GSZ491 Economics in Business

Unit Outline: Flexible Period - 08A 2024, Gardens Point, Internal (Start Date: 06 Jul 2024)

Overview

All organisations operate within an economic environment and are profoundly impacted by local and global economic issues. It is therefore imperative that all business leaders and managers have an understanding of the forces that shape this environment and understand how organisations can successfully respond to changing environments.

This unit has been included in the program to provide the analytical framework needed to understand how market conditions are determined and how these conditions affect business performance.

This unit is offered at this point in the program to lay discipline-specific foundational knowledge and skills in relation to economics to reflect the fact that economic forces have a profound impact on most areas of business decision-making and an early appreciation of this discipline is therefore desirable.

Learning Outcomes

On successful completion of this unit you will be able to:

1. Demonstrate and apply economic concepts/theories to explain behaviours of consumers and producers, working of the macro economy and macroeconomic issues in the global context. KS 1.1
   Relates to: EXEC Business Capabilities: KS (1.1)
2. Read, interpret and synthesise complex economic data. HO 2.1
   Relates to: EXEC Business Capabilities: HO (2.1)
3. Critically analyse and evaluate real world economic, social and public issues to inform decision-making. HO 2.1, SEC 5.2
   Relates to: EXEC Business Capabilities: HO (2.1), SE (5.2)
4. Demonstrate the application of critical and logical thinking to a variety of economic scenarios and professionally communicate the findings in writing to stakeholders. HO 2.1, PC 3.1
   Relates to: EXEC Business Capabilities: HO (2.1), PC (3.1)

Content

Learning Approaches

This unit adopts a blended learning approach and as such, includes a variety of teaching and learning approaches.

Intensive face-to-face class sessions and/or webinars are the primary methods of teaching this unit. A textbook and/or readings and a range of digital materials that are designed to support and extend learning prior to, during and after class sessions available in the unit Canvas site supplements the classes and/or webinars. Where appropriate, social media tools and forums will be used to extend learning and build connections with students outside the class or webinar sessions. Given the importance of the unit Canvas site to the teaching and learning strategy used in this unit, a computer and tablet device with internet access is strongly recommended for all students.

The principal purpose of the classes, webinars and readings is to build upon the key concepts that were introduced through the Preparation for Class activities and readings. The purpose of the case study work, experiential learning tasks and assessment tasks is to help the student develop their understanding of the concepts and enable them to be applied within a range of business contexts.

There is an expectation that the student will participate in class sessions and/or webinars, to take advantage of the opportunity to discuss important issues with their instructor and their peers.

It is expected that students have completed all Preparation for Class activities and readings identified in the unit Canvas site prior to coming to class and/or webinar to be able to maximise the learning opportunities of the class sessions.

A variety of learning activities designed to engage students in their learning will be incorporated into the lectures/workshops and webinars. Such learning activities may include short lectures, class discussions, debates, role plays, group work, guest speakers, student presentations, simulations, case study analysis, videos, readings, wikis, media/current events reports, web searches, etc.
There is a commitment to critical inquiry and intellectual debate in regard to the material covered. Students are encouraged to relate the theories and research discussed to situations known to them and will be encouraged to share their experiences relating to the topics explored in this unit with the class to enrich the overall learning experience of all students.

Expanding the awareness of Australian management policies and practices into intercultural and global perspectives is fostered within this unit. Typically, students enrolling in this unit have extremely varied backgrounds. There is diversity of professional background and socio-cultural background. Students are reminded that this is to their advantage and they have much to learn from one another. To this end, students are strongly encouraged to be sensitive to cultural, gender-related and international issues.

Feedback on Learning and Assessment

Students will receive a variety of feedback throughout this unit.
Informally, feedback will be given verbally in class through class discussions and during the debriefing of learning activities.
Direct feedback will be available to those students who request a private or group consultation session with the lecturer.
Formal feedback will be received on both formative and summative assessment tasks through a Criterion Reference Assessment sheet which will also include written feedback on the assessment task. The Criterion Reference Assessment Sheet will be available in the unit Canvas site at the commencement of the unit. Students will receive feedback on their formative assessment task prior to their summative assessment task being submitted.

Assessment

Unit Grading Scheme

7- point scale

Assessment Tasks

Assessment: Advisory Report

Working with a relevant and topical case, students are to take on the role of economic advisor to a nominated stakeholder and prepare a written report in which they apply relevant economic analysis to provide economic advice, support with economic theory and arguments.

