ECC2320 - Economics for entrepreneurs

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Overview

This unit introduces the business strategy to non-commerce, as well as, commerce majors who seek to be future entrepreneurs/business leaders, providing economic tools and analysis for establishing, sustaining or growing a business. Using a lecture and case study workshop approach with the textbook, online resources, guest speakers and videos, this unit will explore and develop an understanding of all the factors that influence the success of a business. A starting point of this unit will be the definition of a market. It will explore issues of price/demand determination, pricing sensitivity, economic costs and the impact of the business environment. Moving ahead the unit will study the effect of industry-wide factors (such as monopoly, oligopoly and monopolistic competition) and economy-wide factors (such as economic growth, inflation, interest rates and foreign exchange rate) on the business performance and competition strategy.

Offerings

S2-01-CLAYTON-ON-CAMPUS

Contacts

Chief Examiner(s)

Dr George Rivers

Learning outcomes

On successful completion of this unit, you should be able to:

appreciate the economic way of thinking, the methodology of microeconomics and a knowledge of the tools used by economists in problem solving

understand the economic behaviour of individual consumers and producers and how value is created, including demand can be derived

understand concepts relating to the economic cost of production in both the short and long run for decision making

explain the determinants of price and output outcomes under different market structures as well as business strategies

undertake industry analysis

apply economics to real world problems.

Assessment summary

Within semester assessment: 100%

Workload requirements

Workload

Minimum total expected workload to achieve the learning outcomes for this unit is 144 hours per semester typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The unit requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.