campuses in Melbourne, Sydney, Brisbane and Hong Kong. The faculty offers a Bachelor of Business, a Bachelor of Professional Accounting, a Master of Professional Accounting, a Master of Business Administration and a Graduate Diploma in Business. Details about the members of the faculty can be found on the faculty's home page at www.holmes.edu.au HOLMES INSTITUTE POSTGRADUATE PROGRAMS At Holmes Institute, the Master of Business Administration and Master of Professional Accounting programs offer domestic and international students the opportunity to study a set of contemporary subjects in the field of business. These subjects prepare students for the challenges in business environments of the 21st century. These programs emphasize the global and cross-cultural dimensions of business. Teaching utilizes a combination of delivery methods and includes critical analysis and case study methods. A combination of exams, case studies and company analysis are used in assessment. The Masters programs of Holmes Institute focus on:  Developing career related capabilities  Business numeracy and literacy  Developing managerial proficiency  Working in the new economy  Leadership skills  Entrepreneurship  Social responsibility and ethics SUBJECT OVERVIEW Welcome from the Subject Coordinator: Welcome to HI5003 Economics for Business. In this course, students will be introduced to a variety of topics, including: introduction to economics, micro and macro economics, demand and supply, scarcity of resources and allocation of resources, various market structures, costs of production, market failure, GDP, economic growth, inflation, unemployment economics cycle, monetary and fiscal policies and international economic environment impact on domestic economy and how to understand, analyse and interpret economic news. SUBJECT RATIONALE & OBJECTIVES The purpose of this subject is to provide an understanding of both micro and macro economics relevant to business environments. The subject is delivered within a framework of sustainability and covers a range of topics in economics in both a domestic and an international context such as what makes firms competitive, the role of economic policy, what makes economies successful in a global environment, trade versus aid and the role of government. Macroeconomic issues addressed also include the identification of factors that determine the short-term and the long-term performance of a national economy. In this context, the role of consumer spending, investment, government taxes and spending on imports and exports and the part played by banks, interest rates and financial markets is outlined. This subject describes the broad business and economic environment in which manager’s work and focuses on the development and use of economic principles and tools which will equip business managers to effectively operate in a range of business settings.Postgraduate Program HI5003 Economics for Business SUBJECT OBJECTIVES On completion of this subject students will have:  A broad understanding of the principles of micro and macro economics in a variety of business environments;  An understanding of productivity and its influence on business and national economic performance;  An understanding of the likely impacts of fiscal and monetary policy and how they influence business decisions;  A well- developed understanding of the language of economics and the tools of the economist. STUDENT LEARNING OUTCOMES Learning Outcomes 1. A broad understanding of the principles of macro and micro economics in a variety of business environments 2. An understanding of productivity and its influence on business and national economic performance 3. An understanding of the likely impacts of fiscal and monetary policy and how they influence business decisions 4. A well- developed understanding of the language of economics and the tools of the economist SUBJECT ADMINISTRATION Awards Duration Core/Elective Subject weight Campus MBA, MPA, GradDip 1 semester Core 3 credit points Melb / Syd/Bris Mode of delivery On campus Prerequisites Nil Workload Students are expected to attend all classes Delivery A weekly three hour class including two hrs lecture and one hr tutorial Independent study 5 hrs CONTACT DETAILS Subject Coordinator and Lecturer (S1) Sydney Campus 02) 9299 1400 Ross Brennan (Normal Mode S2) Jas Paul Chawla [email protected] [email protected] Consultation times Tue 3 to 5 Wed 2 to 4 Fri 3 to 5 TBAPostgraduate Program HI5003 Economics for Business Usha Iyer [email protected] TBA Serguei Mikhailitchenko Lecturer at Brisbane campus Mr Sudarshan Chalise [email protected] TBA Lecturer at Melbourne campus 03) 9662 2055 Mr Ali Yousefi Dr Long Tran Lecturer in Gold Coast @holmes.edu.au TBA * Other times by appointment Students please note: Holmes Institute provides each student with a Holmes webmail. Faculty and Administrative staff can only communicate with you using your Holmes Institute mail address. Emails from private and/or business email accounts cannot be used and