Foundations of Enterprise Development

Unit details (Course and Unit Handbook 2002)

Foundations of Enterprise Development

Enrolment code: BEA103

Offered: Ltn, sem 1&2

Unit description: Introduces and begins to apply key strategic-based principles to issues that arise in enterprise development. The unit provides a solid foundation for the elements that distinguish entrepreneurial activity from status quo delivery of business service. The most common issues influencing an individual business are examined in this unit: market pressures, changing economic circumstances, role of information technology, compliance requirements, and management strategies (planning, human resource management). Problem-solving techniques are applied based on obtaining information, understanding models and researching the specific case study problems. Strategies and their implementation are examined in the context of the economic institutions in operation. In this context, the Australian experience is compared to international best practice throughout all topics in this unit.

Staff: tba

Unit weight: 25%

Teaching: 3 hrs weekly

Assess: continuous assessment (50%), final exam (50%)

Required texts, etc: tba

Recommended reading:

Dollinger MJ, Entrepreneurship: Strategies and Resources, 2nd edn, New Jersey,

Prentice Hall, 1999

Marcaeu J, Manley K and Sicklen D, The High Road or the Low Road? Alternatives

for Australia’s Future, , Australian Business Foundation, Syd, 1997.

Courses: C3W

Economics for Business


Offered: Hbt, sem 1; Ltn, sem 1; NWC, sem 1

Special note: may be offered in Singapore and Malaysia

Unit description: Takes students ‘on a walk in the street’ by identifying some of the real problems of importance to all professionals and applying economic concepts and methods of analysis to these real problems. From this viewpoint students learn how microeconomics can help improve the prospects of a business owner. A range of key concepts is developed to provide students with an appreciation of the macroeconomic environment within which society

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Unit details (Course and Unit Handbook 2002) operates and its real problems: unemployment, inflation, collapse of the

Australian dollar.

Staff: Dr S Jennings, Dr J Courvisanos, Dr B Felmingham

Unit weight: 12.5%

Teaching: 2-hr lecture, 1 hr workshop/tutorial weekly




Mankiw NG, Principles of Microeconomics, Dryden Press, 1998

Shlomo M, Executive Economics, 10 Essential Principles for Managers, Free Press,

1994

Baumol WJ, Blinder AS, Gunther AW and Hicks JRL, Economics – Principles and

Policy, Harcourt Brace Jovanovich, 1992

Heyne P, The Economics Way of Thinking, 7th edn, Prentice-Hall, 1994

Jackson J, McIver R and McConnell C, Microeconomics, 5th edn, McGraw-Hill,

1998

Waud RN, Maxwell P, Hocking A, Bonnici J and Ward I, Economics, 3rd edn,

Addison Wesley Longman, 1996

McGillivray M and Papadopuoulos T, The Australian Economy: Principles,

Policies and Performance, Nelson, Melb, 1995.

Prescribed texts are sometimes supplemented by lecture handouts and other readings; students are also advised to read appropriate newspapers in order to broaden their knowledge of the economy and topical issues.

Courses: C3C C3E C3H C3J C3K C3L C3R C3U C3X C3Y M3H R3J S3A S3B

S3C S3GD4

Foundations of Economic Policy


Offered: Hbt, sem 2; Ltn, sem 2; NWC, sem 2


Unit description: Equips students with a working knowledge of more advanced micreconomic and macroeconomic issues. The unit builds on foundations provided by BEA110 and deals with the fundamental question of the last two hundred years: What is the appropriate role of the State? The extensions to macroeconomic foundations include an analysis of aggregate expenditure topics: determinants of investment, consumption, imports and exports; a different approach to equilibrium in the economy; an extended analysis of inflation and unemployment; and macroeconomic policy.

Staff: Dr S Jennings, Mr N Grey, Mr C Richardson


2


Teaching: 2x1-hr lectures, 1 hr workshop weekly

Prereq: BEA110




Shlomo M, Executive Economics, 10 Essential Principles for Managers, Free Press,

1994

Baumol WJ, Blinder AS, Gunther AW and Hicks JRL, Economics – Principles and

Policy, Harcourt Brace Jovanovich, 1992

Heyne P, The Economics Way of Thinking, 7th edn, Prentice-Hall, 1994

Jackson J, McIver R and McConnell C, Microeconomics, 5th edn, McGraw-Hill,

1998

Waud RN, Maxwell P, Hocking A, Bonnici J and Ward I, Economics, 3rd edn,

Addison Wesley Longman, 1996

McGillivray M and Papadopuoulos T, The Australian Economy: Principles,

Policies and Performance, Nelson, Melb, 1995.

