MMGT6003 Business Economics - 2019

Intensive, Sydney CBD
MMGT6003
Postgraduate
Term 3
6 Units of Credit
AGSM

Offering Selection
This course outline is for the current semester. To view outlines from other years and/or semesters, visit the archives

1. Course Details

Summary of Course

Economics is a social science that studies the ways in which people interact with one another and make decisions in a world characterised by limited resources. The goal of this course is to provide you with comprehensive tools to 'think like an economist' - that is, to be able to use economic principles to ask and answer questions about how the world works or the effects of policies. We will cover topics such as how individuals or firms make decisions about the demand or supply of a product, how we can determine the efficiency of a market, and how we evaluate the costs and benefits of government intervention in a market.

The course is offered in a blended format, in which students learn the content and interact with facilitators online (see below), but also attend either (i) a weekly class in the CBD campus, or (ii) two intensive sessions over two non-consecutive weekends (so, four days from 9am to 5pm).

The course is delivered via Playconomics, the first Massive Interactive Immersive Course in the world. Playconomics covers both microeconomics and macroeconomics and comprises the videogame, the eBook (and associated slides), educational videos, the online community portal, as well as a wide range of assessments (in standard format or game-related) delivered through the game. The course will be delivered by a facilitator covering the material in the traditional fashion, while also pulling examples from the dynamics that emerge from the videogame to illustrate the concepts in real time, as they endogenously arise from the behaviour of the students.

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

Additonal Course Details

3. Staff Contact Details

Position Name Email Location Phone Consultation Times
Course CoordinatorJonathan LimRoom 409, UNSW Business School9385 0121By appointment

4. Learning and Teaching Activities

Approach to Learning and Teaching in the Course

The philosophy underpinning this course and its Teaching and Learning Strategies are based on "Guidelines on Learning that Inform Teaching at UNSW".

The activities in this course 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 facilitators and amongst students. The facilitators aim to provide meaningful and timely feedback to students to improve learning outcomes.

Learning Activities and Teaching Strategies

Students will be taught the "core principles" of economics and given practice at applying these principles to everyday problems. The aim is to teach students to "think like an economist", whether it is in everyday or business situations.

Each week there is a discussion component which focuses on the economic and business dynamics that arose in Playconomics during the previous week(s). This will allow students to work together to evaluate the main trends of the simulated economy, identify the main drivers of these patterns and try to understand their impact. In addition to this, we will also: provide weekly questions that will be discussed in groups during the assigned week; and conduct class experiments to showcase how gains from trade are generated and thus allow for a higher consumption than that supported by individual production.

Course Structure

Week 1: Comparative advantage

To understand the basis for trade and to lay the foundations for understanding the standard microeconomics models.

Week 2: Supply in a perfectly competitive market

To develop an understanding of a standard microeconomics model, i.e. the perfectly competitive market model. This week we will focus on producers and thus on how the supply curve is generated.

Week 3: Demand in a perfectly competitive market and Demand & supply: An equilibrium analysis

To further understand the perfectly competitive market model, this week we will focus on consumers and thus on how the demand curve is generated. Additionally, this week we will also examine how both supply and demand interact to determine market outcomes, and study the concept of 'market equilibrium'.

Week 4: Demand & supply: An equilibrium analysis and Government intervention

This week we will apply the perfectly competitive model to determine the impact of changes in a variety of economic dimensions, both qualitatively and quantitatively, i.e., we will tackle the determinants of the supply and demand curves shifts. Associated with this is also an evaluation of the change in outcomes following a change in economic conditions.

Week 5: Government intervention and monopoly

This week's objective is to understand the rationale and outcomes of government intervention in the economy and identify and evaluate the best strategies to implement at a microeconomic level especially when an "imperfectly competitive market" arises.

Week 6: Macroeconomic fundamentals and aggregate supply and aggregate demand model

This week tackles the macroeconomic measures of economic activity. This begins our introduction into the standard macroeconomic models (including into their assumptions), i.e., the aggregate supply/aggregate demand model (AS-AD model). Students will begin to understand this standard model.

Week 7: Money and inflation

This week we will understand the role of money and their purpose. Associated with this is an understanding of how governments use money to affect the economy, i.e., how governments formulate their monetary policy. Using the AS-AD model, students will understand the reasons for, transmission channels and outcomes of monetary policy for an economy.

