ECON5103 Business Economics - 2021

ECON5103
Postgraduate
Term 3
6 Units of Credit
On Campus and Online
Economics
This course outline is for the current term. To view outlines from other years and/or terms, visit the archives

1. Course Details

Given the ongoing COVID-19 restrictions in NSW, all Term 3 courses will be delivered online until at least Friday 22nd October and all assessment will be online throughout the term. The University remains hopeful that the situation will improve to allow for some on-campus activities later in Term 3 such as lab, practical and studio classes. UNSW will continue to review the situation regularly and keep students updated. For further information on how your study may be affected this term, please see FAQs here. See tab 8. Policies and Support in this course outline for tips on online study and assessment.

Summary of Course

​An introduction to economic analysis and policy, with particular application to decision-making in business. The course provides students with the tools to use economic principles in decision-making and an understanding of the broader economic environment in which business decisions must be made.

Teaching Times and Locations

Please note that teaching times and locations are subject to change. Students are strongly advised to refer to the Class Timetable website for the most up-to-date teaching times and locations.

View course timetable

Course Policies & Support

Course Aims and Relationship to Other Courses

The aims of this course are to introduce economic concepts and methods of analysis, and to enable students to understand and use economic arguments in business decision making. The course assumes no previous study of economics.

ECON5103 is a prerequisite for other postgraduate courses offered by the School of Economics. It is also designed to satisfy the requirements of professional bodies, which require their members to have a basic knowledge of economics.

There are no prerequisites for this course.

2. Staff Contact Details

Position Title Name Email Location Phone Consultation Times
Lecturer-in-chargeProfAndreas OrtmannRoom 460, UNSW Business School(02) 9065 1355Tuesdays and Thursdays 7 - 8 am or by appointment
LecturerAProfBenoit JulienRoom 405, UNSW Business School(02) 9065 9741Tuesdays 4.30 - 6.00 pm or by appointment.

Communications with staff

We strongly encourage all enquiries about the subject material to be made at lectures or seminars, or during consultation time.

Email communication should be used for advising of absence or other administrative matters, or for arranging an appointment outside of consultation hours.

Please note that the lecturers have no advance notice of the date and time of the final exam.

Student Enrolment Requests

Students can vary their own enrolment (including switching lecture streams or tutorials) via myUNSW until the end of Week 1. In general, most other student enrolment requests should be directed to The Nucleus: Student Hub (formerly Student Central). These include enrolment in full courses or tutorials, course timetable clashes, waiving prerequisites for any course, transfer-of-credit (international exchange, transfer to UNSW, cross-institutional study, etc.), or any other request which requires a decision about equivalence of courses and late enrolment for any course. Where appropriate, the request will be passed to the School Office for approval before processing. Note that enrolment changes are rarely considered after Week 2 classes have taken place.

3. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

​The philosophy underpinning this course and its teaching and learning strategies is based on Guidelines on Learning that Inform Teaching at UNSW. Specifically, the lectures, seminars and assessment have been designed to appropriately challenge students and support the achievement of the desired learning outcomes. A climate of inquiry and dialogue is encouraged between students and teachers and among students (in and out of class). Teaching staff aim to provide meaningful and timely feedback to students to improve learning outcomes.

The lectures will be delivered online (in real time / "synchronously"), and lecture recordings will be also available to stream and download to accommodate students studying from alternate time zones. Covid restrictions permitting, seminars will be offered in two formats: face-to-face and online (in real time / "synchronously"). Students should check their individual timetables for an indication of the delivery mode pertaining to the seminar stream in which they are enrolled. Seminars will not be recorded.

Learning Activities and Teaching Strategies

​The examinable content of the course is defined by the references given in the lecture schedule, the content of lectures, and the content of the seminar program.

Lectures

The purpose of lectures is to provide a logical structure for the topics that make up the course; to emphasise the important concepts and methods of each topic; and to provide relevant examples to which the concepts and methods are applied. It's highly recommended that students attend the lectures in real time. While the course is being taught online, we encourage students to engage with their peers through the chat function.

Seminars

The purpose of the seminars is to reinforce and clarify the concepts and issues covered in the lectures and identify and remedy any problems with understanding. Students are expected to prepare for, and contribute to, seminar discussions.

A program for seminars will be distributed in the first lecture and will be posted on the course website. In the seminar program, each seminar will consist of:

  • Review Questions. Students should attempt these before attendance at their seminar class. Questions which pose difficulties can be raised with the tutor.
  • Submission questions. See Section 4. Assessment - Seminar Submission Questions for further detail.

