2014 Unit of Study
The session(s) below are for 2014. For Summer School 2014 unit of study availability please visit the Summer School website (main Summer session January/February 2014).
The University of Sydney session calendar shows exact dates for sessions.
|Firms, Markets and Business Management|
|Offered||Semester 1 and Semester 2|
|Prohibitions||ECON5003, ECON5001, ECON5002|
|Lectures||1x 1.5hr lecture and 1x 1.5hr seminar per week|
|Assessment||case analyses (45%), class participation (15%) and final exam (40%)|
|Description||This unit provides students with the tools to understand the impact of economic, socio-cultural, institutional, and technological factors on businesses\\\' operations. Such considerations are crucial to understanding and solving the major problems and challenges facing the world today, such as global warming, poverty, development, and recession. They are also extremely useful for understanding how businesses make decisions and interact in the marketplace. The first part of unit provides an introduction to microeconomic and macroeconomic analysis and applications. In microeconomics we look at economic decision-making by individuals and firms, the determination of prices in different kinds of markets, and the application of game theory to business decisions. In macroeconomics we consider determination of the aggregate level of economic activity (GDP and inflation), the economic effects of government policies, and the link between interest rates and exchange rates and the level of economic activity. The economics in the unit is complemented by developing an understanding of the complexity of professional behaviour and ethical decision making. The final part of the unit investigates the social, cultural, institutional and technological environments in which firms operate. It examines theories, models and conceptual tools that help us understand and make decisions in relation to these factors.|