Formative or Summative: Formative and Summative

Postgraduate Executive (AoL goals): KS (1.1), HO (2.1), PC (3.1), SEC (5.2)

This assignment is eligible for the 48-hour late submission period and assignment extensions.

Assessment: Final Examination

Open book final exam covering topics 1 to 6 inclusive. Mixed content of short answer and essay questions.

Formative or Summative: Summative

Postgraduate Executive (AoL goals): KS (1.1), HO (2.1), PC (3.1), SEC (5.2)

Academic Integrity

Students are expected to engage in learning and assessment at QUT with honesty, transparency and fairness. Maintaining academic integrity means upholding these principles and demonstrating valuable professional capabilities based on ethical foundations.

Failure to maintain academic integrity can take many forms. It includes cheating in examinations, plagiarism, self-plagiarism, collusion, and submitting an assessment item completed by another person (e.g. contract cheating). It can also include providing your assessment to another entity, such as to a person or website.

You are encouraged to make use of QUT’s learning support services, resources and tools to assure the academic integrity of your assessment. This includes the use of text matching software that may be available to assist with self-assessing your academic integrity as part of the assessment submission process.

Further details of QUT’s approach to academic integrity are outlined in the Academic integrity policy and the Student Code of Conduct. Breaching QUT’s Academic integrity policy is regarded as student misconduct and can lead to the imposition of penalties ranging from a grade reduction to exclusion from QUT.

Resources

Resource Materials

Prescribed text(s)

Layton, A., Robinson, T., Tang, T. , Dharmaratna, D. & Tucker, I. (2021). Economics for Today (7th Asia-Pacific Ed.). Cengage Learning Australia.

Risk Assessment Statement

There are no out of the ordinary risks associated with this unit. You should, however, familiarise yourself with evacuation procedures operating in the buildings in which you attend classes and take the time to view the Emergency video.

Standards/Competencies

This unit is designed to support your development of the following standards\competencies.

QUT Business Capabilities (Postgraduate Executive)

HO (2.1): Critical Analysis

Relates to: ULO2, ULO3, ULO4, Advisory Report, Final Examination

KS (1.1): Advanced Discipline and Professional Practice Knowledge

Relates to: ULO1, Advisory Report, Final Examination

PC (3.1): Professional Communication (Written)

Relates to: ULO4, Advisory Report, Final Examination

SE (5.2): Global, Cultural and Social Responsibility

Relates to: ULO3, Advisory Report, Final Examination

Course Learning Outcomes

GS50 Executive Master of Business Administration

1. Demonstrate, apply and integrate contemporary, advanced multidisciplinary knowledge, business practices, and research principles underpinned by a systems thinking framework to respond to global, complex real-world challenges.
   Relates to: ULO1, Advisory Report, Final Examination
2. Apply knowledge and skills to identify, interpret and critically reflect upon the social and cultural influences and impacts of personal, executive level and organisational actions and decision-making in organisational, local, national and global contexts.
   Relates to: ULO3, Advisory Report, Final Examination
3. Critically analyse, interpret, evaluate and synthesise complex data, research, theoretical knowledge, ideas and situations to lead and support decision-making in global complex business environments.
   Relates to: ULO2, ULO3, ULO4, Advisory Report, Final Examination
4. Demonstrate advanced professional written communication skills in a variety of genres to clearly communicate strategic and complex thinking, engage, persuade, influence and lead diverse stakeholders in a range of contexts.
   Relates to: ULO4, Advisory Report, Final Examination

GS89 Executive Graduate Certificate in Business Administration

1. Demonstrate and apply integrated discipline knowledge and skills in the critical understanding of complex real world challenges
   Relates to: ULO1, Advisory Report, Final Examination
2. Apply knowledge and skills to demonstrate, interpret and critically reflect on decisions and actions that are appropriate and responsible in diverse social and cultural contexts.
   Relates to: ULO3, Advisory Report, Final Examination
3. Exercise critical thinking in analysing, interpreting, evaluating and synthesising theories, ideas and practices to support decision making in complex business environments
   Relates to: ULO2, ULO3, ULO4, Advisory Report, Final Examination
4. Exercise written communication and persuasion skills with diverse stakeholders for a variety of purposes
   Relates to: ULO4, Advisory Report, Final Examination