Business Economics

Aims of this Unit

Leaders and managers make optimal economic choices and decisions about the critical factors which drive their organisation, so they can compete effectively within local, national and global economic systems. This course aims to introduce the underlying principles of micro and macro­ economics for business. It will enable practicing managers to understand and apply economic analysis and frameworks, for making choices and decisions using economic concepts. It will enable mangers to understand the setting of economic policies and how their organisation may be impacted. This course is designed to provide an appreciation of how economists think and how integral economic thinking is to all management and leadership bodies of knowledge, including finance, people, marketing, operations and strategy.

Knowledge and Understanding

This unit is designed to provide students with an understanding of:

• Principles of economic thinking, including scarcity, opportunity costs, demand, supply and prices in a market economy.
• Microeconomics including an understanding of the economic decisions of the firm, imperfect information and the operation and constraints imposed by market structures.
• Economic goals and the role of government and other levers in the Australian national economy.
• Contemporary economic issues as they affect private and public business sectors – including international economics/trade and market failure, including climate policies.
• Principles of economic research. Examples of research that students should be able to locate and interpret include government reports from the RBA and Treasury.
  
  

Learning Outcomes

Following completion of this unit, participants should be able to:

1. Research and analyse publicly available economic information to interpret implications and communicate relevant insights clearly and concisely.
2.  Critically analyse the economic business environment and identify business implications for organisations and individuals using economic principles.
3.  Critically evaluate the economic goals of the national economy and the economic functions of government.
4.  Locate and interpret common economic reports (eg the regular RBA statements) for key economic data about the national economy. 
5.  Evaluate the qualitative impact on the industry, organisation, or environment, in modern contemporary situations of volatility, change or market failure, and common economic policy solutions.
6.  Apply skills in economic research, critical thinking and interpretation via written communication.