Reference no: EM132377237

ECO511 - Economics for Business
Session 2 2019
Faculty of Business, Justice and Behavioural Sciences School of Accounting and Finance
Internal Mode Credit Points 8

Learning outcomes

Upon successful completion of this subject, students should:
• be able to apply demand and supply analysis to make a range of market related decisions;
• be able to identify and critically evaluate opportunities for specialisation and exchange;
• be able to make decisions that incorporate the relevant benefits and cost analysis;
• be able to explain and defend why it is important to understand the structure of the market in which a firm operates;
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income; and
• be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.

Assessment item 1

Assignment 1: Discussion Board Posting

Task

Your task is to lead a "Current Issues" discussion on the Discussion Board for one week.

You will be allocated a week by me. You can discuss your proposed current issue with me via email before posting. The issue you choose will generally be related to the last Topic discussed in the subject in the preceding weeks. On the Monday of the appropriate week you must introduce the discussion of the issue on the Discussion Board and respond to discussants' comments where appropriate. The discussion needs to be clearly written using correct English. It can contain hyperlinks to additional sources of information or graphics as appropriate to the discussion topic.

You are only required to prepare a discussion post once for the session. The size of the class may require that more than one student be allocated to lead a discussion in a given week. In this event students may be allocated to a group to lead the discussion or each student allocated to a week may be asked to lead a discussion on a different issue.

Rationale

This assessment task does not directly assess a specific learning outcome but is a requirement for passing the subject.

The rationale for this assessment item is to help you to be able to critically analyse and provide informed comment on recent issues related to the subject and to build confidence in meeting the learning outcomes of the subject.Assessment item 2

Assignment 2: Discussion Board Comments

Submission method options: Interact2 Discussion Board

Task
In this assessment item you are required to contribute to the "Current Issues" discussion series by commenting as an individual on the weekly discussion(s) prepared and lead by a fellow student(s) or by me. (see Assessment 1 for details). Your comment should extend on the discussion(s), for example by including additional information, providing alternate perspectives or bringing your personal industry experience to the topic. Please post your comments to the discussion board and use the same etiquette that you would use as if you are addressing each other in a face to face class. Show respect and consideration towards your peers in the wording of your comments.

Rationale
This assessment task does not directly assess a specific learning outcome but is a requirement for passing the subject.
The rationale for this assessment item is to build your skills, knowledge and confidence in meeting the learning outcomes of the subject.

Assessment item 3
Assignment 3: Essay Questions

Task
Assignment 3 consists of two essay questions (worth 10 marks each) based on Text material. Before attempting this assignment you are expected to have read Text chapters 1, 2, 3 and 4. Sources used in your answer should be fully referenced in APA 6th style.
Answer the following questions ensuring that you apply economic principles or theory related to (a) the concepts of supply and demand for Question 1 and (b) the concepts of specialisation and exchange for Question 2 to inform your analysis and support your
decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answers with diagrams as necessary.

Question 1
Drawing on your knowledge of the theory of demand and supply - supplemented by appropriate media reports - explain what has been happening to the price of gas in Australia over the last ten years.

Question 2
Drawing on your knowledge of the theory of specialisation and exchange - supplemented by appropriate media reports - explain what the consequences of rising energy costs will be for heavy industry in Australia.

Rationale
This assessment task will assess the following learning outcome/s:
• be able to apply demand and supply analysis to make a range of market related decisions.
• be able to identify and critically evaluate opportunities for specialisation and exchange.
This assignment provides an opportunity for you to demonstrate that you are familiar with the use of the model of supply and demand and concepts of specialisation and exchange.

Presentation
Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in APA 6th style. The answer to the question should be divided into three parts:

Part 1: Introduction
The introduction sets up your response by succinctly stating your understanding of the issues, what you think is the best way to analyse the situation - including choice of theory and sources of evidence, what type of findings you expect and what potential applications you expect there to be.

Part 2: Analysis
The analysis will represent the bulk of your work. Here you will provide your answer in detail by drawing upon the literature, the theory and the evidence to come up with an answer to the question posed. You may find that you want to break this section up into a number of sub- parts - one for a detailed discussion of the issues including your non-technical response, one for a detailed analysis of the tools of analysis you will use (theory), one for your extensive consideration of the evidence, one where you draw together your information and findings along with their implications.

Part 3: Conclusion
In the conclusion you briefly and succinctly review what you have done in answer to the question and indicate what further issues there might be to be considered.

