ECONS101-22VB (VTN)

Economics for Business and Management

15 Points

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Division of Management
School of Accounting, Finance and Economics

Staff

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Convenor(s)

Son Nguyen

Son Nguyen
MSB.2.02
See Moodle
son.nguyen@waikato.ac.nz

Thang Bach

Thang Bach
MS8.G.05
See Moodle
thang.bach@waikato.ac.nz

Lecturer(s)

Administrator(s)

Placement/WIL Coordinator(s)

Tutor(s)

: huong.tran@waikato.ac.nz
: h.nguyen@waikato.ac.nz

Student Representative(s)

Lab Technician(s)

Librarian(s)

: yilan.chen@waikato.ac.nz

You can contact staff by:

  • Calling +64 7 838 4466 select option 1, then enter the extension.
  • Extensions starting with 4, 5, 9 or 3 can also be direct dialled:
    • For extensions starting with 4: dial +64 7 838 extension.
    • For extensions starting with 5: dial +64 7 858 extension.
    • For extensions starting with 9: dial +64 7 837 extension.
    • For extensions starting with 3: dial +64 7 2620 + the last 3 digits of the extension e.g. 3123 = +64 7 262 0123.
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Paper Description

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Economics for Business and Management aims to introduce students to the essential aspects of the economic environment within which individuals and businesses operate. It will provide an introduction to the characteristics of economic decision-making by individuals and businesses, the central issues of business strategy from an economic perspective, and the key aspects of how businesses operate within and interact with the macroeconomy.

This paper will help you to understand and cope with the diverse economic problems that you might encounter as a business manager.

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Paper Structure

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There are significant assessments that only occur on-­campus. You will not be able to complete this paper remotely. However, there are contingencies in place should any assessment, lecture or tutorial be affected by a nationwide or localised lockdown.

The paper is taught through lectures (3 hours per week), and tutorials (1 or 2 hours per week).

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Learning Outcomes

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Students who successfully complete the paper should be able to:

  • Apply selected models and the 'economic way of thinking' to explain and solve economic problems;
    Linked to the following assessments:
  • Use elasticities and game theory to anticipate how buyers, sellers, and competitors will react to changes in prices and other variables;
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  • Use descriptive and graphical models to explain the behaviour and decision-making of firms that sell a differentiated product and have some market power;
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  • Apply the model of supply and demand to analyse market problems in markets characterised by perfect competition;
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  • Use descriptive and graphical models to explain how NZ's GDP, employment and overall price level are determined, and how changes in the macroeconomy may influence the behaviour of buyers and firms;
    Linked to the following assessments:
  • Apply their knowledge to problems arising within the general business environment.
    Linked to the following assessments:
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Assessment

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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 50:50. There is no final exam. The final exam makes up 50% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 50:50 or 0:0, whichever is more favourable for the student. The final exam makes up either 50% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Test 1
8 Sep 2022
6:00 PM
16.5
  • Other: At test venue
2. Test 2
3 Nov 2022
6:00 PM
16.5
  • Other: At test venue
3. Online Tests, best 10 of 11
13
  • Other: TBA
4. Tutorial Completion
4
  • In Class: In Tutorial
5. Exam
50
✔
Assessment Total:     100    
Failing to complete a compulsory assessment component of a paper will result in an IC grade
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Required and Recommended Readings

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Required Readings

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The CORE team. (n.d.). The Economy.

This book is a free e-book that can be accessed at http://www.core-econ.org/the-economy/index.html and can be downloaded as an app from the Google Play Store (for Android devices) or the Windows Store (for Windows 10 devices) (an iOS version will be released soon). The book was developed by a team of highly-respected professors, and is currently being used at many other universities throughout the world.

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Recommended Readings

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Gans, J., King, S., Byford, M., and Mankiw, N.G. (2015). Principles of Microeconomics (6th ed.). Melbourne: Cengage.

These books are also available from the High Demand Collection in the library, and the applicable chapters will be available from the ECONS101 Reading List.

The ECONS101 Reading List is available directly from the ECONS101 Moodle page.

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Other Resources

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In addition to the required textbook (and additional resources that are associated with it online), students are encouraged to read widely including the business section of newspapers, The Economist magazine, and other similar sources.

Many other introductory microeconomics textbooks are available in the library and provide slightly different explanations that may help with learning. Posts on Michael Cameron's Sex, Drugs and Economics blog (tagged ECON100 or ECONS101) may also be helpful and provide additional real-world context to the concepts and theory discussed in class.

Students are also encouraged to visit interest.co.nz for commentary on current financial and economic issues in New Zealand.

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Online Support

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The paper is supported online through Moodle.

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Workload

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Students will be expected to spend four to eight hours per week additional to class contact hours as described above. This time should be spent on reading the textbook, reviewing the lecture notes and completing any computer based quiz questions. Students who have not studied Economics prior to this paper may find that they will need to spend a few extra hours on reading the textbook, or using one of the textbook-related computer packages or websites, compared to students who have studied up to NCEA Level 3 Economics or equivalent.
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Linkages to Other Papers

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Note any linkages to other papers where the linkage is of importance.
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Prerequisite(s)

Corequisite(s)

Equivalent(s)

Restriction(s)

Restricted papers: ECON100

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