EFN405 Applied Economics
To view more information for this unit, select Unit Outline from the list below. Please note the teaching period for which the Unit Outline is relevant.
| Unit code: | EFN405 |
|---|---|
| Antirequisite(s): | GSN203, GSN411, GSN414, GSN491, GSN492, GSZ491 |
| Equivalent(s): | EFX405 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| Domestic tuition unit fee | $4,416 |
| International unit fee | $4,944 |
Unit Outline: Semester 1 2025, Gardens Point, Internal
| Unit code: | EFN405 |
|---|---|
| Credit points: | 12 |
| Equivalent: | EFX405 |
| Anti-requisite: | GSN203, GSN411, GSN414, GSN491, GSN492, GSZ491, EFN422 |
| Coordinators: | Tommy Tang | tt.tang@qut.edu.au |
Overview
The economic framework in this introductory unit provides students with a broad understanding of the economic forces that impact business and government, equipping them with knowledge, technical and problem solving skills that they will continue to develop and apply in later units where more complex situations and issues are explored. The unit provides an introduction to both microeconomic and macroeconomic key concepts.
Learning Outcomes
On successful completion of this unit you will be able to:
- Apply knowledge of the broad economic context in which businesses operate including knowledge of the economic forces, policies and policy directions impacting business and governmentRelates to: PG Business Capabilities: KS (1.1)
- Apply technical skills and use analytical tools to analyse economic conditions
- Apply higher order thinking skills to analyse policy decisions
- Apply appropriate written and oral communication skills to present ideas and thinking
- Work effectively in a team to apply and present knowledge of economic theories and conceptsRelates to: PG Business Capabilities: TS (4.2)
Content
The major topics/areas covered in this unit include market forces of supply and demand, firm and industry organisation; effects of government regulation/intervention, measuring national income (GDP) and economic growth; business cycles, monetary system, inflation, and fiscal and monetary policy.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
In this unit, lectures revolve around the development of knowledge with a focus on the application of economic concepts and theories to understanding real-world examples and case studies. In tutorials, students will be supported to further develop and practice their analytical and critical thinking skills using a variety of individual and group learning activities. Online students will be able to attend lectures and tutorials online live. Full lecture and tutorial recordings will also be available in Canvas unit site.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The unit coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Canvas site.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Presentation
Each team is to critically analyse a topical economic issue and present their findings via a narrated slide show. Each student will receive a group grade for knowledge application and critical evaluation - KS (1.1) & HO (2.1), an individual grade for oral presentation - PC (3.2) and team work - TS (4.2). Details are published on the Canvas unit site.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.2), TS (4.2)
Assessment: Mid-Semester Examination
Online exam comprising multiple choice and structured questions covering lecture material from Weeks 1 to 6. (Note: A1 is not eligible for the 48 hour extension,)
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Take-Home Assessment
Essay type questions related to a topical issue. The topic will be given out to students in Week 11.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
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.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Layton, A., Robinson, T., Tang, T., Dharmaratna, D., and Tucker, I. (2025). Economics for Today 8th edition, Thomson, South Melbourne Victoria.
Reference book(s)
Acemoglu, D., Laibson, D., List, J.A. "Economics" (Global Edition, Pearson)
Gans, J., King, S., Stonecash, R., Byford, M., Libich, J. and Mankiw, N. (2015). Principles of Economics (6th edition), Cengage Learning. South Melbourne.
Students are encouraged to regularly read Economics and/or financial magazines such as The Economist and the Australian Financial Review throughout the duration of this unit. Frequent reference may be made to issues reported in these publications.
Additional references can also be found at the unit's Canvas site and in the written report document.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in 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)
HO (2.1): Critical Analysis
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Take-Home Assessment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO5, Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS11 Master of Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2 - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Take-Home Assessment - Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation - Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Relates to: ULO5, Presentation
BS37 Graduate Certificate in Business and Communication
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
BS39 Graduate Certificate in Business
- Demonstrate and apply integrated and advanced discipline knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological or technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively in written forms and using appropriate media for diverse audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
Unit Outline: Semester 1 2025, Online
| Unit code: | EFN405 |
|---|---|
| Credit points: | 12 |
| Equivalent: | EFX405 |
| Anti-requisite: | GSN203, GSN411, GSN414, GSN491, GSN492, GSZ491, EFN422 |
Overview
The economic framework in this introductory unit provides students with a broad understanding of the economic forces that impact business and government, equipping them with knowledge, technical and problem solving skills that they will continue to develop and apply in later units where more complex situations and issues are explored. The unit provides an introduction to both microeconomic and macroeconomic key concepts.
Learning Outcomes
On successful completion of this unit you will be able to:
- Apply knowledge of the broad economic context in which businesses operate including knowledge of the economic forces, policies and policy directions impacting business and governmentRelates to: PG Business Capabilities: KS (1.1)
- Apply technical skills and use analytical tools to analyse economic conditions
- Apply higher order thinking skills to analyse policy decisions
- Apply appropriate written and oral communication skills to present ideas and thinking
- Work effectively in a team to apply and present knowledge of economic theories and conceptsRelates to: PG Business Capabilities: TS (4.2)
Content
The major topics/areas covered in this unit include market forces of supply and demand, firm and industry organisation; effects of government regulation/intervention, measuring national income (GDP) and economic growth; business cycles, monetary system, inflation, and fiscal and monetary policy.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
In this unit, lectures revolve around the development of knowledge with a focus on the application of economic concepts and theories to understanding real-world examples and case studies. In tutorials, students will be supported to further develop and practice their analytical and critical thinking skills using a variety of individual and group learning activities. Online students will be able to attend lectures and tutorials online live. Full lecture and tutorial recordings will also be available in Canvas unit site.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The unit coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Canvas site.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Presentation
Each team is to critically analyse a topical economic issue and present their findings via a narrated slide show. Each student will receive a group grade for knowledge application and critical evaluation - KS (1.1) & HO (2.1), an individual grade for oral presentation - PC (3.2) and team work - TS (4.2). Details are published on the Canvas unit site.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.2), TS (4.2)
Assessment: Mid-Semester Examination
Online exam comprising multiple choice and structured questions covering lecture material from Weeks 1 to 6. (Note: A1 is not eligible for the 48 hour extension,)
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Take-Home Assessment
Essay type questions related to a topical issue. The topic will be given out to students in Week 11.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
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.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Layton, A., Robinson, T., Tang, T., Dharmaratna, D., and Tucker, I. (2025). Economics for Today 8th edition, Thomson, South Melbourne Victoria.
Reference book(s)
Acemoglu, D., Laibson, D., List, J.A. "Economics" (Global Edition, Pearson)
Gans, J., King, S., Stonecash, R., Byford, M., Libich, J. and Mankiw, N. (2015). Principles of Economics (6th edition), Cengage Learning. South Melbourne.
Students are encouraged to regularly read Economics and/or financial magazines such as The Economist and the Australian Financial Review throughout the duration of this unit. Frequent reference may be made to issues reported in these publications.
Additional references can also be found at the unit's Canvas site and in the written report document.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in 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)
HO (2.1): Critical Analysis
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Take-Home Assessment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO5, Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS11 Master of Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2 - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Take-Home Assessment - Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation - Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Relates to: ULO5, Presentation
BS37 Graduate Certificate in Business and Communication
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
BS39 Graduate Certificate in Business
- Demonstrate and apply integrated and advanced discipline knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological or technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively in written forms and using appropriate media for diverse audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
Unit Outline: Semester 2 2025, Gardens Point, Internal
| Unit code: | EFN405 |
|---|---|
| Credit points: | 12 |
| Equivalent: | EFX405 |
| Anti-requisite: | GSN203, GSN411, GSN414, GSN491, GSN492, GSZ491, EFN422 |
| Coordinators: | Zainab Asif | zainab.asif@qut.edu.au |
Overview
The economic framework in this introductory unit provides students with a broad understanding of the economic forces that impact business and government, equipping them with knowledge, technical and problem solving skills that they will continue to develop and apply in later units where more complex situations and issues are explored. The unit provides an introduction to both microeconomic and macroeconomic key concepts.
Learning Outcomes
On successful completion of this unit you will be able to:
- Apply knowledge of the broad economic context in which businesses operate including knowledge of the economic forces, policies and policy directions impacting business and governmentRelates to: PG Business Capabilities: KS (1.1)
- Apply technical skills and use analytical tools to analyse economic conditions
- Apply higher order thinking skills to analyse policy decisions
- Apply appropriate written and oral communication skills to present ideas and thinking
- Work effectively in a team to apply and present knowledge of economic theories and conceptsRelates to: PG Business Capabilities: TS (4.2)
Content
The major topics/areas covered in this unit include market forces of supply and demand, firm and industry organisation; effects of government regulation/intervention, measuring national income (GDP) and economic growth; business cycles, monetary system, inflation, and fiscal and monetary policy.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
In this unit, lectures revolve around the development of knowledge with a focus on the application of economic concepts and theories to understanding real-world examples and case studies. In tutorials, students will be supported to further develop and practice their analytical and critical thinking skills using a variety of individual and group learning activities. Online students will be able to attend lectures and tutorials online live. Full lecture and tutorial recordings will also be available in Canvas unit site.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The unit coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Canvas site.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Presentation
Each team is to critically analyse a topical economic issue and present their findings via a narrated slide show. Each student will receive a group grade for knowledge application and critical evaluation - KS (1.1) & HO (2.1), an individual grade for oral presentation - PC (3.2) and team work - TS (4.2). Details are published on the Canvas unit site.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.2), TS (4.2)
Assessment: Mid-Semester Examination
Online exam comprising multiple choice and structured questions covering lecture material from Weeks 1 to 6. (Note: A1 is not eligible for the 48 hour extension,)
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Take-Home Assessment
Essay type questions related to a topical issue. The topic will be given out to students in Week 11.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
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.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Layton, A., Robinson, T., Tang, T., Dharmaratna, D., and Tucker, I. (2025). Economics for Today 8th edition, Thomson, South Melbourne Victoria.
Reference book(s)
Acemoglu, D., Laibson, D., List, J.A. "Economics" (Global Edition, Pearson)
Gans, J., King, S., Stonecash, R., Byford, M., Libich, J. and Mankiw, N. (2015). Principles of Economics (6th edition), Cengage Learning. South Melbourne.
Students are encouraged to regularly read Economics and/or financial magazines such as The Economist and the Australian Financial Review throughout the duration of this unit. Frequent reference may be made to issues reported in these publications.
Additional references can also be found at the unit's Canvas site and in the written report document.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in 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)
HO (2.1): Critical Analysis
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Take-Home Assessment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO5, Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS11 Master of Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2 - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Take-Home Assessment - Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation - Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Relates to: ULO5, Presentation
BS37 Graduate Certificate in Business and Communication
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
BS39 Graduate Certificate in Business
- Demonstrate and apply integrated and advanced discipline knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological or technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively in written forms and using appropriate media for diverse audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
Unit Outline: Semester 2 2025, Online
| Unit code: | EFN405 |
|---|---|
| Credit points: | 12 |
| Equivalent: | EFX405 |
| Anti-requisite: | GSN203, GSN411, GSN414, GSN491, GSN492, GSZ491, EFN422 |
Overview
The economic framework in this introductory unit provides students with a broad understanding of the economic forces that impact business and government, equipping them with knowledge, technical and problem solving skills that they will continue to develop and apply in later units where more complex situations and issues are explored. The unit provides an introduction to both microeconomic and macroeconomic key concepts.
Learning Outcomes
On successful completion of this unit you will be able to:
- Apply knowledge of the broad economic context in which businesses operate including knowledge of the economic forces, policies and policy directions impacting business and governmentRelates to: PG Business Capabilities: KS (1.1)
- Apply technical skills and use analytical tools to analyse economic conditions
- Apply higher order thinking skills to analyse policy decisions
- Apply appropriate written and oral communication skills to present ideas and thinking
- Work effectively in a team to apply and present knowledge of economic theories and conceptsRelates to: PG Business Capabilities: TS (4.2)
Content
The major topics/areas covered in this unit include market forces of supply and demand, firm and industry organisation; effects of government regulation/intervention, measuring national income (GDP) and economic growth; business cycles, monetary system, inflation, and fiscal and monetary policy.
QUT Business Capabilities (Postgraduate)
The content and assessment in this unit are aligned to a selection of the following set of QUT Business Capabilities, also known as Assurance of Learning Goals (AoLs). Developing these capabilities will assist you to meet the desired graduate outcomes set at QUT and equip you with the knowledge and skills to succeed in your chosen career.
Knowledge & Technical Skills (KS)
1.1 Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
1.2 Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Higher Order Thinking Skills (HO)
2.1 Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
2.2 Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Professional Communication (PC)
3.1 Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
3.2 Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Teamwork & Self (TS)
4.1 Exercise self-reflection and accountability in applying knowledge and skills for own learning and effective practice.
4.2 Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Social, Ethical & Global Understanding (SE)
5.1 Demonstrate and apply knowledge of ethical and legal principles and practices of business in critically analysing and effectively responding to complex business issues.
5.2 Demonstrate and apply knowledge of socially responsible behaviour in analysing and addressing business issues and critically reflect on the responsibilities and impacts of organisations in national and international business contexts.
Learning Approaches
In this unit, lectures revolve around the development of knowledge with a focus on the application of economic concepts and theories to understanding real-world examples and case studies. In tutorials, students will be supported to further develop and practice their analytical and critical thinking skills using a variety of individual and group learning activities. Online students will be able to attend lectures and tutorials online live. Full lecture and tutorial recordings will also be available in Canvas unit site.
In accordance with QUT policy, all units are to be subject to Criterion Referenced Assessment (CRA). The unit coordinator will provide students with further details regarding CRA during the course of the semester during class and on the unit's Canvas site.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, such as verbal feedback in class, personal consultation
- Formal: in writing, such as checklists (e.g. criteria sheets), written commentary
- Direct: to individual students, either in written form or in consultation
- Indirect: to the whole class
Assessment
Overview
The assessment in this unit aims to support your achievement of the unit learning outcomes and course assurance of learning goals. The assessment has been designed in order to allow you to:
- receive feedback on your learning as you progress toward the development of knowledge, understanding, skills and attitudes (formative assessment);
- demonstrate your learning in order to achieve a final grade (summative assessment).
