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ECON1020 – Economics and Business Strategy

2026 – Session 1, Online-scheduled-In person assessment, North Ryde

General Information

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Unit convenor and teaching staff Unit convenor and teaching staff Unit Convenor & Lecturer
Marjan Nazifi
fatemeh.nazifi@mq.edu.au
Contact via email
4ER 440
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Lecturer
David Orsmond
david.orsmond@mq.edu.au
Contact via email
4ER 415
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Lecturer
Maros Servatka
maros.servatka@mq.edu.au
Contact via email
TBA
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Credit points Credit points
10
Prerequisites Prerequisites
Corequisites Corequisites
Co-badged status Co-badged status
Unit description Unit description

This unit is primarily concerned with the economic analysis of individual decision-making agents, the behaviour of firms and industries within markets. Students learn how a market-based economy works, what type of problems households and businesses face, and how the economic framework can be used to analyse the policy environment within which they operate. The unit also examines how technology spreads globally, social interactions and dilemmas, and concepts of fairness and ethics. The concepts are taught through a mix of tutorial questions that examine business and social trade-offs, and authentic practical examples. Students will gain business and economic skills and incorporate an appreciation of global, ethical and environmental context and social responsibility. Overall, the unit provides a platform for students to apply an economic framework across disciplines within the Business School.

Important Academic Dates

Information about important academic dates including deadlines for withdrawing from units are available at https://www.mq.edu.au/study/calendar-of-dates

Learning Outcomes

On successful completion of this unit, you will be able to:

  • ULO1: Identify and describe the contribution of economics to the appropriate management of contemporary business and social issues.
  • ULO2: Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • ULO3: Communicate solutions and apply theories and cost-benefit considerations to real-life economic problems and trade-offs.
  • ULO4: Understand and evaluate economic outcomes and policy from broad business ethical, sustainability, and equity perspectives.

General Assessment Information

Late Submission Penalties: 

If you submit your assessment late, 5% of the total possible marks will be deducted for each day (including weekends), up to 7 days. Submissions more than 7 days late will receive a mark of 0.

Example 1 (out of 100):

If you score 85/100 but submit 20 hours late, you will lose 5 marks and receive 80/100.

Example 2 (out of 30):

If you score 27/30 but submit 20 hours late, you will lose 1.5 marks and receive 25.5/30.

Extensions

Automatic short extension: Some assessments are eligible for automatic short extension. You can only apply for an automatic short extension before the due date.

Special Consideration: If you need more time due to serious issues and for any assessments that are not eligible for Short Extension, you must apply for Special Consideration. Need help? Review the Special Consideration page for further details.

Please note that Professional Practice: Economic Reasoning is the only assessment in ECON1020 that is eligible for short extensions. 

Assessment Tasks

Name Weighting Hurdle Due Groupwork/Individual Short Extension AI assisted?
Skills development: Economic decision-making 20% No Weeks 5 and 10 (during tutorials) Individual No Observed
Professional practice: Economic reasoning 30% No 01/05/2026 Individual Yes Open AI
Formal examination 50% No Exam Period Individual No Observed

Skills development: Economic decision-making

Assessment Type 1: Problem-based task
Indicative Time on Task 2: 18 hours
Due: Weeks 5 and 10 (during tutorials)
Weighting: 20%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Observed

The purpose of this assessment is for you to develop technical and analytical skills to tackle complex economic issues.
 
You will undertake two problem sets to check your understanding of the material covered in tutorials.
 
Skills in focus:
  • Critical thinking and problem solving
  • Discipline knowledge
Deliverable(s): Two problem sets
 
Individual assessment
On successful completion you will be able to:
  • Identify and describe the contribution of economics to the appropriate management of contemporary business and social issues.
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • Communicate solutions and apply theories and cost-benefit considerations to real-life economic problems and trade-offs.

