Samuelson, W. & Marks, S., 2015, Managerial Economics, 8th edition, Wiley, ISBN: 9781118808948
For information on textbook prices and online ordering, please refer to the Co-Op Bookshop webpage at http://www.coop.com.au
The web page for this unit can be found at: https://ilearn.mq.edu.au/login/MGSM
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.