ECONS506-22G (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)

Frank Scrimgeour

Frank Scrimgeour
4415
MSB.2.03
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frank.scrimgeour@waikato.ac.nz

Lecturer(s)

Waliu SHITTU

Waliu SHITTU
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ws113@students.waikato.ac.nz

Administrator(s)

: denise.martin@waikato.ac.nz

Placement/WIL Coordinator(s)

Tutor(s)

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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This paper provides an introduction to the tools used to analyse and understand the economic environment in which individuals and businesses operate, and the role of government in shaping that environment. It will provide an introduction to the key characteristics of different types of economic environments from both a business and a policy perspective, the ways in which market types can be analysed, and an introduction to macroeconomic issues that are helpful for business decision-making.

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Paper Structure

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This paper is taught via two three-hour lecture/workshop sessions each week. Students are expected to complete the assigned readings, activities and assessments.
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Learning Outcomes

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Students who successfully complete the paper should be able to:

  • Apply the model of supply and demand to analyse markets
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  • Analyse the welfare implications of shocks to markets (including government policy shocks)
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  • Use elasticities, the consumer choice model, and game theory to anticipate how buyers, sellers and competitors will react to changes in prices and other variables
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  • Explain the reasons why markets are inefficient, and describe potential sustainable solutions to any inefficiencies
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  • Demonstrate an understanding of the macroeconomic environment, especially government fiscal and monetary policies, and their implications for business
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  • Demonstrate an understanding of issues related to international trade, and why international trade is important
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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. Weekly Quiz 1
18 Nov 2022
11:30 PM
8.5
  • Online: Submit through Moodle
2. Weekly Quiz 2
25 Nov 2022
11:30 PM
8.5
  • Online: Submit through Moodle
3. First Test
1 Dec 2022
11:30 PM
33
  • Online: Submit through Moodle
4. Weekly Quiz 3
5 Dec 2022
11:30 PM
8.5
  • Online: Submit through Moodle
5. Weekly Quiz 4
9 Dec 2022
11:30 PM
8.5
  • Online: Submit through Moodle
6. Final Test
16 Dec 2022
1:00 PM
33
  • 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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Here is the link to the reading list : ECONS 506 Waikato Reading List

The prescribed textbook for this paper is "Principles of Economics", 7th Edition, By Gans, King, Stonecash et al.

Students can also use the 6th Edition

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Recommended Readings

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Other strongly recommended texts are:

Principles of Economics, 6th Ed. by Mankiw

Economics, 10th Ed. by Begg et al.

Microeconomics and Behavior, 8th Ed, by Frank

Principles of Economics, 4th Ed, by Frank and Bernanke

Economics, 4th Ed, by McTaggart

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

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

Additional resources will be identified in association with key events 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 Moodle.
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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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Prerequisite(s)

Prerequisite papers: Acceptance into the MPAcct or MAppFin programme.

Corequisite(s)

Equivalent(s)

Restriction(s)

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