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2011S1BECO001-EconomicsforBusiness1EconomicsforBusinessSubjectInformationEconomics for BusinessGregCunninghamGreg Cunninghamgreg.cunningham@insearch.edu.auSubject Coordinator Lecturer & TutorOther StaffRefer to UTSOnlinefor other lecturer & tutor contact detials2011S1BECO001-EconomicsforBusiness2What is BECO001 About?Economics for Business introduces the basic concepts, theories and principles of economicsas well as their application to business decision making and strategic behaviourCourse StructureWeekly Lectures (2 hours)Weekly Tutorial (2 hours)•Check your timetable•Start Week 2 –CommencingMonday 21 February2011S1BECO001-EconomicsforBusiness3Reference MaterialsTextbook (Co‐Op Bookshop)EiPiil2ndEditi(2007)Jk•Economic Principles 2ndEdition (2007) Jackson, McIver & BajadaLecture Slides (UTS Online)•To be downloaded prior to each lectureTutorial Questions (UTS Online)•To be downloaded prior to tutorialAssessmentTutorial Portfolio (20%)DSi5ki14Mh•Due Session 5 –week commencing 14 MarchMid Semester Exam (25%)•Mid Semester Exam PeriodAssignment Case Study (30%)•Due Session 11 –week commencing 9 MayFinal Examination (25%) •Final Exam Period2011S1BECO001-EconomicsforBusiness4Course OutlineSubject Outline•List of topics –micro and macro•Tutorial topicsUTS Online•Lecturenotes•Lecture notes•Tutorial exercisesEconomicsforBusinessSession1–IntroductiontoEconomics2011S1BECO001-EconomicsforBusiness5What will we cover today?Learning Objectives•What is economics?•The economic system•Why study economics?•Macro versusMicro economics•Thinking like an economist•Basic economic modelsWhat is Economics?•EconomicsisconcernedwiththeefficientEconomicsis concerned with the efficient use of limited productive resources for the purpose of attaining the maximum satisfaction of our material wants•Economicsis the study of how society manages its scarceresources2011S1BECO001-EconomicsforBusiness6Scarcity…•ScarcitymeansthatsocietyhaslimitedScarcity means that society has limited resources and therefore cannot produce all the goods and services people want•This means that society (and individuals) must y()make choicesor trade‐offsEconomic SystemsPlanned or Command Economyllbh•Central economic planning by the state or government controls all major sectors of the economy and formulates all decisions about the use of resources and the distribution of outputMarket Economy•Economic decisions are made by interaction of households and firms leading to an efficient allocation of resources•Resources are allocated by market forces of supply & demand•Adam Smith’s ‘invisible hand’ ‐PRICE2011S1BECO001-EconomicsforBusiness7Who Makes Up The Economy?Why Study Economics?Economics for citizenship•To create well‐informed members of societyEconomics in business•To provide business with strategic information to make informed business decisionsPersonal applications•To assist individuals, as workers and income receivers, to gain and retain economic security2011S1BECO001-EconomicsforBusiness8Micro v Macro Economics•MicroeconomicsstudieshowhouseholdsandMicroeconomicsstudies how households and firms make decisions and they interact in markets•Macroeconomicsstudies economy‐wide yphenomena, including inflation, unemployment and economic growthMicro v Macro IssuesMacroMicro 2011S1BECO001-EconomicsforBusiness9The Economist’s PerspectiveSociety faces trade‐offs and decisions:–What to produce?–How to produce?–How much to produce?–What resources should be used?–What price should be charged?–How much should be consumed?–What price should we pay?The Major Economic Trade‐OffEfficiency versus Equity–Efficiencymeans society gets the most that it can from its scarce resources–Equitymeans the benefits of those resources are distributed fairly among the members of society2011S1BECO001-EconomicsforBusiness10Forms of EfficiencyTwo types of economic efficiency:–AllocativeEfficiencyis a situation in which we cannot produce more of a good without giving up some of another good that we value more highly–Production Efficiency is a situation in which the yeconomy cannot produce more of one good without producing less of some other goodOpportunity Cost•Individuals and firms face trade‐offs–Should I go to university or to work?–Should I study or go to the movies?•Decisions require comparing costs and benefits of alternatives•The opportunity cost of an item is what you have to give up to obtain that item2011S1BECO001-EconomicsforBusiness11Economic Thinking & Methods•Facts—descriptiveor empirical economicsconcernedwithgatheringfactsrelevanttoanconcerned with gathering facts relevant to an economic problem•Principles or theories —economists generaliseabout economic behaviourformulating economic theorygy•Policies—formulating policies for correcting the problem under scrutiny called applied economicsPositive & Normative Economics•Positiveeconomicsdealswithfacts(and•Positive economics deals with facts (and theories about these facts) and avoids value judgments. Attempts to set out scientific s
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