Introduction to BUS 702, Economics for Managers

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Introduction to BUS 702, Economics for
Managers

• Course Coordinator
• Dr Thea Vinnicombe

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What we will cover

• Objectives of the course and role of economics in
  your program.
• Studying Economics.
• Assessment.
• The textbook and other reading.

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Objectives of the Course

• Provide business managers with
• 1) a basic understanding of how a market economy
  works.
• 2) an understanding of the factors causing
  economic policy makers to take action and so the
  probable consequences of events in the economy
• More practical emphasis than that found in an
  economics major.

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The Unique Role of Economics

• However, economics is less vocational than other
  MBA subjects.
• Our perspective is on the best outcome for the
  whole economy, rather than an individual firm.
• The focus in this course is on market outcomes.

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Studying Economics

• Try to keep to the weekly schedule (page 7 of the
  course outline).
• Extensive notes have been provided to guide you
  through the textbook.
• Learn through taking notes, working through
  problems and using the interactive software.
• Contact the course coordinator or co teacher with
  any problems.
• Study groups the Discussion Board may help but
  assessment is individual.
• Make use of materials such as practice exams and
  essays.

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The Divisions in Introductory Economics

• Traditionally Two Major Areas of Study
• Microeconomics individual consumers, firms
  industries (first half)
• Macroeconomics is the study of the national
  economy (second half)
• Introduction to international economics (final
  topic)

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A word on graphs diagrams

• No mathematical knowledge is required to
  understand the graphs and diagrams used in this
  course.
• They are intended to draw a picture of the
  economic phenomena we are studying.
• The graphs are pictures of relationships between
  variables.

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Assessment Details

• Midsemester Exam 20 (week 6)
• Assignment 30 (week 10)
• Final Exam 50 (week 13)
• (Noted on page 6 of the course outline, and on
  page 7 in the course schedule)

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Midsemester Exam

• 25 multiple choice questions and 5 short answer
  problems (page 11 of the course outline).
• Covers Modules 1 5.
• Make use of the practice midsemester and practice
  midsemester with answers.
• See course outline or course coordinator for the
  arrangements for this exam.

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Assignment

• Page 13 of the course outline.
• Covers Module 3 Demand and Supply and Modules 5
  6 Industry Structure.
• Application of theory to a real world situation
  not a research essay or an industry report.
• Follow the detailed guidelines given on pages
  14 16
• Use the Sample Essay

11
Final Exam

• 30 Multiple Choice Questions and 7 Short-Answer
  Problems.
• See details of arrangements in your course
  outlines. Further guidance will be provided
  during the semester.

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Textbook and Extras

• McTaggart et. al. Economics 4th edition.
• Economics in Action (EIA) Interactive Software
• Reading Between the Lines
• Newspapers and the news.
• Do you need any additional reading?
• No, apart from some background reading for your
  essay topic.

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Good luck with the course and please contact me
if you need to.tvinnico_at_usc.edu.au61 07 5430
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