Economics for Business and Management
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What this paper is about
Business Economics and New Zealand Economy aims to introduce key economic concepts and how they can be applied to address real-world challenges. We will study economic decision-making by individuals and businesses, the central issues of business strategy from an economic perspective, and the key aspects of how businesses operate within and interact with the macroeconomy.
How this paper will be taught
This paper is taught through interactive lectures (3 hours per week) and tutorials (1 hour per week). Lectures are recorded and available via Panopto for you to refer to later.
The paper is supported online through Moodle
All students should attend one tutorial session each week. These sessions are conducted by the tutor. Tutorials normally include revision of lecture material, and exemplar questions for the tests. The tutor will be available to assist students in completing these tutorial questions and to answer any other questions about the topic.
Students may select a tutorial time by clicking on the Tutorial signup link near the top of the ECONS101 Moodle page. Please select a tutorial time as soon as possible, to avoid missing out on your preferred time. Students with little or no prior knowledge of economics are encouraged to attend the Monday 2pm tutorial as it runs for two hours.
IMPORTANT: Past experience suggests that attending on-campus classes and tutorials will result in you achieving a better grade. The relatively small class size on the Tauranga campus provides an excellent opportunity to ask clarifying questions during lectures. Attending tutorials on campus offers learning opportunities that are difficult to recreate online. That said, ECONS101(TGA) is offered as a FLEXI paper, so there is the opportunity to complete the course online. To take tutorials or assessments online (or both), you must register in the first week of the course. In the interests of academic integrity, online assessments will differ from on-campus assessments (discussed in more detail later in the course outline).
If you are taking tutorials online, you need to submit (via Moodle) your completed tutorial by Friday 5pm each week to get tutorial attendance marks.
The CORE team. (n.d.). The Economy.
This book is a free e-book that can be accessed at http://www.core-econ.org/the-economy/index.html and can be downloaded as an app from the Google Play Store (for Android devices) or the Windows Store (for Windows 10 devices) (an iOS version will be released soon). The book was developed by a team of highly-respected professors, and is currently being used at University College London, Sciences Po (Paris), the Toulouse School of Economics, Azim Premji University (Bangalore), Humboldt University (Berlin), the Lahore University of Management Sciences and many other universities throughout the world.
Students who successfully complete the course should be able to:
Apply selected models and the 'economic way of thinking' to explain and solve economic problems
[Learning outcome 1]
Use elasticities and game theory to anticipate how buyers, sellers, and competitors will react to changes in prices and other variables
[Learning outcome 2]
Use descriptive and graphical models to explain the behaviour and decision-making of firms that sell a differentiated product and have some market power
[Learning outcome 3]
Apply the model of supply and demand to analyse market problems in markets characterised by perfect competition
[Learning outcome 4]
Use descriptive and graphical models to explain how NZ's GDP, employment and overall price level are determined, and how changes in the macroeconomy may influence the behaviour of buyers and firms
[Learning outcome 5]
Apply their knowledge of economics to problems arising within the general business environment.
[Learning outcome 6]
How you will be assessed
There are three tests in this course. The default option is that you sit these tests on campus. You may apply in the first week of the course to sit the tests online. Switching from on-campus assessment to online assessment after the first week will require approval from the lecturer--- you will need a well-argued case. Our first two on-campus tests have a multiple-choice section and a short answer section. If you sit these tests on campus, you will be given five possible short answer questions, but only your best four marks count. You can therefore adopt two strategies: choose not to answer one question or answer all five questions and have your worst mark dropped. The final test has two short answer sections: one on microeconomics and one on macroeconomics. If you sit the test on campus, you will be given three possible short answer questions in each section. and your best two marks will count in each section.
The online version of the test will contain a few different features than the on-campus tests:
1. For online test takers, you will be given four short answer questions in tests one and two. You will have to answer all four questions (i.e. there is no choice, all marks count). Further, for online test takers, short answer questions will be randomly assigned from a larger pool of questions, so you will probably see different questions than other online test takers. The final test will also apply this approach. Each short answer section will have two questions, both of which need to be answered.
2. For the multiple choice question section, online test takers will be required to attempt the questions sequentially--- you will not be able to go back to a previous question or skip to a later one.
During the semester, we will run several spot quizzes in lectures. These quizzes will provide you feedback on how you are going, and give you the opportunity to practice multiple-choice questions from the same test bank that we choose questions from for the on-campus tests. Each quiz will be just five minutes long, and consist of four multiple choice questions which may be on any topic covered up until the time of the quiz. You will receive immediate feedback. Each spot quiz that you complete will be worth extra credit for the next on-campus test (1 quiz completed = 3 extra test marks). In order to earn the extra credit, you must be in class at the time the quiz is undertaken.
The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam.
|Percentage of overall mark
|1. Test 1
26 Apr 2023
|2. Test 2
24 May 2023
|3. Online quizzes
|4. Tutorial Completion
|5. Final test