Out-of-Class Study

While students may have preferred individual learning strategies, most learning will be achieved outside of class time. Lectures can only provide a structure to assist your study, and seminar time is limited.

An “ideal” strategy (on which the provision of the course materials is based) might include:

  • Reading of the relevant chapter(s) of the text and any other assigned readings before the lecture. This will give you a general idea of the topic area.
  • Attendance at lectures. Here the context of the topic in the course and the topic's relevance and important elements are identified, as well as the key concepts pertaining to the topic. Students should download a copy of the lecture slides from the website before the lecture. These slides can then be used in lectures for students to make additional notes. All slides will be posted on the course website.
  • Attempting the Review Questions before the seminar and checking the answers. A sketch of the suggested answers to Review Questions (to the extent that they are not already given in the textbook) will typically be posted on the course website a couple of days after they have been covered in the seminars.
  • Preparing notes for the class discussion of the Submission Questions. (Even if the Submission Question for a specific seminar is not the one you have been allocated to submit, you should prepare notes to contribute to the discussion.)
  • Attending seminars and asking the tutor to explain those Review Questions which posed difficulties. Presenting (if allocated) or contributing to the class discussion of the Submission Questions.

5. Course Resources

The website for this course is on UNSW Moodle.

Students should check the course website at least twice per week, at the beginning of the week and about halfway through. The textbook for this course is:

The Core Team, “The Economy : Economics for a changing world”, Oxford University Press, ISBN: 0198810245 or APN: 9780198810247

This is a free online text which you can find (and download) here: https://www.core-econ.org/

If you would like a hard copy, you can buy it through the UNSW bookstore or online:
https://www.bookshop.unsw.edu.au/details.cgi?ITEMNO=9780198810247

Note that the hard copy of the book is cheaper if you buy it from the UNSW Bookshop than if you buy it online.

We recommend strongly that students use the online version for study. The online version offers interactive problem presentation and solving.

6. Course Evaluation & Development

Feedback is regularly sought from students and continual improvements are made based on this feedback. At the end of this course, you will be asked to complete the myExperience survey, which provides a key source of student evaluative feedback. Your input into this quality enhancement process is extremely valuable in assisting us to meet the needs of our students and provide an effective and enriching learning experience. The results of all surveys are carefully considered and do lead to action towards enhancing educational quality.

​The School of Economics strives to be responsive to student feedback. If you would like more information on how the design of this course and changes made to it over time have taken students’ needs and preferences into account, please contact the Director of Education at the School of Economics.

7. Course Schedule

Note: for more information on the UNSW academic calendar and key dates including study period, exam, supplementary exam and result release, please visit: https://student.unsw.edu.au/new-calendar-dates
Week Activity Topic Assessment/Other
Week 1: 13 SeptemberLectures
  • Capitalist revolution

  • Technology, Population, Growth

Units 1 and 2 of textbook

Week 2: 20 SeptemberLectures
  • Scarcity, work, & choice

  • Social Interactions

  • Cooperation & conflict

Units 3 – 5 of textbook

Seminar
  • Topics covered in Week 1

Seminar Questions

Week 3: 27 SeptemberLectures
  • The firm

Units 6 and 7 of textbook

Seminar

Topics covered in Week 2

Seminar Questions

Week 4: 5 OctoberLecture
  • Demand, Supply, and Markets (part 1)

***Note: No class on Monday 4 October which is a public holiday***

Units 9 and (parts of) 12 of textbook

Seminar

Topics covered in Week 3

Seminar Questions

Week 5: 11 OctoberLecture
  • Markets, efficiency, & public policy

Unit 12 of the textbook

Seminar

Topics covered in Week 4

Seminar Questions

In-session assessment

In-session test covers all topics covered in Week 1-4 (but not in Week 5).

In-session test during timetabled Wednesday lecture slot.

Week 6 : 18 OctoberLecture
  • Labor market

  • Credit market

    Note there is no seminar this week.

Units 9 and 10 of textbook.

