ECON5503 Economic Management and Strategy

Credit
6 points
Offering
(see Timetable)

If this unit does not have an online alternative, then students who are presently unable to enter Western Australia and whose studies would be delayed by an inability to complete this unit, should contact the unit coordinator (details given on this page) to ascertain, on an individual case-by-case basis, if alternate arrangements can be made to support their study in this unit.

AvailabilityLocationMode
Trimester 1UWA (Perth)Face to face Predominantly face-to-face. On campus attendance required to complete this unit. May have accompanying resources online.
Trimester 2UWA (Perth)Face to face Predominantly face-to-face. On campus attendance required to complete this unit. May have accompanying resources online.
Trimester 3UWA (Perth)Face to face Predominantly face-to-face. On campus attendance required to complete this unit. May have accompanying resources online.
Trimester 3OnlineOnline flexible 100% Online Unit. NO campus face-to-face attendance is required to complete this unit. All study requirements are online only. Unit is asynchronous delivery, with NO requirement for students to participate online at specific times.
Content
This unit presents a critical set of principles and tools to assist managers to make informed decisions in an environment of economic risk and uncertainty. The unit introduces the basic elements of microeconomics and macroeconomics in terms of understanding the economic basis of business and strategic decision making through the application of economic principles to the role of the modern manager. Built around contemporary business experience and informal case studies, topics include supply and demand; market structures; contemporary market issues; the macroeconomic environment; money and financial markets; interest rates; inflation and unemployment; exchange rates; and a range of topical economic issues.
Outcomes
Students are able to (1) explain the microeconomic foundations of business decision making; (2) articulate the role that economics plays in understanding the issues that confront business in market economy; (3) explain the macroeconomic context within which businesses operate; (4) critically assess the major global economic challenges facing business; (5) demonstrate the ability to communicate clearly, effectively and appropriately in a range of contexts; and (6) demonstrate competencies to work effectively in diverse teams.
Assessment
Indicative assessments in this unit are as follows: (1) individual assessment; (2) group assessment; and (3) final examination. Further information is available in the unit outline.

Supplementary assessment is not available in this unit.
Unit Coordinator(s)
Dr Paul Crompton ( TR1, TR1 online, TR2), Professor Alison Preston (TR3, TR3 online)
Unit rules
Prerequisites:
enrolment in one of the following courses: Master of Business Administration (coursework); Master of Business Administration (coursework and dissertation); Graduate Certificate in Business; or approval from The Business School only, which will be determined with regard to relevant documented professional work experience.
Incompatibility:
ECON5541 Economics for Business: Applications and Policy
Contact hours
trimester teaching periods—lectures/seminars/workshops: up to 3 hrs per week; non-standard teaching period—lectures/seminars/workshops: up to 5 hrs per week over 7 weeks; online—nil
  • The availability of units in Semester 1, 2, etc. was correct at the time of publication but may be subject to change.
  • All students are responsible for identifying when they need assistance to improve their academic learning, research, English language and numeracy skills; seeking out the services and resources available to help them; and applying what they learn. Students are encouraged to register for free online support through GETSmart; to help themselves to the extensive range of resources on UWA's STUDYSmarter website; and to participate in WRITESmart and (ma+hs)Smart drop-ins and workshops.
  • Unit readings, including any essential textbooks, are listed in the unit outline for each unit, one week prior the commencement of study. The unit outline will be available via the LMS and the UWA Handbook one week prior the commencement of study. Reading lists and essential textbooks are subject to change each semester. Information on essential textbooks will also be made available on the Essential Textbooks. This website is updated regularly in the lead up to semester so content may change. It is recommended that students purchase essential textbooks for convenience due to the frequency with which they will be required during the unit. A limited number of textbooks will be made available from the Library in print and will also be made available online wherever possible. Essential textbooks can be purchased from the commercial vendors to secure the best deal. The Student Guild can provide assistance on where to purchase books if required. Books can be purchased second hand at the Guild Secondhand bookshop (second floor, Guild Village), which is located on campus.