Outline

Overview

Economics underlies all business decisions, from pricing to product development, to negotiations, to understanding the general economic environment. This unit provides an introduction to economic analysis with a particular focus on concepts and applications relevant to business. This unit addresses how individual consumers and firms make decisions and how they interact in markets. It also introduces a framework for understanding and analysing the broader economic and public policy environment in which a business competes. This unit provides a rigorous platform for further study and a major in economics as well as providing valuable tools of analysis that complement a student's general business training, regardless of their area of specialisation.

Unit details and rules

Academic unit	Business School
Credit points	6
Prerequisites ?	None
Corequisites ?	None
Prohibitions ?	ECON1001 OR ECON1040
Assumed knowledge ?	Mathematics (equivalent of band 4 in the NSW HSC subject Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111
Available to study abroad and exchange students	Yes

Teaching staff

Coordinator	Agnieszka Tymula, agnieszka.tymula@sydney.edu.au

Type	Description	Weight	Due	Length
Final exam (Record+)	Final exam MCQ	55%	Formal exam period	2 hours
Outcomes assessed:
Online task	Online quizzes MCQ	10%	Multiple weeks	n/a
Outcomes assessed:
In-semester test (Record+)	Mid-semester exam MCQ	20%	Week 08 Due date: 27 Apr 2021 at 16:00	50 minutes
Outcomes assessed:
Assignment	Written assignment Written task	15%	Week 11 Due date: 21 May 2021 at 18:00	700 words
Outcomes assessed:
= Type B final exam ? = Type B in-semester exam ?

Assessment summary

Written assignment: This will require you to apply concepts and knowledge from the unit to a specific business setting or pricing strategy asked in the essay question.
Online quizzes: The online quizzes are designed to test your knowledge on recent material, and give an indication of whether adequate progress is being made throughout the semester. The best 4 of a student's 5 quiz marks will be counted for their final grade. Given the nature of this assessment, no extensions will be given for online quizzes. If special consideration is granted for a quiz (or two quizzes), the remaining quizzes will be reweighted to cover the missed quizzes. If special consideration is granted for all, 3, 4 or 5 quizzes, the student will be required to write an alternate assignment that will be submitted before the end of the semester.
Mid-semester exam: The mid-semester exam consists of multiple choice or short answer (e.g. type in equilibrium quantity or missing word) questions. It covers the materials covered in class weeks 1-6 and the materials covered in tutorials from weeks 2-7.
Final exam: It covers all of the material covered in the unit and consists of multiple choice or short answer (e.g. type in equilibrium quantity or missing word) questions.

Replacement exams: The Business School has determined that second replacement exams (both mid-semester and final) will not be offered for this unit of study should a student submit two special considerations for the same exam as this unit forms part of the professional accounting accreditation pathway. Should a student be granted a replacement exam via special consideration, and is then unable to attend or does not complete the replacement exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail).

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name	Mark range	Description
High distinction	85 - 100	Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Distinction	75 - 84	Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Credit	65 - 74	Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Pass	50 - 64	Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school.
Fail	0 - 49	When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

Deduction of 5% of the maximum mark for each calendar day after the due date.
After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

Use of generative artificial intelligence (AI) and automated writing tools

You may only use generative AI and automated writing tools in assessment tasks if you are permitted to by your unit coordinator. If you do use these tools, you must acknowledge this in your work, either in a footnote or an acknowledgement section. The assessment instructions or unit outline will give guidance of the types of tools that are permitted and how the tools should be used.

Your final submitted work must be your own, original work. You must acknowledge any use of generative AI tools that have been used in the assessment, and any material that forms part of your submission must be appropriately referenced. For guidance on how to acknowledge the use of AI, please refer to the AI in Education Canvas site.

The unapproved use of these tools or unacknowledged use will be considered a breach of the Academic Integrity Policy and penalties may apply.

Studiosity is permitted unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission as detailed on the Learning Hub’s Canvas page.

Outside assessment tasks, generative AI tools may be used to support your learning. The AI in Education Canvas site contains a number of productive ways that students are using AI to improve their learning.

Learning support

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

Weekly schedule

WK	Topic	Learning activity
Week 01	1. Introduction; 2. Gains from trade	Lecture (2 hr)
Week 01	Introduction	Tutorial (1 hr)
Week 02	1. Production and costs; 2. Supply	Lecture (2 hr)
Week 02	Gains from trade	Tutorial (1 hr)
Week 03	1. Demand; 2. Equilibrium and welfare; 3. Elasticity	Lecture (2 hr)
Week 03	1. Production and costs; 2. Supply	Tutorial (1 hr)
Week 04	Perfectly competitive markets	Lecture (2 hr)
Week 04	1. Demand; 2. Equilibrium and welfare; 3. Elasticity	Tutorial (1 hr)
Week 05	Pricing with market power 1	Lecture (2 hr)
Week 05	Perfectly competitive markets	Tutorial (1 hr)
Week 06	Pricing with market power 2	Lecture (2 hr)
Week 06	Pricing with market power 1	Tutorial (1 hr)
Week 07	Strategic interaction and business strategy 1	Lecture (2 hr)
Week 07	Pricing with market power 2	Tutorial (1 hr)
Week 08	Strategic interaction and business strategy 1	Tutorial (1 hr)
Week 08	Midterm exam / Strategic interaction and business strategy 2	Lecture (2 hr)
Week 09	Market interventions: price regulation, taxes and subsidies	Lecture (2 hr)
Week 09	Strategic interaction and business strategy 2	Tutorial (1 hr)
Week 10	Market failures: public goods and externalities	Lecture (2 hr)
Week 10	Market interventions: price regulation, taxes and subsidies	Tutorial (1 hr)
Week 11	GDP and business cycles	Lecture (2 hr)
Week 11	Market failures: public goods and externalities	Tutorial (1 hr)
Week 12	Employment and inflation	Lecture (2 hr)
Week 12	GDP and business cycles	Tutorial (1 hr)
Week 13	Budget policy and monetary policy	Lecture (2 hr)
Week 13	Employment and inflation	Tutorial (1 hr)

Attendance and class requirements

Lecture recordings: All lectures and seminars are recorded and will be available on Canvas for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Nguyen, Bonnie and Andrew Wait, 2016. "Essentials of Microeconomics", Routledge.

All readings for this unit can be accessed through the Library eReserve, available on Canvas.

Learning outcomes

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

Outcomes
Graduate qualities

At the completion of this unit, you should be able to:

LO1. explain key concepts and apply these to macro and micro real-world contexts
LO2. analyse business problems by identifying and critically evaluating the implications of business decisions using micro and macro economics principles
LO3. communicate effectively, both orally and in writing, through assessment tasks and tutorial participation.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1	Depth of disciplinary expertise Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.
GQ2	Critical thinking and problem solving Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.
GQ3	Oral and written communication Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.
GQ4	Information and digital literacy Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.
GQ5	Inventiveness Generating novel ideas and solutions.
GQ6	Cultural competence Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.
GQ7	Interdisciplinary effectiveness Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.
GQ8	Integrated professional, ethical, and personal identity An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.
GQ9	Influence Engaging others in a process, idea or vision.

Outcome map

Learning outcomes	Graduate qualities
Learning outcomes

Responding to student feedback

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Additional information

More information can be found on Canvas.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

BUSS1040: Economics for Business Decision Making

Semester 1, 2021 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect