EFN422 Economics and Data Analysis
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: | EFN422 |
|---|---|
| Antirequisite(s): | EFN405,EFN419,GSN403,GSN411,GSN414,GSN491 |
| Credit points: | 12 |
| Timetable | Details in HiQ, if available |
| Availabilities |
|
| Domestic tuition unit fee | $4,416 |
| International unit fee | $4,944 |
Unit Outline: Semester 2 2025, Gardens Point, Internal
| Unit code: | EFN422 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | EFN405,EFN419,GSN403,GSN411,GSN414,GSN491 |
| Coordinator: | Nadeeka De Silva | hasthimuni.desilva@qut.edu.au |
Overview
To make sound business decisions managers must understand the forces that shape the economic environment and their decision making should, where appropriate, use relevant data analysis. This unit provides the analytical framework needed to understand how market conditions are determined at the micro and macro levels and how market conditions affect business performance. It also provides an essential grounding in statistical literacy and an introduction to basic techniques and concepts in the statistical treatment and analysis of data relevant to the business environment.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate knowledge of the market mechanism, behaviour of firms in competitive market and the working of the macroeconomy
- Apply economic concepts and models to analyse and evaluate micro and macroeconomic issues
- Organise, present and summarise data drawing relevant inferences
- Apply inferential statistical techniques to model and solve problems encountered in business situations
Content
The content of the unit has been designed to develop and enhance general, transferable skills and competencies in economic analysis as well as in the presentation and analysis of data relevant to the business environment. The unit covers topics related to economic analysis at the micro and macro levels. They include an overview of key economic concepts, demand and supply model, costs of production, pricing in competitive market, macroeconomic fundamentals and international economics. In relation to data analysis, the topics include organising and presenting data, probability and probability distributions, fundamentals of statistical sampling, estimation, hypothesis testing and regression analysis.
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
This unit consists of lectures, workshops and discussion sessions that focus on key concepts and principles underpinning statistical analysis, as well as the national and international economic environments and the policies which impact upon business. The teaching and learning of statistical concepts and methods does involve the use of some mathematical expressions and specialist terminology. However, the learning emphasis is on the essential principles of the various statistical techniques. It is the acquisition and application of the statistical way of thinking, rather than mathematical derivations and manipulations that the learning activities and assessment are geared towards. To this end, Microsoft Excel will be used for the analysis of statistics problems. It is a well-known fact that many students can acquire a concept or a technique but fail to apply it in real world settings. The class activities, therefore, aim to develop within students an affinity for statistical and economic thinking to solve novel problems in environments reminiscent of the real world.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, verbal feedback in class, personal 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: Assignment
A homework assignment on topics covered in lectures 1-4.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative or Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1) and PC (3.1)
Assessment: Mid-Term Examination
Multiple choice type questions to test the understanding and application of the concepts, covering lectures 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Written Exam
Students will be required to apply a range of statistical methods to present and analyse a data set related to a complex business case. A range of conceptual and technical skills will be assessed, from basic to advanced applications and synthesis of knowledge.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
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 et al "Economics for Today" (Cengage 7th Edition)
Week 7-12
A statistics study guide for EFN422 is available on the unit's Canvas site.
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.
Unit Outline: Semester 2 2025, Online
| Unit code: | EFN422 |
|---|---|
| Credit points: | 12 |
| Anti-requisite: | EFN405,EFN419,GSN403,GSN411,GSN414,GSN491 |
Overview
To make sound business decisions managers must understand the forces that shape the economic environment and their decision making should, where appropriate, use relevant data analysis. This unit provides the analytical framework needed to understand how market conditions are determined at the micro and macro levels and how market conditions affect business performance. It also provides an essential grounding in statistical literacy and an introduction to basic techniques and concepts in the statistical treatment and analysis of data relevant to the business environment.
Learning Outcomes
On successful completion of this unit you will be able to:
- Demonstrate knowledge of the market mechanism, behaviour of firms in competitive market and the working of the macroeconomy
- Apply economic concepts and models to analyse and evaluate micro and macroeconomic issues
- Organise, present and summarise data drawing relevant inferences
- Apply inferential statistical techniques to model and solve problems encountered in business situations
Content
The content of the unit has been designed to develop and enhance general, transferable skills and competencies in economic analysis as well as in the presentation and analysis of data relevant to the business environment. The unit covers topics related to economic analysis at the micro and macro levels. They include an overview of key economic concepts, demand and supply model, costs of production, pricing in competitive market, macroeconomic fundamentals and international economics. In relation to data analysis, the topics include organising and presenting data, probability and probability distributions, fundamentals of statistical sampling, estimation, hypothesis testing and regression analysis.
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
This unit consists of lectures, workshops and discussion sessions that focus on key concepts and principles underpinning statistical analysis, as well as the national and international economic environments and the policies which impact upon business. The teaching and learning of statistical concepts and methods does involve the use of some mathematical expressions and specialist terminology. However, the learning emphasis is on the essential principles of the various statistical techniques. It is the acquisition and application of the statistical way of thinking, rather than mathematical derivations and manipulations that the learning activities and assessment are geared towards. To this end, Microsoft Excel will be used for the analysis of statistics problems. It is a well-known fact that many students can acquire a concept or a technique but fail to apply it in real world settings. The class activities, therefore, aim to develop within students an affinity for statistical and economic thinking to solve novel problems in environments reminiscent of the real world.
Feedback on Learning and Assessment
Students will receive feedback in various forms throughout the semester which may include:
- Informal: worked examples, verbal feedback in class, personal 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: Assignment
A homework assignment on topics covered in lectures 1-4.
This assignment is eligible for the 48-hour late submission period and assignment extensions.
Formative or Summative: Formative or Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1) and PC (3.1)
Assessment: Mid-Term Examination
Multiple choice type questions to test the understanding and application of the concepts, covering lectures 1 to 6.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
Assessment: Written Exam
Students will be required to apply a range of statistical methods to present and analyse a data set related to a complex business case. A range of conceptual and technical skills will be assessed, from basic to advanced applications and synthesis of knowledge.
Formative or Summative: Summative
Business Capabilities (AoL goals): KS (1.1), HO (2.1)
This examination will be an invigilated face-to-face exam undertaken either on campus or at an examination centre.
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 et al "Economics for Today" (Cengage 7th Edition)
Week 7-12
A statistics study guide for EFN422 is available on the unit's Canvas site.
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.