may not be answered. STUDENT ASSESSMENT ASSESSMENT TYPE DUE DATE WEIGHT LEARNING OUTCOMES Tutorial and /or seminar activity Weekly individual contribution 10% 1,2,3 & 4 Individual Paper (ONLY SOFT COPY REQUIRED) Week 6 15% 1,2,3 & 4 Group Assignment (ONLY SOFT COPY REQUIRED) Week 12 25% 1,2,3 & 4 Final Exam Exam week 50% 1 to 4 ASSESSMENT POLICY To be eligible to pass this subject, students must complete all forms of assessment and demonstrate achievement of the learning outcomes. All assignments must be submitted electronically using a word processor, uploaded to Blackboard via SafeAssign. You must print and attach the full SafeAssign report with the Holmes Institute Cover Sheet to the printed assignment (hard copy). The assignment cover sheet must include the student’s/students’ name/s, HI Student ID/s, subject code and subject name, subject lecturer’s name, assignment due date and time of submission. All hard copies must be placed in the Assignment Box in the Resource Centre during opening hours. Submission deadlines are strictly enforced and late submissions incur penalties unless an extension and/or special consideration has been granted by the Subject Coordinator. No assessments are accepted after 14 calendar days of the due date. Students are requested to familiarize themselves with the Holmes Institute Assessment Policy at: www.holmes.edu.au/highereducation/assessment. STANDARD GRADING SYSTEM AND DISTRIBUTION GRADE LETTER RANGE High Distinction HD 80% and abovePostgraduate Program HI5003 Economics for Business Distinction D 70 – 79% Credit CR 60 – 69% Pass P 50 – 59% Fail NN 0-45% (did not meet the standard required according to the learning outcomes in the Subject Guide ) Faculty Pass* FP 46 – 49% (awarded by Board of Examiners) Supplementary Exam Granted (a temporary grade) NS Supplementary examination granted Deferred Exam (a temporary grade) ND Officially Deferred examination Fail NA Student did not submit any work according to the schedule in the Subject Guide Result Withheld RW Additional assessment and/or work required Result Withheld WH Outstanding fees or non-return of Holmes Institute materials * This grade is sometimes referred to as a conceded pass at other institutions VIEWING STUDENT GRADES Results including the final grade can be viewed via the Grade Centre on Blackboard. Results for all assessments are published within two weeks of the due date of the assessment and the final examination. Students who wish to appeal their mark for a specific assessment are advised to follow the procedures outlined at www.holmes.edu.au /highereducation/appeals PLAGIARISM AND ACADEMIC MISCONDUCT Holmes Institute views all forms of academic misconduct as most serious offences. Academic misconduct in any form during an examination is not tolerated and will be dealt with according to the policies and procedures set out in the Holmes Institute Student Handbook (see www.holmes.edu.au/highereducation/handbook). Plagiarism occurs when one uses another person’s ideas or manner of expressing them and passes them off as one’s own work by failing to give appropriate acknowledgement (that is, referencing the source). Any instances of plagiarism will be dealt with promptly (see www.holmes.edu.au/highereducation/handbook). It is important that students reference their work appropriately. The Faculty of Higher Education at Holmes Institute uses the APA (American Psychological Association) style of referencing. A detailed guide to referencing can be found in the Student Handbook. It is expected that you will be familiar with the APA style of referencing. USE OF BLACKBOARD Holmes Institute uses Blackboard as its online teaching platform and all students enrolled have access to Blackboard to access their lecture material, grades, important announcements on their subjects and discussion rooms for selected subjects. Please note that it is the student’s responsibility to check Blackboard on a regular basis. It is expected that students will have viewed lecture materials and additional readings before class. All students are advised to familiarize themselves with the use of Blackboard. Guides to Blackboard are available in the Resource Centre on each campus (see www.holmes.edu.au/highereducation/blackboard). Should you have difficulties accessing and/or using Blackboard, please contact your lecturer or the Holmes Institute Blackboard Helpdesk on: [email protected]. USE OF RESOURCE CENTER AND PROQUESTPostgraduate Program HI5003 Economics for Business For most subjects, students are expected to engage in additional research. Textbooks and teaching materials available in the Resource Centre will be of use here. In addition, current students have access to a range of electronic academic journals via Proquest, which is accessible once you log into Blackboard. Should you require any assistance with the use of Proquest and/or online research, please contact your lecturer and/or the Resource Centre staff on your campus. STUDY SKILLS & ACADEMIC SUPPORT Students who have