Skip to main content
Unit of study_

BUSS1040: Economics for Business Decision Making

Semester 2, 2021 [Normal day] - Camperdown/Darlington, Sydney

Economics underlies all business decisions, from pricing to product development, to negotiations, to understanding the general economic environment. This unit provides an introduction to economic analysis with a particular focus on concepts and applications relevant to business. This unit addresses how individual consumers and firms make decisions and how they interact in markets. It also introduces a framework for understanding and analysing the broader economic and public policy environment in which a business competes. This unit provides a rigorous platform for further study and a major in economics as well as providing valuable tools of analysis that complement a student's general business training, regardless of their area of specialisation.

Unit details and rules

Unit code BUSS1040
Academic unit Business School
Credit points 6
Prohibitions
? 
ECON1001 OR ECON1040
Prerequisites
? 
None
Corequisites
? 
None
Assumed knowledge
? 

Mathematics (equivalent of band 4 in the NSW HSC subject Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111

Available to study abroad and exchange students

Yes

Teaching staff

Coordinator Kadir Atalay, kadir.atalay@sydney.edu.au
Lecturer(s) James Morley, james.morley@sydney.edu.au
Kadir Atalay, kadir.atalay@sydney.edu.au
Tutor(s) Lei Shi, lei.shi@sydney.edu.au
Type Description Weight Due Length
Final exam (Record+) Type B final exam Final exam
MCQ
55% Formal exam period 2 hours
Outcomes assessed: LO1 LO2 LO3
Online task Online quizzes
MCQ
10% Multiple weeks n/a
Outcomes assessed: LO1 LO3 LO2
In-semester test (Record+) Type B in-semester exam Mid-semester exam
MCQ
20% Week 07
Due date: 20 Sep 2021 at 14:00
50 minutes
Outcomes assessed: LO1 LO2 LO3
Assignment Written assignment
Written task
15% Week 11
Due date: 29 Oct 2021 at 18:00
700 words
Outcomes assessed: LO1 LO2 LO3
Type B final exam = Type B final exam ?
Type B in-semester exam = Type B in-semester exam ?

Assessment summary

  • Written assignment: This will require you to apply concepts and knowledge from the unit to a specific business setting or pricing strategy asked in the essay question. 
  • Online quizzes: The online quizzes are designed to test your knowledge on recent material, and give an indication of whether adequate progress is being made throughout the semester. The best 4 of a student's 5 quiz marks will be counted for their final grade. Given the nature of this assessment, no extensions will be given for online quizzes. If special consideration is granted for a quiz (or two quizzes), the remaining quizzes will be reweighted to cover the missed quizzes. If special consideration is granted for all, 3, 4 or 5 quizzes, the student will be required to write an alternate assignment that will be submitted before the end of the semester.
  • Mid-semester exam: The mid-semester exam consists of multiple choice or short answer (e.g. type in equilibrium quantity or missing word) questions. It covers the materials covered in class weeks 1-5 and the materials covered in tutorials from weeks 2-6. 
  • Final exam: It covers all of the material covered in the unit and consists of multiple choice or short answer (e.g. type in equilibrium quantity or missing word) questions.

Detailed information for each assessment can be found on Canvas.

Assessment criteria

The University awards common result grades, set out in the Coursework Policy 2014 (Schedule 1).

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a very high standard, a credit a good standard, and a pass an acceptable standard.

Result name

Mark range

Description

High distinction

85 - 100

Awarded when you demonstrate the learning outcomes for the unit at an exceptional standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Distinction

75 - 84

Awarded when you demonstrate the learning outcomes for the unit at a very high standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Credit

65 - 74

Awarded when you demonstrate the learning outcomes for the unit at a good standard, as defined by grade descriptors or exemplars outlined by your faculty or school.

Pass

50 - 64

Awarded when you demonstrate the learning outcomes for the unit at an acceptable standard, as defined by grade descriptors or exemplars outlined by your faculty or school. 

Fail

0 - 49

When you don’t meet the learning outcomes of the unit to a satisfactory standard.

For more information see sydney.edu.au/students/guide-to-grades.

For more information see guide to grades.

Late submission

In accordance with University policy, these penalties apply when written work is submitted after 11:59pm on the due date:

  • Deduction of 5% of the maximum mark for each calendar day after the due date.
  • After ten calendar days late, a mark of zero will be awarded.

Academic integrity

The Current Student website  provides information on academic integrity and the resources available to all students. The University expects students and staff to act ethically and honestly and will treat all allegations of academic integrity breaches seriously.  

We use similarity detection software to detect potential instances of plagiarism or other forms of academic integrity breach. If such matches indicate evidence of plagiarism or other forms of academic integrity breaches, your teacher is required to report your work for further investigation.

You may only use artificial intelligence and writing assistance tools in assessment tasks if you are permitted to by your unit coordinator, and if you do use them, you must also acknowledge this in your work, either in a footnote or an acknowledgement section.

Studiosity is permitted for postgraduate units unless otherwise indicated by the unit coordinator. The use of this service must be acknowledged in your submission.

Simple extensions

If you encounter a problem submitting your work on time, you may be able to apply for an extension of five calendar days through a simple extension.  The application process will be different depending on the type of assessment and extensions cannot be granted for some assessment types like exams.

