Microeconomics for Business Decisions
University of Newcastle
Area of Study
Business, Business Management, Economics
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Host University Units10
Recommended U.S. Semester Credits3 - 4
Recommended U.S. Quarter Units4 - 6
Hours & Credits
The study of Economics is essential for informing business decisions and public policy choice. This course applies microeconomic principles and tools to the management of firms, including both small price-taker firms as well as large dominant firms with market power. You will develop an understanding of the economic and political environment in which firms operate and begin to think strategically about firm-to-firm, firm-to-consumer, and firm-to-government interactions.
Concepts that assist managers to operate strategically include learning about market failure, pricing strategies, cooperative behaviour, decision-making under uncertainty, reactions to competitors and government intervention. Also examined are the underlying reasons for the existence of cartels, collusion, price discrimination, regulation, and trade barriers.
The course also addresses contemporary public policy issues that impact on firms, such as pollution, resource depletion, provision of public goods and services, rental controls, minimum wages, and taxes and subsidies. Designed for students from varied academic backgrounds, the course develops both communication and critical analysis attributes allowing you to evaluate numerous day-to-day economic events at the local, national and international scale.
1. Utilise microeconomic theory and models to critically assess firm performance and government policy.
2. Apply microeconomic concepts to inform business decisions in the workplace and develop an integrated understanding of other business orientated subjects.
3. Connect the study of economics to global, political, social and environmental contexts.
4. Employ both numerical and graphical techniques to support economic analysis.
5. Engage effectively in oral and written communication appropriate to both context and audience.
Lectures may include, but are not restricted to, the following topics:
Economic methodology in decision making, opportunity cost
Consumers demand analysis
Firms' production decisions: inputs and costs
Characteristics and types of markets, eg. product markets, imperfect markets, capital and labour markets.
Market failures, public goods and regulation
Microeconomic debates over public policy
Tutorial / Laboratory Exercises: Tutorial Exercises
In Term Test: Mid Semester Test
In Term Test: BB online tests
Formal Examination: Final Examination
Courses and course hours of instruction are subject to change.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.