difficulties with their studies and/or specific forms of assessment should visit online Study Skills on www.holmes.edu.au/highereducation/studyskills. Holmes Institute also offers regular Academic Support, which is free for any student enrolled. See details on www.holmes.edu.au/highereducation/academicsupport.Postgraduate Program HI5003 Economics for Business DETAILED INFORMATION ON SUBJECT ASSESSMENTS 1. Tutorial and/or seminar activity: Discussion of Issues ASSESSMENT Weighting: 10% 1 Every lecture session begins with a discussion of Issues in Economics for Business. You will be assessed on the frequency (how many) and quality (how good) of your contributions to those discussions over the trimester. TOTAL 10% 2. Individual Paper Assessment criteria Due: Week 6 ASSESSMENT Weighting: 15% Length: Maximum 1000 words 2 Newspaper Analysis (Essay) 15% 1) Choose a topic from Micro economics that matters to you and find a recent news article covering that topic. Following are some of the topics from where students need to choose ONLY one topic: - Monopolies, Duopoly and Oligopolies in Australia - Demand and Supply of certain resources in Australia - Costs of production in ANY manufacturing industry in Australia - Reforms in Education, Meat, Agriculture and Tourism Industries in Australia. Choose ONLY ONE industry out of this list. PL see the additional guidelines provided for this assignment. 2) Evaluate the article using Economic concepts. You should include  The essence of the story (1 to 2 paragraphs): Introduce the issue, who is interested in it and why.  The economic analysis (2 to 3 paragraphs): Explain how you can present the issue in terms of economic concepts and theories you have learnt in class.  Explain your view (1 to 2 paragraphs): Explain what actions you would recommend to the key players and/or policy holders.Postgraduate Program HI5003 Economics for Business  Explain how the above analysis supports your conclusion (1 to 2 paragraphs). 3) You may provide graphs/charts/diagrams where necessary to enhance your presentation style. 4) Students need to submit ONLY the Soft copy and upload on BB by that time. Marking Criteria 1) Critical thinking skills 2) Clarity of writing and ability to express your ideas 3) Ability to use economic concepts and theories in the context of the news article. TOTAL 15% 3. Group Assignment: Assessment criteria Due: Week 12 ASSESSMENT Weighting: 25% Length: Maximum of 10 pages or 3000 Words 3 Group Assignment (Written report): 25% 1. Organize yourselves into groups. Each group is to have Four or Five members depending upon the class size. 2. Groups need to choose a topic from the list of topics provided by the lecturer and write an essay on the chosen topic. The list contains some micro and macro areas which would help students to understand the various topics and their relevance in the real life. 3. This group assignment’s will be assessed on the basis of the following criteria: - The current research on the topic - Analysis of the topic and the application - Student’s showing their understanding and current debate by different governments, economists and the industry. 4. Following are the main topics of your research from which group will choose any ONE:Postgraduate Program HI5003 Economics for Business - Economic Growth of Australia in last 3 to 5 years - Unemployment in Australia last 5 years - Fiscal Policy of Australian government in last 3 to 5 years - Australian current debate/Policy on renewable energy - Carbon Tax/ETS debate in Australia - Reforms in Meat, Agriculture, Education and Tourism Industry in Australia (Choose Only One industry out of this list) 5. Groups need to come and talk to their lecturer by Week 5 the latest, and advise their chosen topic before they start. 6. Following is the structure of the essay: - Introduction 300 words - Body 2500 words discussing and analyzing the research and the application - Conclusion 200 words. Final comments on the topic and group’s findings (Pl see the list of topics and structure under additional readings) TOTAL The use of appropriate referencing is expected and will be assessed. Students need to submit ONLY the SOFT COPY of the assignment and upload on BB by that time. 25% 4. Final Examination Assessment criteria ASSESSMENT Weighting: 50% Length: 2 hours and 10 minutes 4 The final examination will be drawn from the material presented in lectures. In preparation you should find the discussion issues from each of our formal sessions useful in assessing your own preparedness for the examination. More detail will be provided during the trimester. The exam is scheduled during the regular examination period. It is a CLOSED BOOK EXAM TOTAL 50% Assessment criteria The following is a guide to the type of work that is expected at each letter grade level:Postgraduate Program HI5003 Economics for Business HD Outstanding work which exhibits sophisticated understanding and critical synthesis, analysis and evaluation of the subject matter. While the work utilizes opinions