Prescribed texts are sometimes supplemented by lecture handouts and other readings; students are also advised to read appropriate newspapers in order to broaden their knowledge of the economy and topical issues.

Courses: C3C C3E C3Y S3GD4

Quantitative Methods 1


Offered: Hbt, s-sch; Hsem 2; Ltn, sem 2; NWC, sem 2


Unit description: Develops the quantitative analytical skills needed for the study of and professional practice in commerce, economics, management and marketing. The primary emphasis is on understanding the statistical methods used widely in these disciplines, with a consequent enhancement of numeracy skills and an ability to use both formulae and quantitative computer packages.

Students develop the essential quantitative analytical ability to solve empirical problems in commerce, economics, management and marketing.

Staff: Mr S Thollar


Teaching: 2 lectures, 1 tutorial weekly

Prereq: *MT730


Courses: C3C C3E C3L C3R C3Y C3X M3H

Intermediate Microeconomics

3



Offered: Hbt, sem 2

Unit description: Develops the basic tools of analysis needed to study the actions of consumers and firms in an economic context, and provides an economic foundation for many other units in economics, finance and business.

Topics covered include the determinants of consumer demand, consumer choice under uncertainty, profit maximisation and efficient production, and general equilibrium. Each topic is developed with extensive reference to specific ‘real-word’ examples from many areas of the economy: for example, the role of advertising, superannuation, investment strategies and risk premia, and the production decisions of actual firms in a range of industries.

Staff: Dr T McDonald



Prereq: BEA110



Courses: C3C C3E C3Y

Australian Political Economy


Offered: Not offered in 2001

Special note: this unit may be approved as a Group 1 first-year unit

Unit description: Introduces the wide range of economic ideas which are deployed in debates on economic issues in Australia today. The unit provides students with the economic literacy enabling them to appraise media discussion of economic questions; examines the various doctrines on the role of the market and the state; and draws on topical issues such as education, environmental pollution, protection, foreign debt, financial deregulation, microeconomic reform, immigration, unemployment, and industrial relations. The unit is nontechnical in its treatment of these issues.

Staff: Dr J Courvisanos




Courses: C3E

The Asia-Pacific Economies: Tigers

4



Offered: Hbt, sem 1;

Special note: this unit may be approved as a Group 1 level 100 unit;

Unit description: Analyses the development, current institutional structure and strong growth of the Asia-Pacific economies such as Singapore, Hong

Kong, Taiwan, Malaysia, Korea, Thailand and Indonesia as well as the transition to market economies by China and Vietnam. The unit emphasises the significance of historical, institutional and cultural influences on the development of the Asia-Pacific economies and identifies common explanations of the growth of the region. Students also address the recent currency crisis in

Asia and the question: Is the Asian miracle over?

Staff: tba



Mutual excl: HMA222/322


Majors: Asian Studies

Courses: C3E R3A

The Information Economy



Special note: this unit may be approved as a Group 1 first-year unit; please contact School of Economics for details concerning availability of this unit

Unit description: Builds on the introduction to the information economy (IE) provided in BEA110 Economics for Business. The unit analyses the market structures underpinning the IE. It examines in greater detail the demand for information goods with special reference to the pricing of information commodities, in particular the internet. The unit offers an introduction to the economics of networks and lock-in effects. The final component involves an analysis of information policy and the appropriateness of current regulations.


Teaching: 2 x 1-hr lectures, 1-hr tutorial weekly, (13 wks)

Prereq: BEA110



5


Recommended reading: tba

Courses: C3C

Intermediate Macroeconomics



Unit description: Equips students with the macroeconomic theories used by economists in the ‘real world’, eg by Treasury officials in formulating the

Government Budget, or by business economists forecasting GDP and inflation.

The unit expounds the Keynesian, Classical and Monetarist models of national product, investment, interest rates, exchange rates, inflation and unemployment. The study of these models is complemented by topical examples drawn from current developments in economic policy in Australia.

