ECONS506-20A (HAM)

Economics for Business

15 Points

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Division of Management
School of Accounting, Finance and Economics

Staff

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Convenor(s)

Lecturer(s)

Administrator(s)

: denise.martin@waikato.ac.nz
: maria.neal@waikato.ac.nz

Placement/WIL Coordinator(s)

Tutor(s)

Student Representative(s)

Lab Technician(s)

Librarian(s)

: clive.wilkinson@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 aims to introduce you to the essential aspects of the economic environment within which individuals and businesses operate. It provides 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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This paper is taught via two lecture/workshop sessions each week (1+2 hours). From week 4 onwards these sessions are taught via Zoom.

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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
    Apply selected models and the 'economic way of thinking' to explain and solve economic problems
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  • 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 GDP, employment and overall price level are determined, and how changes in the macroeconomy may influence the behaviour of buyers and firms
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  • Apply their knowledge to problems arising within the general business environment
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Assessment

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All assessment information can be found below.
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Assessment Components

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The internal assessment/exam ratio (as stated in the University Calendar) is 100:0. There is no final exam. The final exam makes up 0% of the overall mark.

The internal assessment/exam ratio (as stated in the University Calendar) is 100:0 or 0:0, whichever is more favourable for the student. The final exam makes up either 0% or 0% of the overall mark.

Component DescriptionDue Date TimePercentage of overall markSubmission MethodCompulsory
1. Test
7 Apr 2020
2:00 PM
20
  • Online: Submit through Moodle
2. Assignment 1
6 May 2020
11:00 PM
15
  • Online: Submit through Moodle
3. Assignment 2
23 May 2020
11:00 PM
15
  • Online: Submit through Moodle
4. In class activities, worksheets and on line tests
5 Jun 2020
11:00 AM
20
  • Online: Submit through Moodle
5. Final Test
4 Jun 2020
2:00 PM
30
  • Online: Submit through Moodle
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 prescribed textbook for this paper is The Economy by the CORE team. It is available free online here https://core-econ.org/the-economy/?lang=en

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Recommended Readings

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Most resources required for this paper can be found on the CORE website https://www.core-econ.org/

For students who would like to read a 'hard copy' textbook from the library we recommend

Principles of Economics, 6th Ed. by Mankiw

Basic Economics, 5th Ed, by Sowell - Chapter 1 is recommended for those who have not studied economics before.

However, many other principles of economics or introductory economics texts will do just as well.

Additional resources may be identified over the semester.

Students are strongly encouraged to read The Economist and the National Business Review.

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Online Support

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All course materials, plus other information of importance to students, are available via MyWeb
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Workload

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According to the university points system, students are expected to spend 150 hours in total on a 15-point paper.

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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)

Prerequisite papers: Acceptance into the MPAcct or MAppFin programme.

Corequisite(s)

Equivalent(s)

Restriction(s)

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