of others, judgements about the value of the subject matter are made and drawn together in an organized whole. Gaps in the subject matter might also be identified and the implications discussed. D Substantial work of high quality, which demonstrates a clear understanding of the subject matter, in which the relationship between the constituent elements are identified clearly and discussed with some level of critical analysis. T he work also applies abstract ideas in concrete situations. CR Sound and competent work, which demonstrates a reasonable but not complete grasp of the subject matter. The work utilizes recall and paraphrases the work of others concerning the subject matter. Some basic level of critical analysis is evident. Originality in the work is rarely evident. P Work that demonstrates a satisfactory engagement with the subject matter such that the student is said to have a general understanding of the field. Provides an adequate basis for further study. NN Did not meet the learning objective of the subject.Postgraduate Program HI5003 Economics for Business SUBJECT RESOURCES Prescribed Textbook (compulsory) Allan Layton, Tim Robinson “Economics for Today”;, 4th Asia Pacific ed., Prentice Hall, Harlow. Recommended Reading * 1. Atkinson, B. and Miller, R (1998) Business Economics, Harlow, Prentice Hall, Upper Saddle River. 2. Atkinson, B., Livesey, F. and Milward, B (1998) Applied Economics, MacMillan, London. 3. Begg, D. and Ward, D (2003) Economics for Business, Maidenhead, McGraw-Hill, New York. 4. Dornbusch, R. et al. (2002) Macroeconomics, McGraw Hill, Sydney. 5. Harris, N (2001) Business Economics Theory and Application, Butterworth-Heinmann, Oxford. 6. Mahadevan, R. (2004) The Economics of Productivity in Asia and Australia, Edward Elgar Publishing, Cheltenham. 7. Perloff, J. (2001) Microeconomics, 2nd ed., Addison Wesley Longman, New York.  Please note that additional recommended readings may be supplied by the lecturer in class or/and via Blackboard. LECTURE SCHEDULE/SYLLABUS Wk Topics scheduled Assessment Tutorial Activities Chapters 1 Introduction the economic way of thinking Production Possibility and Opportunity cost See blackboard 1 &2 2 Market demand and supply Class exercises See blackboard 3 3 Market demand and supply Markets in action Class questions See blackboard 3&4 4 Markets in action Elasticity of demand and supply Class questions See blackboard 4&5 5 Elasticity of demand and supply Production costs Class exercises See blackboard 5&6 6 Perfect competition, Monopoly Monopolistic competition and Oligopoly Individual Assignment ONLY SOFT COPY ON BB DUE Class questions See blackboard 7,8&9 7 Measuring the size of the economy Class discussion questions See blackboard 11 8 Business cycles and economic growth Class exercises See blackboard 12 9 Inflation and Unemployment Class discussion See blackboard 13 10 A simple model of Macro economy The monetary and financial system Class questions See blackboard 14 & 15 11 Monetary Policy and Fiscal Policy Class questions See blackboard 16&17 12 International Trade and Finance & REVISION Group Assignment ONLY SOFT COPY ON BB Class discussion 18Postgraduate Program HI5003 Economics for Business DUE Exam * * Note: Students must consult the Academic Calendar for the dates of the Examination Week in the trimester. STUDENT ASSISTANCE Studying in higher education presents many experiences and challenges. These might involve academic, personal and/or professional issues. At Holmes Institute, we have a range of people who can help you with various challenges. The following table identifies contact points should you require any support. SUPPORT REQUIRED WHO TO CONTACT Information for Current Students Holmes Institute Student Handbook: Academic Probation / Mentoring Academic Mentors, Associate Dean Accommodation Holmes Institute Home Stay Computers, Blackboard, Email IT Help Desk Disability Needs Holmes Institute Campus Directors Employment and Careers Career Development Team Enrolment Higher Education Coordinator Exams Higher Education Coordinator Financial Issues Holmes Institute Campus Directors Personal Issues National Higher Education Program Manager, Mentoring Team Proquest Database Librarian on each Campus Study Skills Holmes Institute Academic Support & Study Skills Team Visa Issues, COEs etc. Higher Education Coordinator This subject outline was prepared by the Course Development Team for the Undergraduate Programs, Faculty of Higher Education, Holmes Institute. It was correct at the time of publication. Change to the Subject Outline may occur at any time. However, the Faculty of Higher Education endeavours to inform the students accordingly. This publication is copyright. Apart from any fair dealing for the purpose of private study, research, criticism, or review as permitted under the Copyright Act, no part may be reproduced by any process or placed in computer memory without written permission. Enquires should be made to Holmes Institute Faculty of Higher Education. © Copyright 2010.