Assessment item 4
Assignment 4: Essay Question

Task

Assignment 4 consists of one essay question (worth 10 marks) based on text material. Before attempting this assignment you are expected to have read Text chapters 1 to 10. You are encouraged to make use of additional sources. Sources used in your answer should be fully referenced in APA 6th style.

Answer the following question ensuring that you apply economic principles or theory related to the concepts of benefits, costs and market structure in which a firm operates to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answer with diagrams and illustrative examples as necessary.

Question
Drawing on your knowledge of the theory of market structure - supplemented by appropriate media reports - comment on the statement of ACCC Chairman, Rod Sims, that the Australian finance sector is ‘a cosy banking oligopoly' and explain what action could be undertaken to overcome the problems created by this situation.

Rationale
This assessment task will assess the following learning outcome/s:
• be able to make decisions that incorporate the relevant benefits and cost analysis.
• be able to explain and defend why it is important to understand the structure of the market in which a firm operates.
This assignment provides an opportunity for you to present a detailed analysis of the operation of firms in a particular market context through the application of your knowledge of theory supported by evidence drawn from sources of your choosing.

Presentation
Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in APA 6th style. The answer to the question should be divided into three parts:

Part 1: Introduction

The introduction sets up your response by succinctly stating your understanding of the issues, what you think is the best way to analyse the situation - including choice of theory and sources of evidence, what type of findings you expect and what potential applications you expect there to be.

Part 2: Analysis

The analysis will represent the bulk of your work. Here you will provide your answer in detail by drawing upon the literature, the theory and the evidence to come up with an answer to the question posed. You may find that you want to break this section up into a number of sub- parts - one for a detailed discussion of the issues including your non-technical response, one for a detailed analysis of the tools of analysis you will use (theory), one for your extensive consideration of the evidence, one where you draw together your information and findings along with their implications.

Part 3: Conclusion

In the conclusion you briefly and succinctly review what you have done in answer to the question and indicate what further issues there might be to be considered.

Assessment item 5
Assignment 5: Problem Essay Question

Task
Assignment 5 consists of one problem essay question worth 10 marks. Before attempting this assignment you are expected to have read Text chapters 13, 14 and 15. You are encouraged to make use of additional sources. Sources used in your answer should be fully referenced in APA 6th style.
Answer the following question ensuring that you apply economic principles or theory related to understanding the health of the economy and the need for government intervention to inform your analysis and support your decisions. Communicate your ideas with correct grammar, spelling and writing style and support your answer with diagrams and examples as necessary.
Question (10 marks)
Drawing on your knowledge of the theory of aggregate demand and aggregate supply - supplemented by appropriate media reports - explain the impact of a fall in the rate of growth of the Chinese economy on macroeconomic conditions in Australia.

Rationale
This assessment task will assess the following learning outcome/s:
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
• be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.

Presentation
Answers should be typed and diagrams must be clear and neat and preferably drawn electronically. Hand-drawn diagrams are acceptable. Sources used in your answer should be fully referenced in APA 6th style. The answer to the question should be divided into three parts:

Part 1: Introduction
The introduction sets up your response by succinctly stating your understanding of the issues, what you think is the best way to analyse the situation - including choice of theory and sources of evidence, what type of findings you expect and what potential applications you expect there to be.

Part 2: Analysis
The analysis will represent the bulk of your work. Here you will provide your answer in detail by drawing upon the literature, the theory and the evidence to come up with an answer to the question posed. You may find that you want to break this section up into a number of sub- parts - one for a detailed discussion of the issues including your non-technical response, one for a detailed analysis of the tools of analysis you will use (theory), one for your extensive consideration of the evidence, one where you draw together your information and findings along with their implications.

Part 3: Conclusion
In the conclusion you briefly and succinctly review what you have done in answer to the question and indicate what further issues there might be to be considered.

Assessment item 6

Requirements
The examination consists of eight (8) problem questions. Students must complete any three (3).

Rationale
This assessment task will assess the following learning outcome/s:
• be able to apply demand and supply analysis to make a range of market related decisions.
• be able to identify and critically evaluate opportunities for specialisation and exchange.
• be able to make decisions that incorporate the relevant benefits and cost analysis.
• be able to explain and defend why it is important to understand the structure of the market in which a firm operates.
• be able to critically examine and demonstrate why it might be necessary for government to intervene in the production of goods and services and in the distribution of income.
• be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.