Special consideration

If exceptional circumstances mean you can’t complete an assessment, you need consideration for a longer period of time, or if you have essential commitments which impact your performance in an assessment, you may be eligible for special consideration or special arrangements.

Special consideration applications will not be affected by a simple extension application.

Using AI responsibly

Co-created with students, AI in Education includes lots of helpful examples of how students use generative AI tools to support their learning. It explains how generative AI works, the different tools available and how to use them responsibly and productively.

WK Topic Learning activity Learning outcomes
Week 01 1. Introduction; 2. Gains from trade Lecture (2 hr)  
Introduction Tutorial (1 hr)  
Week 02 1. Production and costs; 2. Supply Lecture (2 hr)  
Gains from trade Tutorial (1 hr)  
Week 03 1. Demand; 2. Equilibrium and welfare; 3. Elasticity Lecture (2 hr)  
1. Production and costs; 2. Supply Tutorial (1 hr)  
Week 04 Perfectly competitive markets Lecture (2 hr)  
1. Demand; 2. Equilibrium and welfare; 3. Elasticity Tutorial (1 hr)  
Week 05 Pricing with market power 1 Lecture (2 hr)  
Perfectly competitive markets Tutorial (1 hr)  
Week 06 Pricing with market power 2 Lecture (2 hr)  
Pricing with market power 1 Tutorial (1 hr)  
Week 07 Midterm Exam /Strategic interaction and business strategy 1 Lecture (2 hr)  
Pricing with market power 2 Tutorial (1 hr)  
Week 09 Strategic interaction and business strategy 2 Lecture (2 hr)  
Strategic interaction and business strategy 1 Tutorial (1 hr)  
Week 10 Market Interventions + Market failures Lecture (2 hr)  
Strategic interaction and business strategy II Tutorial (1 hr)  
Week 11 GDP and business cycles Lecture (2 hr)  
Market interventions + failures Tutorial (1 hr)  
Week 12 Unemployment and inflation Lecture (2 hr)  
GDP and business cycles Tutorial (1 hr)  
Week 13 Stabilisation policies Lecture (2 hr)  
Unemployment and inflation Tutorial (1 hr)  

Attendance and class requirements

Lecture recordings: All lectures and seminars are recorded and will be available on Canvas for student use. Please note the Business School does not own the system and cannot guarantee that the system will operate or that every class will be recorded. Students should ensure they attend and participate in all classes.

Study commitment

Typically, there is a minimum expectation of 1.5-2 hours of student effort per week per credit point for units of study offered over a full semester. For a 6 credit point unit, this equates to roughly 120-150 hours of student effort in total.

Required readings

Nguyen, Bonnie and Andrew Wait, 2016. "Essentials of Microeconomics", Routledge.

All readings for this unit can be accessed through the Library, available on Canvas.

Learning outcomes are what students know, understand and are able to do on completion of a unit of study. They are aligned with the University's graduate qualities and are assessed as part of the curriculum.

At the completion of this unit, you should be able to:

  • LO1. explain key concepts and apply these to macro and micro real-world contexts
  • LO2. analyse business problems by identifying and critically evaluating the implications of business decisions using micro and macro economics principles
  • LO3. communicate effectively, both orally and in writing, through assessment tasks and tutorial participation.

Graduate qualities

The graduate qualities are the qualities and skills that all University of Sydney graduates must demonstrate on successful completion of an award course. As a future Sydney graduate, the set of qualities have been designed to equip you for the contemporary world.

GQ1 Depth of disciplinary expertise

Deep disciplinary expertise is the ability to integrate and rigorously apply knowledge, understanding and skills of a recognised discipline defined by scholarly activity, as well as familiarity with evolving practice of the discipline.

GQ2 Critical thinking and problem solving

Critical thinking and problem solving are the questioning of ideas, evidence and assumptions in order to propose and evaluate hypotheses or alternative arguments before formulating a conclusion or a solution to an identified problem.

GQ3 Oral and written communication

Effective communication, in both oral and written form, is the clear exchange of meaning in a manner that is appropriate to audience and context.

GQ4 Information and digital literacy

Information and digital literacy is the ability to locate, interpret, evaluate, manage, adapt, integrate, create and convey information using appropriate resources, tools and strategies.

GQ5 Inventiveness

Generating novel ideas and solutions.

GQ6 Cultural competence

Cultural Competence is the ability to actively, ethically, respectfully, and successfully engage across and between cultures. In the Australian context, this includes and celebrates Aboriginal and Torres Strait Islander cultures, knowledge systems, and a mature understanding of contemporary issues.

GQ7 Interdisciplinary effectiveness

Interdisciplinary effectiveness is the integration and synthesis of multiple viewpoints and practices, working effectively across disciplinary boundaries.

GQ8 Integrated professional, ethical, and personal identity

An integrated professional, ethical and personal identity is understanding the interaction between one’s personal and professional selves in an ethical context.

GQ9 Influence

Engaging others in a process, idea or vision.

Outcome map

Learning outcomes Graduate qualities
GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

This section outlines changes made to this unit following staff and student reviews.

No changes have been made since this unit was last offered.

Disclaimer

The University reserves the right to amend units of study or no longer offer certain units, including where there are low enrolment numbers.

To help you understand common terms that we use at the University, we offer an online glossary.