Southern Cross University
Economics for Decision
As a graduate of Southern Cross University, you are more than just a sum of the knowledge you have acquired through your units. During your studies you will have developed other skills, values and attitudes that are essential for gaining employment and advancing lifelong learning.
In this unit you will be assessed towards your attainment of the following graduate attributes, as identified by the School Cross Business School:
1. professional competency
3. communication and interpersonal skills
4. lifelong learning
5. ethical, cultural and environmental awareness.
In particular, this unit will assist students to develop the following skills and values: 通过引入数学，图形和统计工具，学习商业决策的专业能力
• professional competency by introducing mathematical, graphical and statistical tools, useful in business decision making
• reasoning by applying the mathematical, graphical and statistical tools introduced to business and economic problems
• communication by requiring students to present their responses in the form of a business report and letter
• lifelong learning by developing mathematical, graphical, statistical and research literacy
• ethical, cultural and environmental awareness by the study of data portrayal, and economic tools for environmental protection.
Handbook entry 本单元向学生介绍了解价格形成和市场结构的经济分析工具，对消费者的行为，政府和公司内部和外部势力影响行为，尤其是在目前澳大利亚的经济环境。
This unit introduces students to an understanding of price formation and market structures, the tools of economic analysis, the behaviour of the consumer, government and the firm and the external and internal forces influencing that behaviour, especially in the current Australian economic environment.
There are ten topics in this unit. These topics are grouped into two sections.
Section 1: Microeconomics (Topics 1–5)
Topic 1: Introduction to economics including demand and supply and elasticity
Topic 2: Production decisions
Topic 3: Market structure
Topic 4: Market failure and reform
Topic 5: Labour markets and income distribution
In Section 1, we begin by asking what economics is and by posing some of the basic economic questions such as: what are the kinds of issues economics tries to address, why do economic problems arise out of scarcity, what is opportunity cost, and why does scarcity force people to make choices?
This section then explains demand and supply and elasticity which is the cornerstone of economic analysis and can be used to explain how prices are determined in markets.
We then study the behaviour of firms in the economy. We first consider those factors which influence the production decisions that businesses face. This involves a discussion of the matching of costs of production with revenue possibilities. The next step is to examine the main types of market structures and the pricing and output decisions that firms face when operating in these alternative types of markets.
This section also analyses why markets fail and how governments can address these failures. The final part of this microeconomic section considers the nature of labour markets.
Section 2: Macroeconomics (Topics 6–10)
Topic 6: Monitoring economic performance
Topic 7: Aggregate demand and aggregate supply
Topic 8: Unemployment and inflation
Topic 9: Fiscal and monetary policy
Topic 10: The international economic sector
The study of macroeconomics begins with an introduction to some important macroeconomic issues facing Australia’s economy, including economic growth, the business cycle, unemployment and inflation.
This section introduces methodology for performance measurement and economic tools for managing this performance.
The final part of this section investigates attitudes to trade, exchange rate regimes and the impact that the exchange rate has on the international economy and our balance of payments. Prescribed texts and materials Please read this next section carefully to ensure that you purchase the correct book.
The prescribed textbook for this unit is:
Sloman, J, Norris, K & Garratt, D 2010, Principles of Economics, 3rd edn, Pearson, Frenchs Forest, NSW.
As well as this text students should purchase the following study guide:
Sloman, J, Norris, K & Garratt, D 2010, Study Guide, 3rd edn, Pearson, Frenchs Forest, NSW.
Recommended reference materials
There are a number of other economics texts that you should be aware of that cover the same content as our text but from different perspectives. You might care to refer to some of them from time to time,especially if you are having difficulty with some concepts being discussed in the textbook itself.
Edgmand, MR, Moomaw, RL & Olsen, KW 2011, Economics and Contemporary Issues, 8th edn, Thomson, South-Western. Jackson, J, McIver, R & McConnell, C 2008, Economic Principles, 2nd edn, McGraw-Hill, Sydney.
McTaggart, D, Findlay, C & Parkin, M 2010, Economics, 6th edn, Pearson, Sydney.
Stonecash, R, Gans, J, King, S & Mankiw, NG 2012, Principles of Economics, 5th edn, Thomson.