 

Week 7: 25 OctoberLecture
  • Economic Fluctuations & Unemployment
  • Multiplier Model (Part 1)

 

Unit 13, Parts of Unit 14 of textbook

Seminar

Topics covered in Week 5,6

Seminar Questions

Week 8: 1 NovemberLecture
  • Multiplier Model (Part 2)

 

Unit 14 of textbook

 

Seminar

Topics covered in Week 7

Seminar Questions

Week 9: 8 NovemberLecture
  • Inflation, Unemployment, & Monetary Policy

Unit 15 of textbook

Seminar

Topics covered in Week 8

Seminar Questions

Week 10: 15 NovemberSeminar

Topics covered in Week 9

(Note there is no lecture this week)

Seminar Questions

8. Policies and Support

Information about UNSW Business School program learning outcomes, academic integrity, student responsibilities and student support services. For information regarding special consideration and viewing final exam scripts, please go to the key policies and support page.

Program Learning Outcomes

The Business School places knowledge and capabilities at the core of its curriculum via seven Program Learning Outcomes (PLOs). These PLOs are systematically embedded and developed across the duration of all coursework programs in the Business School.

PLOs embody the knowledge, skills and capabilities that are taught, practised and assessed within each Business School program. They articulate what you should know and be able to do upon successful completion of your degree.

Upon graduation, you should have a high level of specialised business knowledge and capacity for responsible business thinking, underpinned by ethical professional practice. You should be able to harness, manage and communicate business information effectively and work collaboratively with others. You should be an experienced problem-solver and critical thinker, with a global perspective, cultural competence and the potential for innovative leadership.

All UNSW programs and courses are designed to assess the attainment of program and/or course level learning outcomes, as required by the UNSW Assessment Design Procedure. It is important that you become familiar with the Business School PLOs, as they constitute the framework which informs and shapes the components and assessments of the courses within your program of study.

PLO 1: Business knowledge

Students will make informed and effective selection and application of knowledge in a discipline or profession, in the contexts of local and global business.

PLO 2: Problem solving

Students will define and address business problems, and propose effective evidence-based solutions, through the application of rigorous analysis and critical thinking.

PLO 3: Business communication

Students will harness, manage and communicate business information effectively using multiple forms of communication across different channels.

PLO 4: Teamwork

Students will interact and collaborate effectively with others to achieve a common business purpose or fulfil a common business project, and reflect critically on the process and the outcomes.

PLO 5: Responsible business practice

Students will develop and be committed to responsible business thinking and approaches, which are underpinned by ethical professional practice and sustainability considerations.

PLO 6: Global and cultural competence

Students will be aware of business systems in the wider world and actively committed to recognise and respect the cultural norms, beliefs and values of others, and will apply this knowledge to interact, communicate and work effectively in diverse environments.

PLO 7: Leadership development

Students will develop the capacity to take initiative, encourage forward thinking and bring about innovation, while effectively influencing others to achieve desired results.

These PLOs relate to undergraduate and postgraduate coursework programs.  Separate PLOs for honours and postgraduate research programs are included under 'Related Documents'.

Business School course outlines provide detailed information for students on how the course learning outcomes, learning activities, and assessment/s contribute to the development of Program Learning Outcomes.

RELATED DOCUMENTS

 

UNSW Graduate Capabilities

The Business School PLOs also incorporate UNSW graduate capabilities, a set of generic abilities and skills that all students are expected to achieve by graduation. These capabilities articulate the University’s institutional values, as well as future employer expectations.

UNSW Graduate CapabilitiesBusiness School PLOs
Scholars capable of independent and collaborative enquiry, rigorous in their analysis, critique and reflection, and able to innovate by applying their knowledge and skills to the solution of novel as well as routine problems.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 7: Leadership development

Entrepreneurial leaders capable of initiating and embracing innovation and change, as well as engaging and enabling others to contribute to change
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 6: Global and cultural competence
  • PLO 7: Leadership development

Professionals capable of ethical, self-directed practice and independent lifelong learning
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 5: Responsible business practice

Global citizens who are culturally adept and capable of respecting diversity and acting in a socially just and responsible way.
  • PLO 1: Business knowledge
  • PLO 2: Problem solving
  • PLO 3: Business communication
  • PLO 4: Teamwork
  • PLO 5: Responsible business practice
  • PLO 6: Global and cultural competence

While our programs are designed to provide coverage of all PLOs and graduate capabilities, they also provide you with a great deal of choice and flexibility.  The Business School strongly advises you to choose a range of courses that assist your development against the seven PLOs and four graduate capabilities, and to keep a record of your achievements as part of your portfolio. You can use a portfolio as evidence in employment applications as well as a reference for work or further study. For support with selecting your courses contact the UNSW Business School Student Services team.