Week 8: Business cycles and fiscal policy and employment and unemployment

This week we will tackle issues related to the fiscal policy, its transmission channels and its impact on the economy. Associated with this is for students to understand the reasons for the implementation of fiscal policy. Using the AS-AD model students will be able to identify how fiscal policy affects the real economy. In the second part of this facilitation process we will talk about the labour market. Using the As-AD model students will understand how employment and unemployment affects the economy by using the AS-AD model.

Week 9: International trade

This is the first section of the international economics component. The purpose of this section is to expose students to an important aspect of any economy: its openness to international trade. This section will introduce trade and exchange rates to students so that they are aware of how this may affect domestic economies. The focus of this week is to introduce international trade and understand the rationale to trade internationally.

Week 10: Exchange rates

This is the second component of the international economics section where we focus on exchange rates. This topic is critical to understanding trade since all transactions are completed across different sovereignties and thus different currencies. Having a sound understand of what exchange rates represent and of their potential impact on a domestic economy is important to complete our study of an economy

6. Course Resources

You have five major resources to help you learn:

  1. The course materials, which you will access via the course website, Playconomics.com. All the academic material can be accessed via this website, including, the textbook, slides and questions. There is also an active online commenting system in this website which allows you to ask questions in the relevant page. This is an important resource because it provides both the content and create a safe learning environment for you to also interact and learn from your peers. This website is actively monitored and we will endeavor to respond to your questions within 24 hours. You will do much of your learning outside the classroom by working through the course materials, and by completing the activities as they arise.
  2. Your interaction with your facilitator. The facilitator's job is to guide your learning by conducting the online or face-to-face discussion, answering questions that might arise after you have done the week's work, providing insights from his or her practical experience and understanding of theory, providing you with feedback on your assessments, and directing discussions and debates that will occur between you and your co-participants in the course.
  3. Your co-participants. Your course colleagues are an invaluable potential source of learning for you. Their work and life, and their willingness to question and argue with the course materials, the facilitator and your views, represent a great learning opportunity. They bring much valuable insight to the learning experience.
  4. In addition to course-based resources, please also refer to the AGSM Learning Toolkit (available in Moodle) for tutorials and guides that will help you learn more about effective study practices and techniques.
  5. The prescribed textbook is:
    Dobrescu, L I, Motta, A & McWhinnie, S 2016, Playconomics: Principles of economics, 4th edn (included in the Playconomics package).

Course website

The Course Website contains all course content, including the textbook, tutorial questions, and forums to ask questions and discuss course material. The website can be accessed through Playconomics. Instructions for how to sign up for Playconomics are accessible via UNSW Moodle.

Students should consult the course website regularly, as it contains important information about the course. It will be assumed that all students have seen all material posted on the course website. The website will be constantly monitored during business hours. Furthermore, activity on the course website will be used as inspiration to create new videos to address frequently asked questions and/or detailed solutions to some of the "Tutorial Questions". Thus we highly recommend that you consult the course website regularly.

Course announcements will be posted on Moodle.

Playconomics

Information on signing up for Playconomics is available on the course Moodle page. Students will have to create a new Playconomics account. Playconomics includes remote access to the course webpage, with the required e-book integrated (including educational videos, Tutorial Questions, etc.), and the game.

For any technical issues, please email support@lionsheartstudios.com.

Other resources

BusinessThink

BusinessThink is UNSW's free, online business publication. It is a platform for business research, analysis and opinion. If you would like to subscribe to BusinessThink, and receive the free monthly e-newsletter with the latest in research, opinion and business then go to http://www.businessthink.unsw.edu.au

7. Course Evaluation & Development

Continual Course Improvement

AGSM courses are revised each time they run, with updated course outlines and assessment tasks developed. Changes relating to any industry developments will also be included. 

Additionally, the AGSM surveys students each time a course is offered. The data collected provides anonymous feedback from students on the quality of course content and materials, class facilitation, student support services and the program in general. This student feedback is considered during all course revisions. 

Student Response

This is the first delivery of this course and we will seek student feedback and evaluations during the term and towards the end of the course.

Response to Student Feedback

Please see above.

8. Course Schedule

Week Activity Topic Detail/Engagement Assessment Task
Week 1 Playconomics beginsTopic 1: Comparative Advantage, Topic 2: Supply in a perfectly competitive market and Topic 3: Demand in a perfectly competitive market

Complete topics 1, 2 and 3 content this week.

