Unit Description

Introducing the underlying principles of micro and macroeconomics, this unit will help you appreciate and understand economic analysis and the frameworks required for making decisions that rely on economic concepts. You will gain an appreciation of how economists think and how integral economic thinking is to all management and leadership bodies of knowledge, including finance, people, marketing, operations, and strategy.

Prerequisites

There are no prerequisites for this unit.

Learning Outcomes

  • Describe and relate to their business environments the economic concepts of supply and demand, opportunity costs, marginal costs, trade-offs, externalities, transactions costs, comparative advantage, price elasticity, and inflation
  • Explain market-exchange processes and discuss the impacts of monopoly and competition on market performance
  • Demonstrate an understanding of monetary and fiscal policy in Australia and show how national and global interest and currency rates affect business decisions
  • Evaluate the use of economic concepts and policies to improve thinking and decision making in business
  • Critically analyse economic impacts from rapidly changing environmental factors
  • Demonstrate a high order of skill in analysis, critical thinking, communication, and professional application
  • Demonstrate creativity and flexibility in the application of knowledge and skills to new situations, to resolve problems, and to think rigorously and independently

Graduate Attributes

AIM Business School has identified a set of attributes that positively impact graduates’ success in business as a manager and leader and these are taught, developed, and assessed to varying degrees in this unit. These Graduate Attributes are:

  • Strives for intellectual rigour
  • Understanding the changing global context
  • Manages for success
  • Demonstrates effective communication and interpersonal skills
  • Develops mastery of business and management disciplines
  • Strives to be a continuous adult learner

Assessment Tasks

The successful completion of Economics for Managers relies on the submission of three assessments:

  • Assessment Task 1: Microeconomics Analysis (35%)
  • Assessment Task 2: Macroeconomic Industry Analysis (45%)
  • Assessment Task 3: Engagement and Participation (20%)