Required text

Gans, J., King, S, et al, 2018, Principles of Economics: Asia-Pacific Edition, 7th edition, Cengage, ISBN: 978017038265

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:

• Understand and make practical use of basic economic concepts by applying them to typical business management problems.
• Interpret the meaning of economic information (both statistical and qualitative), and to identify the additional economic (and other) information which might be useful for a decision, and where to get it.
• Understand how economic models can be used in making predictions and interpreting economic trends.  And be able to identify the assumptions and limitations of economic models used by economists to make predictions and policy recommendations.
• Identify the factors likely to lead to a change in economic conditions, and provide scenarios of the likely economic impact on a specific entity (such as a manufacturing or service company) of those changes.
• Evaluate the content and logic of reports containing economic information as it relates to the contemporary Australian, Asian and other world economies.  Identify fallacies in economic arguments, and weigh up different theoretical interpretations of facts leading to alternative predictions.
• Identify and evaluate the options for managing economic variables to achieve specific objectives, at a corporate level (e.g. profit or sales maximisation).
• Analyse and report on the way that changes in economic circumstances are transmitted through the economy, and assess their likely impact on, and implications for a given entity.

Intensive (block) class as follows:

Students are required to attend all classes.

The unit will be presented as follows:

No changes from previous offering

• Leadership: Develop skills required of leaders with respect to the synthesis of a wide array of economics information in order to make well-informed and financially robust strategic decisions
• Global mindset: Assessment of the implications of global activity and strategic decisions from an entity perspective, across a wide spectrum of stakeholders
• Citizenship: Apply a true and fair view approach to matters of economic policy making and implementation related to business strategies through consideration of the wider stakeholder implications which may arise from such policies and the subsequent business decisions
• Creating sustainable value: Adoption of a forward-looking perspective on the impact of decisions on the financial position and performance of the entity

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.