Taylor, JB & Moosa, I 2008, Economics, 4th edn, John Wiley, Brisbane.
As well as standard economic textbooks, there are a few publications that deal with current economic events relevant to particular topics in the unit. Some of the more interesting include:
Clark, D (various years), ‘Student Economic Briefs’, The Financial Review Library, Sydney.
Hatch, JV 2011, Reading Between the Lines, Pearson, Frenchs Forest, NSW.
Gittins, R 2007, Gittonomics, Allen & Unwin, Crows Nest.
Levitt, SD & Dubner, SJ 2006, Freakonomics, Penguin.
Levitt, SD & Dubner, SJ 2009, SuperFreakonomics, Penguin.
Since comments about economic issues and policies dominate the media, you are encouraged to read newspapers and business magazines frequently. Not only will this enable you to keep up with current developments in economic trends and policies, the information you gain might prove beneficial in answering the essay question assigned for this unit. Bear in mind however, that much of the discussion in the press is subjective and it is to be hoped that you will develop a critical approach to reading such comment. The best sources of current data and commentary are found in:
Sydney Morning Herald The Australian Financial Review The Bulletin The Economist The Age. (In August, the Annual Report of the Reserve Bank is published and you can usually view it on their website. The report provides excellent comment and graphics on trends in the Australian economy as well as on monetary policy.)
Regular publications by the major banks are also useful. Ask your bank for copies of their economic reports.
There is also economic comment on television on many of the current affairs programs especially Lateline and Four Corners on the ABC.
Journals that may be useful particularly for assignment work include:
Australian Economic Review
Australian Economic Papers
School extension policy
Students wanting an extension must make a request at least 24 hours before the assessment item is due and the request must be received in writing by the unit assessor or designated academic.
Extensions within 24 hours of submission or following the submission deadline will not be granted (unless supported by a doctor’s certificate or where there are exceptional circumstances – this will be at unit assessor’s discretion and will be considered on a case by case basis). Extensions will be for a maximum of 48 hours (longer extensions supported by a doctor’s certificate or exceptional circumstances will be considered on a case by case basis).
A penalty of 10% of the total available marks will accrue for each 24 hour period that an assessment item is submitted late. Therefore an assessment item worth 20 marks will have 2 marks deducted for every 24 hour period and at the end of 10 days will receive 0 marks.
Students who fail to submit following the guidelines in this Unit Information Guide will be deemed to have not submitted the assessment item and the above penalty will be applied until the specified submission guidelines are followed.
Students are encouraged to complete the online student feedback on learning and teaching survey. This is offered for all units in every study period.#p#分页标题#e#
Assignment due dates and the examination period provided here apply to the Australian study period.
These may be varied for students studying elsewhere, please confirm dates with your local tutor.
The assessment for this unit consists of two assignments and a final examination. The two assignments to be submitted during the study period are designed to test your understanding of issues and principles raised in the topics being studied.
The first assignment consists of five questions based on topics covered in the first section of this unit.
The second assignment is a report on economic policy in Australia. The purpose of these assignments is to give you the opportunity to demonstrate the skills that you have acquired in analysing economic problems by applying those skills to current, hotly debated issues. You will need to startgathering information for the second assignment almost immediately.
All projects for students studying in Australia are to be submitted online via the online submission facility on the MySCU website for this subject. Students studying in overseas locations will be advised
on assignment submission by their individual location tutors. For instructions on how to submit an assignment electronically please click on to the ‘Unit Documents’ tab in the MySCU learning site for this subject. You must use an electronic cover sheet also available in Unit Documents. You should keep a copy of all submitted materials. For Assignment 2 submission via Turnitin will be required. You will be given further instruction on this during Session 1.
The final examination will be based on work covered throughout the whole study period. It will use a range of test questions. Details of the examination format will be provided at a later date.
Economists frequently use graphs to illustrate and analyse economic situations. In completing your assessment items, you should use graphs wherever possible. Always provide a brief explanation of each graph, including how it relates to your overall argument.
It should also be noted that information posted on the web may not always be reliable. You are advised to carefully consider the source of the information before using it in assignments. In addition, it is expected that some of the information you reference will be from refereed journals, such as those listed in the Unit Statement.