Unit convenor and teaching staff |
Unit convenor and teaching staff
Andrew Macintosh
Hong Kong campus
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Credit points |
Credit points
4
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Prerequisites |
Prerequisites
Admission to MBA or MMgmt or PGDipMgt or GradDipMgt or MEngMgt
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Corequisites |
Corequisites
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Co-badged status |
Co-badged status
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Unit description |
Unit description
This unit examines economic analysis concepts and tools that enable students to set an organisation’s decision-making within its wider economic context. Topics include supply, demand, and market equilibrium; scarcity; exchange and trade; choice theory; theory of the firm; game theory and strategy; market structure; market failures; role of government and government policies; aggregate economy; and international trade.
We look at economic variables and how rises and falls in these variables affect people and businesses. We investigate how government policies, decisions by households and firms, and changes in the world economy affect inflation, exchange rates, interest rates, unemployment, growth, and social issues such as poverty and inequality.
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Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates
On successful completion of this unit, you will be able to:
Name | Weighting | Hurdle | Due |
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Essay | 20% | No | 2 February 2018 (5pm HK time) |
In-class test 1 | 20% | No | 14 January 2018 |
In-class test 2 | 20% | No | 21 January 2018 |
Final examination | 40% | No | 24 February 2018 |
Due: 2 February 2018 (5pm HK time)
Weighting: 20%
During class time, you will be given the essay question.
The essay has a strict word limit of 1,500 words. You can attach relevant appendices and supporting documentation which will not be counted in this limit, however your ideas should not require the examiner to read your appendices.
The essay will be assessed against the relevant course objectives on:
Late essays will be penalised up to 10% per day. This penalty does not apply for cases in which an application for special consideration is made and approved. Marking criteria will be made available in class.
Please submit a softcopy through iLearn.
Due: 14 January 2018
Weighting: 20%
In-class tests take 1 hour and are open book. No calculator is required. Each In-class test is worth 20%. Each In-class test only tests the material covered in class for the preceding modules.
Due: 21 January 2018
Weighting: 20%
In-class tests take 1 hour and are open book. No calculator is required. Each In-class test is worth 20%. Each In-class test only tests the material covered in class for the preceding modules.
Due: 24 February 2018
Weighting: 40%
The final examination is of two (2) hours and ten (10) minutes reading time.
There will be five (5) compulsory questions.
You are expected to present yourself for examination at the scheduled time and place designated in the MGSM Hong Kong Student website. Examination dates are recorded on the timetable.
Required text
Samuelson, W. & Marks, S., 2015, Managerial Economics, 8th edition, Wiley, ISBN: 9781118808948
MGSM iLearn
The web page for this unit can be found at: https://ilearn.mq.edu.au/login/MGSM
Unit requirements
You will not be expected to become an economist. You will be expected to acquire economic skills that are useful to managers.
To successfully complete the unit you will be expected to demonstrate that you can do the following things at a level acceptable in the business world:
Students are required to attend all classes.
The unit will be presented in a block format:
Date | Activity |
12 January 2018 | Session 1: 6pm - 10pm |
13 January 2018 | Session 2: 2pm - 10pm |
14 January 2018 | Session 3: 9am - 5pm including In-class test 1 |
19 January 2018 | Session 4: 6pm - 10pm |
20 January 2018 | Session 5: 2pm - 10pm |
21 January 2018 | Session 6: 9am - 5pm including In-class test 2 |
2 February 2018 | Essay due at 5pm (HK time) |
24 February 2018 | Final exam |
Two modules correspond to one day of a block class. Actual lectures may vary from the following outline because of class discussion, etc.
Module |
Lectures and class activities |
1
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Introduction Basic Concepts – how they relate to management in the private and public sector positive, normative approaches demand, supply, market equilibrium responsiveness – elasticity value, price – opportunity cost costs and benefits comparative advantage market equilibrium and adjustment flows and stocks choices and budgets allocation, distribution marginal decisions – MC MR (or MB) sunk costs |
2 |
Basic Concepts applied – example cases on economics of decisions, marginal costs and benefits:
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3 |
The Aggregate Economy
Finding and interpreting information on Australia, USA and China |
4 |
Linking the real and money sectors Monetary Policy – how it impacts on the economy and on firms monetary basics under fixed and floating exchange rates through markets the role of the central bank the role of financial intermediaries institutional differences across countries lags, elasticities and expectations Prudential management of banking and financial systems How financial markets work – bonds and interest rates asset markets (stock markets, property) floating versus fixed exchange rates |
5 |
Global Financial Crisis The full Keynesian model injections and leakages money supply and demand how the real and money sectors interact Understanding the impact of monetary and other policies in fixed and floating rate environments |
6 |
Policy options and the impact on:
constraints and options budget goals funding alternatives
Competitiveness, protection regulation and deregulation infrastructure and planning, etc. |
7 |
The impact on firms building scenarios for different events taking account of firm characteristics how firms can respond strategically Cases from recent/current economic events and policy responses in Australia and the OECD |
8 | Behavioural Economics |
9 | Review and trial exams |
Macquarie University policies and procedures are accessible from Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central). Students should be aware of the following policies in particular with regard to Learning and Teaching:
Undergraduate students seeking more policy resources can visit the Student Policy Gateway (https://students.mq.edu.au/support/study/student-policy-gateway). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.
If you would like to see all the policies relevant to Learning and Teaching visit Policy Central (https://staff.mq.edu.au/work/strategy-planning-and-governance/university-policies-and-procedures/policy-central).
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Results shown in iLearn, or released directly by your Unit Convenor, are not confirmed as they are subject to final approval by the University. Once approved, final results will be sent to your student email address and will be made available in eStudent. For more information visit ask.mq.edu.au.
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Our postgraduates will demonstrate a high standard of discernment and common sense in their professional and personal judgment. They will have the ability to make informed choices and decisions that reflect both the nature of their professional work and their personal perspectives.
This graduate capability is supported by:
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No changes from previous offering
The interactive environment of the classroom is central to the MGSM experience. Students are required to attend the full duration of all classes for the units in which they are enrolled. We recognise that exceptional circumstances may occur, such as unavoidable travel on behalf of your organization or the serious illness or injury of you or a close family member.
Special consideration may be given for a maximum of 20% non-attendance for such circumstances as long as lecturers are contacted in advance, and supporting documentation provided, to request exemption from attendance. Failure to abide by these conditions may result in automatic withdrawal, with academic and/or financial penalty. The full Student Attendance Policy is published in the MGSM Student Handbook at https://students.mgsm.edu.au/handbook
These unit materials and the content of this unit are provided for educational purposes only and no decision should be made based on the material without obtaining independent professional advice relating to the particular circumstances involved.