ECON506-17T (HAM)

Economics for Business

15 Points

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Waikato Management School
Te Raupapa
Department of Economics

Staff

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Convenor(s)

Niyi Alimi

Niyi Alimi
Monday & Tuesday 12-2pm ; Also by email appointment
niyi.alimi@waikato.ac.nz

Lecturer(s)

Niyi Alimi

Niyi Alimi
Monday & Tuesday 12-2pm ; Also by email appointment
niyi.alimi@waikato.ac.nz

Administrator(s)

: anna.strutt@waikato.ac.nz
: denise.martin@waikato.ac.nz

Placement Coordinator(s)

Tutor(s)

Student Representative(s)

Lab Technician(s)

Librarian(s)

: clive.wilkinson@waikato.ac.nz

You can contact staff by:

  • Calling +64 7 838 4466 select option 1, then enter the extension.
  • Extensions starting with 4, 5 or 9 can also be direct dialled:
    • For extensions starting with 4: dial +64 7 838 extension.
    • For extensions starting with 5: dial +64 7 858 extension.
    • For extensions starting with 9: dial +64 7 837 extension.
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Paper Description

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This paper provides an introduction to the essential aspects of the economic environment within which individuals and businesses operate, and the role of government in shaping that environment. It will provide an introduction to the key characteristics of different types of economic environments from both a business and a policy perspective, the ways in which market types can be analysed, and an introduction to macroeconomic issues that are helpful for business decision-making.

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Paper Structure

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This paper is taught via two three-hour lecture/workshop sessions each week
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Learning Outcomes

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Students who successfully complete the course should be able to:

  • Apply the model of supply and demand to analyse market problems and anticipate profit opportunities.
    Linked to the following assessments:
  • Analyse the welfare implications of shocks to markets (including government policy shocks)
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  • Use elasticities, the consumer choice model, and game theory to anticipate how buyers, sellers and competitors will react to changes in prices and other variables
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  • Explain the reasons why markets are sometimes inefficient, and describe potential sustainable solutions to any inefficiencies
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  • Demonstrate an understanding of the macroeconomic environment, especially government fiscal and monetary policies, and their implications for business.
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  • Demonstrate an understanding of issues related to international trade, and why international trade is of particular importance to New Zealand.
    Linked to the following assessments:
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Assessment

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All assessment information can be found below.
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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 1:0. There is no final exam. The final exam makes up 0% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 1:0 or 0:0, whichever is more favourable for the student. The final exam makes up either 0% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Quiz 1
13 Nov 2017
9:00 AM
15
  • In Class: In Lecture
2. Quiz 2
20 Nov 2017
9:00 AM
15
  • In Class: In Lecture
3. Short Essay
27 Nov 2017
9:00 AM
20
  • Online: MyWeb
  • Online: MSC
4. Quiz 3
5 Dec 2017
9:00 AM
15
  • In Class: In Lecture
5. Final test
12 Dec 2017
9:00 AM
35
  • Hand-in: In Lecture
Assessment Total:     100    
Failing to complete a compulsory assessment component of a paper will result in an IC grade
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Required and Recommended Readings

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Required Readings

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The prescribed textbook for this paper is "Principles of Economics", 6th Edition, By Gans, King, Stonecash et al.
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Recommended Readings

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Other strongly recommended texts are:

Principles of Economics, 6th Ed. by Mankiw

Economics, 10th Ed. by Begg et al.

Microeconomics and Behavior, 8th Ed, by Frank

Principles of Economics, 4th Ed, by Frank and Bernanke

Economics, 4th Ed, by McTaggart

Basic Economics, 5th Ed, by Sowell - Chapter 1 is strongly recommended for those who have not studied economics before.

However, any other principles of economics or introductory economics texts will do just as well.

Additional resources will be identified in association with key events over the semester.

Students are strongly encouraged to read The Economist and the National Business Review.

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Online Support

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Contact WMS Computer support
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Workload

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According to the university points system, students are expected to spend 150 hours in total on a 15-point paper.

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