ECX2320 Economics for entrepreneurs
Faculty of Business and Economics
ECX2320 Economics for entrepreneurs is a level 2, 6-credit-point, undergraduate unit from the Faculty of Business and Economics, offered in 2022 in Semester 2 at Clayton. It has no prerequisites.
- Credit points
- 6
- Offered in 2022
- Semester 2
- Clayton
- Assessment
- No exam
- 1 task
- Workload
- 144 hours
- per semester
This is the 2022 handbook entry. See the 2027 entry.
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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 in 2022
| Teaching period | Campus | Mode |
|---|---|---|
| Second semester | Clayton | On campus |
Assessment
- Within semester assessment100%
Learning outcomes
When you finish this unit, you should be able to:
- 1
appreciate the economic way of thinking, the methodology of microeconomics and a knowledge of the tools used by economists in problem solving
- 2
understand the economic behaviour of individual consumers and producers and how value is created, including demand can be derived
- 3
understand concepts relating to the economic cost of production in both the short and long run for decision making
- 4
explain the determinants of price and output outcomes under different market structures as well as business strategies
- 5
undertake industry analysis
- 6
apply economics to real world problems.
Workload and teaching
- Tutorials12 hours
- Lectures24 hours
- Teaching approachActive learning
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.
This unit engages you in actively applying your knowledge, skills and attributes in interactive, collaborative and reflective activities.
Learning resources
Required resources
Economics of Strategy, 7th Edition, David Dranove, David Besanko, Mark Shanley, Scott Schaefer ISBN: 978-1-119-04231-0, Wiley.
Where it fits
ECX2320 is part of 1 area of study in the 2022 handbook.
Contacts
- Chief Examiners
- Dr George Rivers
Common questions
What are the prerequisites for ECX2320?
ECX2320 has no prerequisites.
When is ECX2320 offered?
In 2022, ECX2320 runs in Semester 2 at Clayton.
How much work is ECX2320?
The handbook expects about 144 hours of study across the semester. No students have rated its difficulty yet.
Does ECX2320 have an exam?
No. ECX2320 has 1 assessment task and no exam.
Which majors and minors include ECX2320?
ECX2320 is part of Economics and business strategy.