Staff: Mr N Grey



Prereq: BEA110


Courses: C3E C3Y

Thinking Strategically: The Competitive Edge



Unit description: Strategic thinking is the art of outdoing an adversary, knowing that the adversary is trying to do the same to you. All of us must practice strategic thinking at work as well as in everyday life. As a business manager, political adviser, lawyer and in the day-to-day pursuits of life (such as buying a car) you will be trying to win the competition. This unit is about the basic principles students can adopt in the attempt to become a better competitive strategist in business and daily life. The unit draws these principles from the fields of business, politics, law, sports, warfare, fiction and modern art form such as the movies.

Staff: Dr M Brooks


Teaching: 2-hr lecture, 1 workshop weekly

Assess: internal (30%), final exam (65%), participation and attendance (5%)

Courses: C3C C3E

6


Quantitative Methods 2



Unit description: Develops quantitative and analytical skills, while focusing on the application of mathematical tools to the analysis of problems in economics and commerce. The main topics covered in the unit are linear algebra and differential calculus. A wide variety of economic applications are examined.

Staff: Dr HA Sibly



Prereq: students take BEA240 as part of their first year of studies; see Sub-Dean of School of Economics for further details


Courses: C3E

Research Methods for Finance


Offered: Hbt, s-sch; Hsem 2

Unit description: Provides the quantitative, analytical basis for students enrolled in the Finance programs of the Faculty’s degree courses. The unit is also of interest to students who wish to further their studies of quantitative techniques. The unit builds on the statistical and financial mathematics foundations developed in first-year units and applies these techniques to a wide range of financial issues and problems. It extends students’ first-year foundations to consideration of techniques required for financial decision-making in relation to two broad models, namely expected utility maximisation and portfolio selection. Regression modelling techniques are applied in particular to determining the position of the yield curve and measurement of exposure to risk. Other measures of exposure to interest rate, currency and default risk are also analysed.



Prereq: BEA140



Introduction to Econometrics

7




Unit description: Introduces estimation and hypothesis-testing in a single-equation framework. The unit covers both simple and multiple regression, extending the analysis to account for multicollinearity, heteroskedasticity and autocorrelation. The emphasis in this unit is on the use of statistical techniques in a variety of applications in economics, marketing and finance areas.

Staff: Prof R Ray


Teaching: 2 lectures, 1 workshop weekly

Prereq: BEA140



Gujarati DN, Essentials of Econometrics, ISBN 0073032654


Microeconomic Theory and Policy



Unit description: Develops microeconomic theory and its application to a range of policy issues. The unit brings together aspects of welfare economics, cost-benefit analysis and public sector economics. The central issues of the policy debate are explored: efficiency versus equity; government intervention in an imperfect world; intertemporal resource allocation; the impact of expenditure and taxation programs, and information failure.



Prereq: BEA200, BEA240


Courses: C3E C4E

Environmental and Resource Economics



8


Unit description: Provides students with the framework and tools required to analyse critically many topical natural resource and environmental debates from an economic perspective. Basic economic concepts and tools are developed and applied to a number of natural resource problems including the management of mineral, fish and forest resources, land degradation and recycling. While the role of capital theory in analysing resource use questions is emphasised many other aspects of environmental and resource use issues are explored. Case studies and the analysis of economic policies are key features of the unit.

Staff: Dr SM Jennings



Prereq: BEA110


Required texts, etc:

Wills I, Economics and the Environment: A signalling and incentives

approach, Allen & Unwin, 1997

Majors: Social Ecology

Courses: C3C C3E R3A S3A S3GD4

Economics, Management and Organisation



Special note: this unit may be approved as a Group 2 second-year unit;

Unit description: Introduces students to the economic analysis of the managerial aspects of firms and organisations. The unit focuses on the solutions to the economic problems faced by managers, the determinants of managerial decisions and their impact both within the firm and in the market. The internal structure of the firm is examined by introducing the economic analysis of organisations. Recent advances in industrial organisation are used in analysing the modern firm’s competition policy with respect to pricing, investment, marketing, research and development, strategic alliances, etc. The unit also examines the question of how important the type of financing is to the firm.



Prereq: BEA110


Courses: C3C C3E

9

Unit details (Course and Unit Handbook 2002) 10

Australia and the Asia-Pacific Economies: Trade

Principles and Policy



Unit description: Offers students an understanding of international economics issues by applying trade theory to Australia’s trade with the

Asia-Pacific economies. These include the effects of Australian tariff policy; economic integration in the Asia-Pacific region and the implications of freer trade and financial deregulation for the current account deficit and economic stability.