Students may be required to attend campus or an assessment centre for the purposes of assessment, regardless of the attendance mode for the unit.
Unit Grading Scheme
7- point scale
Assessment Tasks
Assessment: Presentation
Each team is to critically analyse a topical economic issue and present their findings via a narrated slide show. Each student will receive a group grade for knowledge application and critical evaluation - KS (1.1) & HO (2.1), an individual grade for oral presentation - PC (3.2) and team work - TS (4.2). Details are published on the Canvas unit site.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.2), TS (4.2)
Assessment: Mid-Semester Examination
Online exam comprising multiple choice and structured questions covering lecture material from Weeks 1 to 6. (Note: A1 is not eligible for the 48 hour extension,)
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Take-Home Assessment
Essay type questions related to a topical issue. The topic will be given out to students in Week 11.
Formative or Summative: Formative and Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1), PC (3.1)
Academic Integrity
Academic integrity is a commitment to undertaking academic work and assessment in a manner that is ethical, fair, honest, respectful and accountable.
The Academic Integrity Policy sets out the range of conduct that can be a failure to maintain the standards of academic integrity. This includes, cheating in exams, plagiarism, self-plagiarism, collusion and contract cheating. It also includes providing fraudulent or altered documentation in support of an academic concession application, for example an assignment extension or a deferred exam.
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.
Breaching QUT’s Academic Integrity Policy or engaging in conduct that may defeat or compromise the purpose of assessment can lead to a finding of student misconduct (Code of Conduct – Student) and result in the imposition of penalties under the Management of Student Misconduct Policy, ranging from a grade reduction to exclusion from QUT.
Resources
Resource Materials
Prescribed text(s)
Layton, A., Robinson, T., Tang, T., Dharmaratna, D., and Tucker, I. (2025). Economics for Today 8th edition, Thomson, South Melbourne Victoria.
Reference book(s)
Acemoglu, D., Laibson, D., List, J.A. "Economics" (Global Edition, Pearson)
Gans, J., King, S., Stonecash, R., Byford, M., Libich, J. and Mankiw, N. (2015). Principles of Economics (6th edition), Cengage Learning. South Melbourne.
Students are encouraged to regularly read Economics and/or financial magazines such as The Economist and the Australian Financial Review throughout the duration of this unit. Frequent reference may be made to issues reported in these publications.
Additional references can also be found at the unit's Canvas site and in the written report document.
Risk Assessment Statement
There are no out-of-the-ordinary risks associated with lectures or tutorials in 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)
HO (2.1): Critical Analysis
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
HO (2.2): Independent Judgement and Decision-Making
Relates to: ULO3
KS (1.1): Discipline and Professional Practice Knowledge
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment
KS (1.2): Technical, Technological and Research Skills
Relates to: ULO2
PC (3.1): Professional Communication (Written)
Relates to: ULO4, Take-Home Assessment
PC (3.2): Professional Communication (Oral)
Relates to: ULO4, Presentation
TS (4.2): Teamwork Knowledge and Skills
Relates to: ULO5, Presentation
Course Learning Outcomes
This unit is designed to support your development of the following course/study area learning outcomes.BS11 Master of Business
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2 - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Take-Home Assessment - Use information literacy skills and communicate effectively and professionally in oral forms appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation - Apply teamwork knowledge and skills for effective collaboration across a range of complex activities and contexts.
Relates to: ULO5, Presentation
BS37 Graduate Certificate in Business and Communication
- Demonstrate and apply integrated and advanced discipline and professional practice knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological and technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning, designing, and executing strategic and research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively and professionally in written forms and using media appropriate for diverse purposes, contexts and audiences.
Relates to: ULO4, Presentation, Take-Home Assessment
BS39 Graduate Certificate in Business
- Demonstrate and apply integrated and advanced discipline knowledge, including knowledge of relevant research principles and methods.
Relates to: ULO1, ULO2, ULO3, Presentation, Mid-Semester Examination, Take-Home Assessment - Apply technical, technological or technical research skills to organise and interpret discipline knowledge, including theory and practice, to investigate business issues.
Relates to: ULO2, Presentation, Take-Home Assessment - Critically investigate real world business issues and problems drawing on analysis, evaluation and synthesis of discipline knowledge, including theory and practice.
Relates to: ULO2, ULO3, Mid-Semester Examination - Exercise creativity and intellectual independence and make informed decisions and judgements in planning research-based responses to address real world issues and problems.
Relates to: ULO3 - Use information literacy skills and communicate effectively in written forms and using appropriate media for diverse audiences.
Relates to: ULO4, Presentation, Take-Home Assessment