Topics 1 and 2: To understand the basis for trade and to lay the foundations for understanding the standard microeconomics models.

Topic 3: We focus on consumers and thus on how the demand curve is generated

Assessment 3 : Playconomics
Week 2 Playconomics & Intensive Weekend 1 Topic 4: Demand & Supply: An equilibrium Analysis and Government Intervention and Topic 5: Government intervention and Monopoly

Complete topics 1-4 prior to the Intensive weekend

This weeks topics:

Topic 4: We apply the perfectly competitive model to determine the impact of changes in a variety of economic dimensions, both qualitatively and quantitatively

Topic 5: This topic's objective is to understand the rationale and outcomes of government intervention in the economy and identify and evaluate the best strategies to implement at a microeconomic level especially when an "imperfectly competitive market" arises.

Intensive 1 takes place on Saturday 28 and Sunday 29 September, 2019

Assessment 3 : Playconomics
Week 3 Playconomics continuesReflection week, no set topic

Reflect on the Intensive and the topics you have studied so far. Catch up on any content you may need to reread from Topics 1-4.

Continue playing Playconomics.

Assessment 3 : Playconomics
Week 4 Playconomics continuesTopic 6: Macroeconomic Fundamentals and Aggregate Supply and Aggregate Demand Model

Topic 6: This week tackles the macroeconomic measures of economic activity.

Assessment 3 : Playconomics
Week 5 Playconomics continuesTopic 7: Money and Inflation

Topic 7: This week we will understand the role of money and their purpose.

Assessment 3 : Playconomics
Week 6 Playconomics continuesTopic 8: Business cycles and Fiscal Policy and Employment and Unemployment

Topic 8: This week we will tackle issues related to the fiscal policy, its transmission channels and its impact on the economy.

Assessment 3 : Playconomics
Week 7 Playconomics continuesTopic 9: International Trade

Topic 9: This is the first section of the international economics component where we focus on International Trade

Assessment 3 : Playconomics
Week 8 Playconomics continuesTopic 10: Exchange Rates

Topic 10: This is the second section of the international economics section where we focus on exchange rates.

Assessment 3 : Playconomics
Week 9 Playconomics continuesComplete all topics prior to Intensive 2
Assessment 3 : Playconomics
Week 10 Continue playing Playconomics. Intensive 2 occursComplete all topics prior to Intensive 2

Intensive 2: Saturday 23 and Sunday 24 November

Assessment 3 : Playconomics
Assessment 1 : In-class test 1
Assessment 2 : In-class test 2
Week 11 Continue playing Playconomics. Exam Prep Week
Assessment 3 : Playconomics
Week 12 Exam. Playconomics ends.
Assessment 3 : Playconomics
Assessment 4 : Exam

9. Policies and Support

Information about UNSW Business School protocols, University policies, student responsibilities and education quality and support.

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 Centre.




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 EQS Consultation Program
The Consultation Program offers academic writing, literacy and numeracy consultations, study skills, exam preparation for Business students. Services include workshops, online resources, individual and group consultations.
Level 1, Room 1035, Quadrangle Building.
BUS.EQS.Consultations@unsw.edu.au
02 9385 4508

Business School Student Centre
The Business School Student Centre provides advice and direction on all aspects of admission, enrolment and graduation.
Level 1, Room 1028 in the Quadrangle Building
02 9385 3189

UNSW Learning Centre
The UNSW Learning Centre provides academic skills support services, including workshops and resources, for all UNSW students. See their website for details.
Lower Ground Floor, North Wing Chancellery Building.
learningcentre@unsw.edu.au
02 9385 2060

Educational Support Service
Educational 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. Check their website to request an appointment or to register in the Academic Success Program.
John Goodsell Building, Ground Floor.
advisors@unsw.edu.au
02 9385 4734

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 9385 2650

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).
itservicecentre@unsw.edu.au
02 9385 1333

Disability Support Services
UNSW Disability Support Services provides assistance to students who are trying to manage the demands of university as well as a health condition, learning disability or who have personal circumstances that are having an impact on their studies. Disability Advisers can arrange to put in place services and educational adjustments to make things more manageable so that students are able to complete their course requirements. To receive educational adjustments for disability support, students must first register with Disability Services.
Ground Floor, John Goodsell Building.
disabilities@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


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