Courses: C3C C3E C4E

Financial Economics



Unit description: Deals with the demand pricing of financial assets, covering such central topics in finance as the Capital Asset Pricing Model and the

Efficient Markets Hypothesis.

Staff: tba



Prereq: BEA241 or BEA242


Courses: C3C C3E

Industrial Organisation



Unit description: Develops an analytical basis for evaluating the impact of policy on the economic performance of industries; examines government policies toward industry in Australia, particularly competition policy; and

Unit details (Course and Unit Handbook 2002) 11 considers the impact of firms’ strategic decisions (eg pricing, advertising, R&D decisions) on its market, and vice versa.

Staff: tba



Prereq: BEA110


Courses: C3C C3E

Economics of Human Resources



Unit description: Examines in a non-technical way the essential characteristics of the labour market and the actions of the people participating in it. The unit includes an individual’s decision to invest in education and training, the hiring, promotion and dismissal decisions of firms, wage determination, performance monitoring and employee incentive schemes, collective bargaining and trade unions. An important objective of the unit is to give students the training to understand and contribute to current policy debates in the Australian labour market.

Staff: Dr T McDonald



Prereq: BEA110

Mutual excl: HGE233/333

Assess: internal assessment (30%), final exam (70%)


Lazear E, Personnel Economics for Managers, ISBN 0471594660

Majors: Social Ecology

Courses: C3C C3E

Globalisation and the Information Economy



Special note: please contact School of Economics for details concerning availability of this unit

Unit description: Examines the implications of the information revolution for the globalisation of financial markets. Topics include: the New Economy; the internet and online banking and share trading; role of media in moving

Unit details (Course and Unit Handbook 2002) international stock and bond markets; a critical evaluation of key ‘indicators’

(Dow Jones, S&P 500, FTSE 100, Nikei, Moody’s); the phenomenon and significance of information cascades; asymmetric information in financial markets; and information ambiguity

Staff: tba


Teaching: 2 x 1-hr lectures, 1-hr tutorial weekly (13 wks)

Courses: C3C

Macroeconomic Theory and Policy



Unit description: Offers students an understanding of macroeconomic issues by providing a solid theoretical framework. The unit begins with a neoclassical analysis of national product, investment, consumption, real wages, growth, work hours, asset prices, inflation and government debt. It then presents

Keynesian analysis of business cycles and inflation. Issues of the ‘open economy’, especially exchange rates and current account deficits are also dealt with. Policy problems involving taxation and deficits are treated extensively.



Prereq: BEA200, BEA220, BEA240


Courses: C3E C4E

Banking and Financial Institutions



Special note: this unit may be approved as a Group 2 second-year unit; core unit in the BCom Finance major

Unit description: Examines the institutional structure of the Australian and

International Financial systems. The unit covers the role of intermediaries; moral hazard and adverse selection; theories of banking institutions, asymmetry; long and short term debt securities; the non-bank institutions; the managed funds system; the regulatory framework and RBA supervision. It treats risk management from an institutional perspective and analyses risk management instruments and practices. The international institutes analysed include the World Bank, IMF and the key financial agreements underpinning

12

Unit details (Course and Unit Handbook 2002) world capital markets. Case studies feature prominently in continuous assessment.

Staff: tba




Courses: C3C C3E

Prices and Profits



Unit description: Even if someone designed and built the best mousetrap on the market, its profitability could depend critically on how it was priced. This unit introduces the student to some of the key concepts and strategic alternatives that are relevant for pricing decisions, and gives a foundation for disguising profitable pricing policies in practice.

Staff: Dr M Brooks


Teaching: 2-hr lecture, 1 workshop weekly

Prereq: BEA200

Assess: internal (30%), final exam (70%)

Courses: C3C C3E

Entrepreneurship and Innovation


Offered: Hbt, tba; Ltn, tba

Special note: contact School of Economics for details concerning the availability of this unit

Unit description: Develops an appreciation and understanding of the role of the entrepreneur in creating value by innovation for a business and society.