Professional practice: Economic reasoning

Assessment Type 1: Problem-based task
Indicative Time on Task 2: 12 hours
Due: 01/05/2026
Weighting: 30%
Groupwork/Individual: Individual
Short extension 3: Yes
AI assisted?: Open AI

The purpose of this assessment is to challenge you to apply your economic knowledge to solve complex economic, business and social problems in a real-world context. This task encourages you to engage with both theoretical concepts and practical scenarios, enabling you to assess economic issues faced by individuals, businesses and governments, and recommend strategies based on sound economic reasoning.

 

You will respond to short and long-answer questions that explore key business problems, using economic models and principles to evaluate potential outcomes.

 

Skills in focus:

  • Critical thinking and problem solving
  • Communication skills
  • Discipline knowledge

Deliverable(s): Short and long answer questions

 

Individual assessment
On successful completion you will be able to:
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.
  • Communicate solutions and apply theories and cost-benefit considerations to real-life economic problems and trade-offs.
  • Understand and evaluate economic outcomes and policy from broad business ethical, sustainability, and equity perspectives.

Formal examination

Assessment Type 1: Examination
Indicative Time on Task 2: 37 hours
Due: Exam Period
Weighting: 50%
Groupwork/Individual: Individual
Short extension 3: No
AI assisted?: Observed

The purpose of this assessment is for you to formally demonstrate the expertise you have gained in this unit.
 
You will participate in a 2-hour exam held during the University Examination period.
 
Important information about the exam will be made available on the unit iLearn page. You should also review the MQ Exams website for general tips. 
 
Deliverable(s): Formal examination
 
Individual assessment
On successful completion you will be able to:
  • Identify and describe the contribution of economics to the appropriate management of contemporary business and social issues.
  • Analyse and explain how principles of economics are relevant in analysing and describing decision-making by individuals, businesses and government.

1 If you need help with your assignment, please contact:

  • the academic teaching staff in your unit for guidance in understanding or completing this type of assessment
  • the Writing Centre for academic skills support.

2 Indicative time-on-task is an estimate of the time required for completion of the assessment task and is subject to individual variation.

3 An automatic short extension is available for some assessments. Apply through the Service Connect Portal.

Delivery and Resources

See iLearn for details of unit delivery and resources.

Unit Schedule

See iLearn for details of Unit Schedule.

Policies and Procedures

Macquarie University policies and procedures are accessible from Policy Central (https://policies.mq.edu.au). Students should be aware of the following policies in particular with regard to Learning and Teaching:

Students seeking more policy resources can visit Student Policies (https://students.mq.edu.au/support/study/policies). It is your one-stop-shop for the key policies you need to know about throughout your undergraduate student journey.

To find other policies relating to Teaching and Learning, visit Policy Central (https://policies.mq.edu.au) and use the search tool.

Student Code of Conduct

Macquarie University students have a responsibility to be familiar with the Student Code of Conduct: https://students.mq.edu.au/admin/other-resources/student-conduct

Results

Results published on platform other than eStudent, (eg. iLearn, Coursera etc.) 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 connect.mq.edu.au or if you are a Global MBA student contact globalmba.support@mq.edu.au

Academic Integrity

At Macquarie, we believe academic integrity – honesty, respect, trust, responsibility, fairness and courage – is at the core of learning, teaching and research. We recognise that meeting the expectations required to complete your assessments can be challenging. So, we offer you a range of resources and services to help you reach your potential, including free online writing and maths support, academic skills development and wellbeing consultations.

Student Support

Macquarie University provides a range of support services for students. For details, visit http://students.mq.edu.au/support/

Academic Success

Academic Success provides resources to develop your English language proficiency, academic writing, and communication skills.

The Library provides online and face to face support to help you find and use relevant information resources. 

Student Services and Support

Macquarie University offers a range of Student Support Services including:

Student Enquiries

Got a question? Ask us via the Service Connect Portal, or contact Service Connect.

IT Help

For help with University computer systems and technology, visit http://www.mq.edu.au/about_us/offices_and_units/information_technology/help/. 

When using the University's IT, you must adhere to the Acceptable Use of IT Resources Policy. The policy applies to all who connect to the MQ network including students.

Changes since First Published

Date Description
10/02/2026 Adding teaching staff contacts.

Unit information based on version 2026.03 of the Handbook