No offerings have been identified for this subject in 2015
MGT221 Introduction to Macro/Microeconomics (8)
Abstract| In order for managers within the hospitality industry to make informed decisions, critically assess economic issues and solve complex problems, they need to gain an understanding of both Macroeconomic and Microeconomic theories, concepts and analysis. It is important that students gain a clear understanding of the critical role Macroeconomic and Microeconomic principles and policies play in shaping the Australian business environment. |
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+ Subject Availability Modes and Location
Continuing students should consult the SAL for current offering details prior to contacting their course coordinator: MGT221
Where differences exist between the handbook and the SAL, the SAL should be taken as containing the correct subject offering details.
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Subject information| Duration | Grading System | School: |
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| One session | HD/FL | School of Management and Marketing |
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Enrolment restrictions| Bachelor of Hotel Management students only |
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Learning OutcomesUpon successful completion of this subject, students should:
Understand the fundamental principles of economics and the language used to explain economic phenomena.
Evaluate the key theories of economic thought, including the work of Milton Friedman, Maynard Keynes, Alfred Marshall, John Stuart Mill and Adam Smith.
Understand key economic indicators including employment, interest rates, balance of payments and exchange rates and the influence of these factors on decision making and problem solving in the Australian and international business environment.
Understand current issues and implications including the level of unemployment, reduction in our foreign debt, improvement in the standard of living and protection of the environment, and the role of microeconomic and macroeconomic policy. |
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SyllabusThe subject will cover the following topics:
Economics is concerned with the problem of scarcity. Human wants outrun the means available to satisfy them, and choices must be made as to which wants are to be provided for and which must be unsatisfied. These choices involve managers within the hospitality industry in making decisions to use resources for some purposes and not for others. Economics is also concerned with the social arrangements that enable us to cope with this scarcity of resources and includes a study of specific phenomena including:
(i) the ways in which people are induced to co-operate in production, (ii) the factors that determine the shares that different people receive of total production and (iii) the ways in which preferences of people between different goods and services are taken into account by those who determine the composition of production.
Students gain an understanding of the principles of economics and the language used by economists to explain these economic phenomena through discussion, by reviewing the relevant literature, surveying economic journals and completing specific exercises.
This subject provides students with a comprehensive overview of the key economic theories. Students gain this knowledge through individual study and group discussions of key economic thinkers including the work of Milton Friedman, Maynard Keynes, Alfred Marshall, John Stuart Mill and Adam Smith.
Students gain an understanding of important economic indicators by the application of relevant economic models and tools to industry issues within the situational framework of the Australian and international business environment.
Students are provided with study materials, which directs them through specific topics, and then to more advanced activities and exercises, which links the conceptual models to the application of business examples.
This subject provides students with knowledge of potential issues and impacts of current economic policies. Students gain this new knowledge through in-depth review and analysis of industry data, practical exercises and specific assignments. |
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The information contained in the 2015 CSU Handbook was accurate at the date of publication: 01 October 2015. The University reserves the right to vary the information at any time without notice.
