Outline

Overview

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	Huy Vu, huy.vu@sydney.edu.au
Lecturer(s)	James Morley, james.morley@sydney.edu.au
Lecturer(s)	Huy Vu, huy.vu@sydney.edu.au

Type	Description	Weight	Due	Length
Supervised exam ?	Final exam Multiple-choice questions, Essay, Short Answer, Problem Solving.	60%	Formal exam period	2 hours
Outcomes assessed:
Online task	Online quizzes Multiple-choice questions	8%	Multiple weeks	n/a
Outcomes assessed:
Online task	Online Quiz Multiple-choice questions #earlyfeedbacktask	2%	Week 03	n/a
Outcomes assessed:
Supervised test ?	Mid-semester test Multiple-choice questions, Short Answer, Problem Solving.	20%	Week 08 Due date: 20 Apr 2024 at 09:40	1 hour
Outcomes assessed:
Assignment	Written assignment Written task	10%	Week 10 Due date: 03 May 2024 at 23:59	700 words
Outcomes assessed:

Early feedback task

This unit includes an early feedback task, designed to give you feedback prior to the census date for this unit. Details are provided in the Canvas site and your result will be recorded in your Marks page. It is important that you actively engage with this task so that the University can support you to be successful in this unit.

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. The assignment may also include problems that are relevant to the topics being cover.
Online quizzes: 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 towards 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 test: The exam may include a combination of multiple-choice questions (MCQ), short-answer questions, problem-solving tasks, and essay-type questions. It covers the material covered in class Weeks 1-5 and the material covered in tutorials Weeks 2-6. Given the nature of this assessment, no extensions will be given for mid-semester test.
Final exam: Covers all of the material covered in the unit.The exam may include a combination of multiple-choice questions (MCQ), short-answer questions, problem-solving tasks, and essay-type 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 (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.

Learning support

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.

Support for students

The Support for Students Policy 2023 reflects the University’s commitment to supporting students in their academic journey and making the University safe for students. It is important that you read and understand this policy so that you are familiar with the range of support services available to you and understand how to engage with them.

The University uses email as its primary source of communication with students who need support under the Support for Students Policy 2023. Make sure you check your University email regularly and respond to any communications received from the University.

Learning resources and detailed information about weekly assessment and learning activities can be accessed via Canvas. It is essential that you visit your unit of study Canvas site to ensure you are up to date with all of your tasks.

If you are having difficulties completing your studies, or are feeling unsure about your progress, we are here to help. You can access the support services offered by the University at any time:

Support and Services (including health and wellbeing services, financial support and learning support)
Course planning and administration
Meet with an Academic Adviser

Weekly schedule

WK	Topic	Learning activity
Week 01	Introduction and gains from trade	Lecture (2 hr)
Week 01	Introduction and key mathematic concepts	Tutorial (1 hr)
Week 02	Production and costs	Lecture (2 hr)
Week 02	Week 1 review questions	Tutorial (1 hr)
Week 03	Supply and Demand	Lecture (2 hr)
Week 03	Week 2 review questions	Tutorial (1 hr)
Week 04	Elasticity, Welfare and Market Equilibrium	Lecture (2 hr)
Week 04	Week 3 review questions	Tutorial (1 hr)
Week 05	Perfect Competition	Lecture (2 hr)
Week 05	Week 4 review questions	Tutorial (1 hr)
Week 06	Pricing with market power 1	Lecture (2 hr)
Week 06	Week 5 review questions	Tutorial (1 hr)
Week 07	Pricing with market power 2 and monopolistic competition	Lecture (2 hr)
Week 07	Week 6 review questions	Tutorial (1 hr)
Week 08	Strategic interaction and business strategy 1	Lecture (2 hr)
Week 08	Week 7 review questions	Tutorial (1 hr)
Week 09	Strategic interaction and business strategy 2	Lecture (2 hr)
Week 09	Week 8 review questions	Tutorial (1 hr)
Week 10	Government interventions and market failures 1	Lecture (2 hr)
Week 10	Week 9 review questions	Tutorial (1 hr)
Week 11	Government interventions and market failures 2	Lecture (2 hr)
Week 11	Week 10 review questions	Tutorial (1 hr)
Week 12	GDP, Unemployment, Inflation and Business Cycles	Lecture (2 hr)
Week 12	Week 11,12 review questions	Tutorial (1 hr)
Week 13	Stabilisation Policies	Lecture (2 hr)
Week 13	Week 12, 13 review questions	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, 2024. Essentials of Microeconomics, 2nd Edition, Routledge.

All readings for this unit can be accessed through the Library’s reading list system Leganto, available on Canvas.

Learning outcomes

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.

Outcomes
Graduate qualities

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 macroeconomic 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
Learning outcomes

Responding to student feedback

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

Thanks for the feedback. We have incorporated your feedback and designed a new structure for this unit in this semester.

Additional information

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.

Current students

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect

Current students

BUSS1040: Economics for Business Decision Making

Semester 1, 2024 [Normal day] - Camperdown/Darlington, Sydney

Overview

Overview

Unit details and rules

Teaching staff

Assessment

Assessment

Early feedback task

Assessment summary

Assessment criteria

Late submission

Academic integrity

Learning support

Learning support

Simple extensions

Special consideration

Using AI responsibly

Support for students

Weekly schedule

Weekly schedule

Attendance and class requirements

Study commitment

Required readings

Learning outcomes

Learning outcomes

Graduate qualities

Outcome map

Responding to student feedback

Responding to student feedback

Additional information

Additional information

Disclaimer

On this page

Useful links

Media

Student links

About us

Connect