23/07/2020 BUSS1040: Semester 1, 2020

Current students

We are aiming for an incremental return to campus in accordance with guidelines

provided by NSW Health and the Australian Government. Until this time, learning activities
and assessments will be planned and scheduled for online delivery where possible,
and unit-specific details about face-to-face teaching will be provided on Canvas as the
opportunities for face-to-face learning become clear.

Unit of study_

BUSS1040: Economics for Business

Decision Making

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.

Details

Academic unit Business School

Unit code BUSS1040

Unit name Economics for Business Decision Making

Session, year   ? Semester 1, 2020

Normal day
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Attendance mode

Location Camperdown/Darlington, Sydney

Credit points 6

Enrolment rules

Prohibitions   ? ECON1001 OR ECON1040

Prerequisites   ? None

Corequisites   ? None

Assumed Mathematics (equivalent of band 4 in the NSW HSC subject

knowledge   ? Mathematics or band E3 in Mathematics Extension 1 or 2) OR MATH1111

Available to study Yes

abroad and
exchange students

Teaching staff and contact details

Coordinator Agnieszka Tymula, agnieszka.tymula@sydney.edu.au

Assessment
Type Description Weight Due Length

Final exam Final exam 55% Formal exam period 2 hours

MCQ

Outcomes assessed: LO1 LO3 LO2

In-semester exam Mid-semester exam 20% Mid-semester exam period 75 minutes

MCQ

Outcomes assessed: LO1 LO3 LO2

Online task Online quizzes 10% Multiple weeks n/a

MCQ

Outcomes assessed: LO1 LO3 LO2

Assignment Written assignment 15% Week 11 700 words

Written task Due date: 18 May 2020

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Type Description Weight Due Length

Outcomes assessed: LO1 LO2 LO3

Written assignment: This will require you to apply concepts and knowledge from the unit
to a specific business setting or pricing strategy asked in the essay question. 
Online quizzes: The online quizzes are designed to test your knowledge on recent
material, and give an indication of whether adequate progress is being made throughout
the semester. The best 4 of a student's 5 quiz marks will be counted for their final grade.
Given the nature of this assessment, no extensions will be given for online quizzes. If
special consideration is granted for a quiz (or two quizzes), the remaining quizzes will be
reweighted to cover the missed quizzes. If special consideration is granted for all, 3, 4 or
5 quizzes, the student will be required to write an alternate assignment that will be
submitted before the end of the semester.
Mid-semester exam: The mid-semester exam consists of questions (somewhat similar to
the tutorial problems, but these questions will require a broader understanding of the
material studied). It covers the materials covered in class weeks 1-6 and the materials
covered in tutorials from weeks 2-7. 
Final exam: It covers all of the material covered in the unit.
Replacement exams: The Business School has determined that second replacement exams
(both mid-semester and final) will not be offered for this unit of study should a student submit
two special considerations for the same exam as this unit forms part of the professional
accounting accreditation pathway. Should a student be granted a replacement exam via
special consideration, and is then unable to attend or does not complete the replacement
exam, any subsequent special consideration will result in a DC grade (Discontinue Without Fail).

Detailed information for each assessment can be found on Canvas.

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

As a general guide, a high distinction indicates work of an exceptional standard, a distinction a

very high standard, a credit a good standard, and a pass an acceptable standard.

Result Mark
Description
name range

High 85 - Awarded when you demonstrate the learning outcomes for the unit at an
distinction 100 exceptional standard, as defined by grade descriptors or exemplars
outlined by your faculty or school. 
Awarded when you demonstrate the learning outcomes for the unit at a
Distinction75 - 84
very high standard, as defined by grade descriptors or exemplars outlined
by your faculty or school.

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Result Mark
Description
name range

Awarded when you demonstrate the learning outcomes for the unit at a
Credit 65 - 74
good standard, as defined by grade descriptors or exemplars outlined by
your faculty or school.
Awarded when you demonstrate the learning outcomes for the unit at an
Pass 50 - 64
acceptable standard, as defined by grade descriptors or exemplars outlined
by your faculty or school. 
When you don’t meet the learning outcomes of the unit to a satisfactory
Fail 0 - 49
standard.

For more information see sydney.edu.au/students/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.

Special consideration
If you experience short-term circumstances beyond your control, such as illness, injury or
misadventure or if you have essential commitments which impact your preparation or
performance in an assessment, you may be eligible for special consideration or special
arrangements.

Academic integrity
The Current Student website provides information on academic honesty, academic dishonesty,
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 dishonesty or plagiarism seriously.

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

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Weekly schedule
Learning Learning
WK Topic activity outcomes

Week 1. Introduction; 2. Gains from trade Lecture (2 hr)  

01
Introduction Tutorial (1 hr)  

Week 1. Production and costs; 2. Supply Lecture (2 hr)  

02
Gains from trade Tutorial (1 hr)  

Week 1. Demand; 2. Equilibrium and welfare; 3. Elasticity Lecture (2 hr)  

03
1. Production and costs; 2. Supply Tutorial (1 hr)  

Week Perfectly competitive markets Lecture (2 hr)  

04
1. Demand; 2. Equilibrium and welfare; 3. Elasticity Tutorial (1 hr)  

Week Pricing with market power 1 Lecture (2 hr)  

05
Perfectly competitive markets Tutorial (1 hr)  

Week Pricing with market power 2 Lecture (2 hr)  

06
Pricing with market power 1 Tutorial (1 hr)  

Week Strategic interaction and business strategy 1 Lecture (2 hr)  

07
Pricing with market power 2 Tutorial (1 hr)  

Week Strategic interaction and business strategy 2 Lecture (2 hr)  

08
Strategic interaction and business strategy 1 Tutorial (1 hr)  

Week Market interventions: price regulation, taxes and Lecture (2 hr)  

09 subsidies

Strategic interaction and business strategy 2 Tutorial (1 hr)  

Week Market failures: public goods and externalities Lecture (2 hr)  

10
Market interventions: price regulation, taxes and Tutorial (1 hr)  
subsidies

Week GDP and business cycles Lecture (2 hr)  

11
Market failures: public goods and externalities Tutorial (1 hr)  

Week Employment and inflation Lecture (2 hr)  

12
GDP and business cycles Tutorial (1 hr)  

Week Budget policy and monetary policy Lecture (2 hr)  

13
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Learning Learning
WK Topic activity outcomes

Employment and inflation Tutorial (1 hr)  

Attendance and class requirements

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

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

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

All readings for this unit can be accessed through the Library eReserve, 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.

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

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

Graduate qualities

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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.

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Outcome map

Learning Graduate qualities

outcomes GQ1 GQ2 GQ3 GQ4 GQ5 GQ6 GQ7 GQ8 GQ9

Closing the loop

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

Additional information
More information can be found on Canvas.

Business School Policies

Maths in Business Workshops
Peer-Assisted Study Sessions (PASS)

Key dates Student administration

Key dates through the academic year, including Enrolment, course planning, fees, graduation,
teaching periods, census, payment deadlines and support services, student IT
exams.

Expectations of student conduct Academic appeals

Code of Conduct for Students, Conditions of Academic appeals process, special consideration,
Enrollment, University Privacy Statement, rules and guidelines, advice and support
Academic Integrity

Learning and teaching policy Financial support

Policy register, policy search Scholarships, interest free loans, bursaries, money
management

Study resources Health and support

Learning Centre, faculty and school programs, Student Centre, counselling & psychological
Library, online resources services, University Health Service, general health
and wellbeing

Disclaimer

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

This unit of study outline was last modified on 15 May 2020.

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

Leadership for good starts here

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