Academic Integrity and Plagiarism

Academic Integrity is honest and responsible scholarship. This form of ethical scholarship is highly valued at UNSW. Terms like Academic Integrity, misconduct, referencing, conventions, plagiarism, academic practices, citations and evidence based learning are all considered basic concepts that successful university students understand. Learning how to communicate original ideas, refer sources, work independently, and report results accurately and honestly are skills that you will be able to carry beyond your studies.

The definition of academic misconduct is broad. It covers practices such as cheating, copying and using another person’s work without appropriate acknowledgement. Incidents of academic misconduct may have serious consequences for students.

Plagiarism

UNSW regards plagiarism as a form of academic misconduct. UNSW has very strict rules regarding plagiarism. Plagiarism at UNSW is using the words or ideas of others and passing them off as your own. All Schools in the Business School have a Student Ethics Officer who will investigate incidents of plagiarism and may result in a student’s name being placed on the Plagiarism and Student Misconduct Registers.

Below are examples of plagiarism including self-plagiarism:

Copying: Using the same or very similar words to the original text or idea without acknowledging the source or using quotation marks. This includes copying materials, ideas or concepts from a book, article, report or other written document, presentation, composition, artwork, design, drawing, circuitry, computer program or software, website, internet, other electronic resource, or another person's assignment, without appropriate acknowledgement of authorship.

Inappropriate Paraphrasing: Changing a few words and phrases while mostly retaining the original structure and/or progression of ideas of the original, and information without acknowledgement. This also applies in presentations where someone paraphrases another’s ideas or words without credit and to piecing together quotes and paraphrases into a new whole, without appropriate referencing.

Collusion: Presenting work as independent work when it has been produced in whole or part in collusion with other people. Collusion includes:

  • Students providing their work to another student before the due date, or for the purpose of them plagiarising at any time
  • Paying another person to perform an academic task and passing it off as your own
  • Stealing or acquiring another person’s academic work and copying it
  • Offering to complete another person’s work or seeking payment for completing academic work

Collusion should not be confused with academic collaboration (i.e., shared contribution towards a group task).

Inappropriate Citation: Citing sources which have not been read, without acknowledging the 'secondary' source from which knowledge of them has been obtained.

Self-Plagiarism: ‘Self-plagiarism’ occurs where an author republishes their own previously written work and presents it as new findings without referencing the earlier work, either in its entirety or partially. Self-plagiarism is also referred to as 'recycling', 'duplication', or 'multiple submissions of research findings' without disclosure. In the student context, self-plagiarism includes re-using parts of, or all of, a body of work that has already been submitted for assessment without proper citation.

To see if you understand plagiarism, do this short quiz: https://student.unsw.edu.au/plagiarism-quiz

Cheating

The University also regards cheating as a form of academic misconduct. Cheating is knowingly submitting the work of others as their own and includes contract cheating (work produced by an external agent or third party that is submitted under the pretences of being a student’s original piece of work). Cheating is not acceptable at UNSW.

If you need to revise or clarify any terms associated with academic integrity you should explore the 'Working with Academic Integrity' self-paced lessons available at: https://student.unsw.edu.au/aim.

For UNSW policies, penalties, and information to help you avoid plagiarism see: https://student.unsw.edu.au/plagiarism as well as the guidelines in the online ELISE tutorials for all new UNSW students: http://subjectguides.library.unsw.edu.au/elise. For information on student conduct see: https://student.unsw.edu.au/conduct.

For information on how to acknowledge your sources and reference correctly, see: https://student.unsw.edu.au/referencing. If you are unsure what referencing style to use in this course, you should ask the lecturer in charge.



Student Responsibilities and Conduct

​Students are expected to be familiar with and adhere to university policies in relation to class attendance and general conduct and behaviour, including maintaining a safe, respectful environment; and to understand their obligations in relation to workload, assessment and keeping informed.

Information and policies on these topics can be found on the 'Managing your Program' website.

Workload

It is expected that you will spend at least ten to twelve hours per week studying for a course except for Summer Term courses which have a minimum weekly workload of twenty to twenty four hours. This time should be made up of reading, research, working on exercises and problems, online activities and attending classes. In periods where you need to complete assignments or prepare for examinations, the workload may be greater. Over-commitment has been a cause of failure for many students. You should take the required workload into account when planning how to balance study with employment and other activities.

We strongly encourage you to connect with your Moodle course websites in the first week of semester. Local and international research indicates that students who engage early and often with their course website are more likely to pass their course.