Using the innovation-based evolutionary systems approach, this unit sets out the elements that make up success and failure in innovation. These elements relate to the role that the entrepreneur plays in coordinating the business venture (planning) and in the process of handling uncertainty that innovation entails. Entrepreneurs in various forms of business are examined: owner-firm, corporate manager, financial institution, public sector manager. How entrepreneurs innovate and then make the appropriate investment decisions are the crucial issues in all business forms. Finally, the role of the State is

13

Unit details (Course and Unit Handbook 2002) 14 examined in how it can enhance and hinder the innovation process conducted by entrepreneurs.

Staff: Dr J Courvisanos



Prereq: BEA110

Assess: internal (50%), final exam (50%)


Legge J and Hindle K, Entrepreneurship: How Innovators Create the

Future, Macmillan, Melb, 1997 (including Entrepreneurship Planner’s

Workbook.


Casson M, Entrepreneurship and Business Culture, Edward Elgar, Aldershot,

1995

Courvisanos J, Investment Cycles in Capitalist Economics, Edward Elgar,

Cheltenham, 1996

Schumpeter JA, Capitalism, Socialism and Democracy, Routledge, Lond, 1943

Magnusson L and Ottonson J, Evolutionary Economics and Path

Dependence, Edward Elgar, Cheltenham, 1997

Kland H (ed), Entrepreneurship and Business Development, Avebury, Aldershot,

1993

Lydall H, The Entrepreneurial Factor in Economic Growth, Macmillan, Lond

Coombs R, Saviotti P and Walsh V, Economics and Technological

Change, Macmillan, Lond, 1996.

Courses: C3C C3E

Field Operation


Offered: Ltn, sem 2

Unit description: Provides an opportunity for students to apply the conceptual, technical and personal skills gained during the course in a

‘real-time’ environment. Each student is placed in a business organisation to contribute to a specific project or activity that requires enterprise development skills, either in helping to design or implement some new/redesigned aspect of the business. Students may be ‘placed’ in their own business activity (either as owner or employee) with someone responsible for reporting on the activities involved.

Staff: tba


Teaching: no formal placement, business placement

Prereq: BEA103 and BEA326

Assess: activity pro-forma (30%), weekly student activity diary (40%), project report (30%)


Courses: C3W

Econometrics



Unit description: Builds on BEA242; analyses the general linear model and associated hypothesis-testing in matrix form; and extends the discussion to include SURE, limited dependent variable models, dynamic models and time series models. An empirical project, using econometric techniques, forms an integrated part of the unit.

Staff: Prof R Ray



Prereq: BEA140, BEA240, BEA242



Courses: C3E C4E

Microeconomics


Unit description: For details, contact Faculty of Commerce and Law

Economics of Natural Resources



Regional Economic Modelling



International Economics

15




Public Economics



Industrial Economics



Labour Economics



Microeconomic Reform



Economic Thought



Methods of Enquiry



16


Macroeconomics



Econometrics



Development



Dissertation Economics



Bachelor of Economics (Honours)

Enrolment code: BEA498/499

Part time/Full time

Offered: Hbt, sem 1/sem 2/

Unit description: These are the master course codes for the honours program which consists of a number of units as outlined in Schedule B Information on the honours units listed below may be obtained from the School of Economics.

Unit weight: 50%/100%

Teaching: flexible

Courses: C4E


Foundations of Enterprise Development

Foundations of Enterprise Development

Economics for Business

Foundations of Economic Policy

Quantitative Methods 1

Intermediate Microeconomics

Australian Political Economy

The Asia-Pacific Economies: Tigers

The Information Economy

Intermediate Macroeconomics

Thinking Strategically: The Competitive Edge

Quantitative Methods 2

Research Methods for Finance

Introduction to Econometrics

Microeconomic Theory and Policy

Environmental and Resource Economics

Economics, Management and Organisation

Australia and the Asia-Pacific Economies: Trade

Principles and Policy

Financial Economics

Industrial Organisation

Economics of Human Resources

Globalisation and the Information Economy

Macroeconomic Theory and Policy

Banking and Financial Institutions

Prices and Profits

Entrepreneurship and Innovation

Field Operation

Econometrics

Microeconomics

Economics of Natural Resources

Regional Economic Modelling

International Economics

Public Economics

Industrial Economics

Labour Economics

Microeconomic Reform

Economic Thought

Methods of Enquiry

Macroeconomics

Econometrics

Development

Dissertation Economics

Bachelor of Economics (Honours)

Part time/Full time

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