Economics For Managers

This subject is available under ICMS undergraduate degrees, please click the button below to find an undergraduate course for you.

Subject Code:

ECO201A/ECO201B

em>Note: Both A and B code subject versions are displayed as they are approved equivalent in content, assessments and learning outcomes. As ICMS courses are reaccredited, the subject is updated to a B-code suffix. Students studying a Bachelor of Business, Bachelor of Business (Sports Management), Bachelor of Business (Entrepreneurship and Innovation), Bachelor of Business (Marketing), Bachelor of Business (International Tourism) and Bachelor of Hospitality Management will be enrolled in ECO201B in 2027. Students enrolled in all other courses at ICMS with this subject will complete ECO201A.This arrangement applies to the nested Diploma qualifications of these courses also.

Subject Rationale:

ECO201A

This subject aims to provide students with an introduction to economics as a foundation in business, focusing on micro and macroeconomics, but with an introduction to international economics. Business managers need to be aware of the economic environment in which they work, and the impact this environment has on their decision-making. Topics such as demand and supply, fiscal and monetary policy, and international trade will be some of the issues covered.

ECO201B

This subject provides a foundational exploration of economics as a critical discipline underpinning effective business decision-making. It introduces students to core concepts in microeconomics, macroeconomics, and international economics, equipping them with the analytical tools necessary to interpret and respond to dynamic economic environments.

Students will examine key topics such as market structures, demand and supply analysis, fiscal and monetary policy, and the principles of international trade. Emphasis is placed on understanding how economic forces shape organisational strategy and influence managerial decisions across diverse business contexts.

By integrating theoretical frameworks with practical applications, the subject empowers students to make informed, evidence-based decisions that reflect both economic realities and strategic imperatives in a globalised economy.

Learning Outcomes:

ECO201A

a) Employ microeconomic models to consider fundamental economic choices for households and firms
b) Use economic models, diagrams and tables to analyse economic situations
c) Examine how government policy influences microeconomic choices and macroeconomic outcomes
d) Analyse the economy as a whole using macroeconomic models

ECO201B

a) Apply microeconomic models while assessing household and firm decision-making and evaluating fundamental economic choices.
b) Interpret real-world economic scenarios using appropriate economic models, diagrams, and data tables.
c) Analyse the impact of government policies on microeconomic behaviour and macroeconomic performance.
d) Utilise macroeconomic models to examine overall economic dynamics and performance indicators.
e) Communicate economic analyses effectively in oral and written formats, presenting and justifying case studies for academic, professional, and community audiences.

Student Assessment:

Note: (G) = Group Assessment