View more information on expected workload

Attendance

Your regular and punctual attendance at lectures and seminars or in online learning activities is expected in this course. The Business School reserves the right to refuse final assessment to those students who attend less than 80% of scheduled classes where attendance and participation is required as part of the learning process (e.g., tutorials, flipped classroom sessions, seminars, labs, etc.).

View more information on attendance

General Conduct and Behaviour

You are expected to conduct yourself with consideration and respect for the needs of your fellow students and teaching staff. Conduct which unduly disrupts or interferes with a class, such as ringing or talking on mobile phones, is not acceptable and students may be asked to leave the class.

View more information on student conduct

Health and Safety

UNSW Policy requires each person to work safely and responsibly, in order to avoid personal injury and to protect the safety of others.

View more information on Health and Safety

Keeping Informed

You should take note of all announcements made in lectures, tutorials or on the course web site. From time to time, the University will send important announcements to your university e-mail address without providing you with a paper copy. You will be deemed to have received this information. It is also your responsibility to keep the University informed of all changes to your contact details.




Student Support and Resources

The University and the Business School provide a wide range of support services and resources for students, including:

Business School Learning Support Tools
Business School provides support a wide range of free resources and services to help students in-class and out-of-class, as well as online. These include:

  • Academic Communication Essentials – A range of academic communication workshops, modules and resources to assist you in developing your academic communication skills.
  • Learning consultations – Meet learning consultants who have expertise in business studies, literacy, numeracy and statistics, writing, referencing, and researching at university level.
  • PASS classes – Study sessions facilitated by students who have previously and successfully completed the course.
  • Textbook access scheme – To support the inclusion and success of students from equity groups enrolled at UNSW Sydney in first year undergraduate Business programs.

The Nucleus - Business School Student Services team
The Nucleus Student Services team provides advice and direction on all aspects of enrolment and graduation. Level 2, Main Library, Kensington 02 8936 7005 / https://nucleus.unsw.edu.au/en/contact-us

Business School Equity, Diversity and Inclusion
The Business School Equity, Diversity and Inclusion Committee strives to ensure that every student is empowered to have equal access to education. The Business School provides a vibrant, safe, and equitable environment for education, research, and engagement that embraces diversity and treats all people with dignity and respect. BUSEDI@unsw.edu.au

UNSW Learning & Careers Hub
The UNSW Learning & Careers Hub provides academic skills and careers support services—including workshops, individual consultations and a range of online resources—for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Student Support Advisors
Student Support Advisors work with all students to promote the development of skills needed to succeed at university, whilst also providing personal support throughout the process.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

International Student Support
The International Student Experience Unit (ISEU) is the first point of contact for international students. ISEU staff are always here to help with personalised advice and information about all aspects of university life and life in Australia.
Advisors can support you with your student visa, health and wellbeing, making friends, accommodation and academic performance.
International.student@unsw.edu.au
02 9385 4734

Equitable Learning Services
Equitable Learning Services (formerly Disability Support Services) is a free and confidential service that provides practical support to ensure that your health condition doesn't adversely affect your studies. Register with the service to receive educational adjustments.
Ground Floor, John Goodsell Building.
els@unsw.edu.au
02 9385 4734

UNSW Counselling and Psychological Services
Provides support and services if you need help with your personal life, getting your academic life back on track or just want to know how to stay safe, including free, confidential counselling.
Level 2, East Wing, Quadrangle Building.
counselling@unsw.edu.au
02 9385 5418

Library services and facilities for students
The UNSW Library offers a range of collections, services and facilities both on-campus and online.
Main Library, F21.
02 9065 9444

Moodle eLearning Support
Moodle is the University’s learning management system. You should ensure that you log into Moodle regularly.
externalteltsupport@unsw.edu.au
02 9385 3331

UNSW IT
UNSW IT provides support and services for students such as password access, email services, wireless services and technical support.
UNSW Library Annexe (Ground floor).
02 9385 1333



Support for Studying Online

The Business School and UNSW provide a wide range of tools, support and advice to help students achieve their online learning goals. 

The UNSW Guide to Online Study page provides guidance for students on how to make the most of online study.

We recognise that completing quizzes and exams online can be challenging for a number of reasons, including the possibility of technical glitches or lack of reliable internet. We recommend you review the Online Exam Preparation Checklist of things to prepare when sitting an online exam.

ECON5103