SUBJECT OUTLINE

23566 Economics for Business 2

Course area UTS: Business

Delivery Summer 2024; standard mode; City Credit points 6cp

Requisite(s) 23115 Economics for Business

These requisites may not apply to students in certain courses.

There are also course requisites for this subject. See access conditions.

Result type Grade and marks

Subject description

This subject extends the foundational treatment received in 23115 Economics for Business by analysing the decisions that lie behind the demand and supply curves in markets, and the forces that affect aggregate demand and aggregate  supply curves of the economy. The subject examines a number of core issues in economics such as: how firms choose their production levels and how their decisions are affected by the market conditions, how consumers choose between alternative combinations of goods and services, how government conducts fiscal and monetary policy and which forces affect the long-run economic growth of a country. The subject also equips students with the basic quantitative skills needed to examine these questions.

Subject learning objectives (SLOs)

Upon successful completion of this subject students should be able to:

1. explain a number of important extensions and modifications to the theory of markets, some important implications

of macroeconomic policy decisions and the forces that affect long run economic growth

2. critically evaluate a greater range of government policies at both the microeconomic and macroeconomic levels

3. communicate critical evaluations of economic phenomena in writing with greater effectiveness.

Contribution to the development of graduate attributes

This subject contributes to the Bachelor of Business and Bachelor of Economics by providing students with an enhanced understanding of foundational issues in economics. The students will learn how to model behaviour of consumers and producers using graphical and analytical framework. Economics for Business 2 thus extends the knowledge and skills students have developed in Economics for Business to prepare them for more advanced study in economics, finance and other areas of business that draw heavily on economic principles.

This subject contributes to the development of the following graduate attributes:

Communication and collaboration

Social responsibility and cultural awareness

Professional and technical competence

This subject also contributes specifically to develop the following Program Learning Objectives for the Bachelor of Business:

Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)

Make judgements and business decisions consistent with the principles of social responsibility, inclusion and knowledge of Indigenous peoples (3.1)

Apply technical and professional skills to operate effectively in business (4.1)

This subject also contributes specifically to develop the following Program Learning Objectives for the Bachelor of Economics:

Demonstrate ability to work independently and with others as a member of a team to achieve an agreed goal (2.2)

Teaching and learning strategies

In this subject, students get involved in active learning through the entire semester. The subject is taught through a range of interactive activities, including the following:

Online Quizzes: Five computerized online quizzes will be provided during the course and the best three results will be counted towards the final mark (part of Assignment 1).

Lecture Slides: Lecture slides will be available several days before each lecture on the learning management system. Please note that a lecture is just a summary of the material covered in the subject and should not be regarded as a sufficient coverage of the subject matter.

Additional Notes: Since the subject has a quantitative component, the additional notes, extracts and exercises are supplied to complement the main textbook. These notes are available online. Tutorial questions will refer to the concrete questions and exercises to be studied in these additional notes.

Tutorial Exercises: Tutorial questions containing the homework for the next tutorial are available on the learning management system each week. The tutorials will typically have two parts, self-test Multiple Choice Questions and Open Questions. During the first several weeks an extra part on mathematical background will be added. Tutorial questions should be attempted prior to each class, where a tutor will present and discuss the solutions. Solutions to the tutorial questions will be available the week following the respective tutorial class.

Collaboration: Tutorials will provide an opportunity to discuss key ideas from this subject with your teacher and peers. Students will also have opportunities to directly interact with each other through the learning management system.

Feedback: The learning management website will be used extensively as a vehicle of communication between staff and students, including through the online discussion board. Students will also receive regular feedback through interactive tutorial sessions by completing online quizzes.

Content (topics)

. Firms' cost structures and its impact on production and pricing decisions; graphical and analytical representation of cost functions;

. Market structure and its impact on firms'market strategy;

· Labour and capital market, theories of wage determination;

· Expenditure Multipliers and the Keynesian Model of National Income;

Macroeconomic Fluctuations;

. Investment, Saving and the Role of Financial Markets;

. Issues in Fiscal Policy.

Assessment

Assessment task 1: Portfolio (Individual* and Group)

Intent: This assessment comprises two parts:

1.  individual, computer-based assignments* (weight 15%)

2.  group assignment (weight 25%)

Objective(s): This addresses subject learning objective(s):

1, 2 and 3

Weight: 40%

Task: The individual part of the Assessment consists of five online quizzes. See the Program above for the

due dates. The questions will be similar to the tutorial exercises. Three best results of the five quizzes will be counted towards the final mark with a maximum of 5% for each.

For the group part of the Assessment, you need to form. a group of 4 students (groups of 5 students may be allowed in some cases). More information on the group assignment will be provided on

Canvas. The group assignment must be submitted on the due date.

Due: The dates for all assessments are listed the program schedule.

Criteria: *Note: Late submission of the assessment task will not be marked and awarded a mark of zero.

Further Since each quiz will be open on Canvas for a sufficient period of time, there will be no possibility to information: postpone the deadline for any particular test. Do not leave the quiz to the last minute!

The group assignment task will also be available well before the deadline. Do not leave the group formation until the last minute! Plagiarism detection software, including for the use of AI generated text, may be used to ensure the work you submit is your own. Details on UTS policy surrounding plagiarism and copyright are provided later in this subject outline.

Assessment task 2: Final Examination (Individual)

Objective(s): This addresses subject learning objective(s):

1 and 2

Weight: 60%

Task: The final exam covers material from the entire semester. The final exam is a closed book. The

questions will be similar to the lecture and tutorial questions that you have practised throughout the semester.

The Student Administration Unit (SAU) handles all aspects of exam administration. Information about 'Examinations and Assessments' is on the UTS website at:

http://www.sau.uts.edu.au/assessment/exams/central.html

If you are unable to attend the centrally-conducted exam it is your responsibility to familiarise yourself with the relevant rules detailed on the above website.

Length: 2 hours.

Due: UTS Exam Period; see Further information