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ZPG9002 - Economic Decision-Making

15 Credits NQF9

Synopsis

Global markets are increasingly turbulent and understanding how these markets work is critical to your success as a business leader. This unit is designed to show you how to use macro and micro economic theory to frame business challenges. From a macro perspective you will develop skills to create a macro economic model, to evaluate macro-economic problems and from a micro perspective you will study managerial issues like demand, supply, opportunity costs, profitability and competitive strategies. By the end of the unit you will be able to evaluate and resolve economic problems in real time.

Outcomes

The learning goals associated with this unit are to:

  • Accurately employ foundational concepts of micro- and macroeconomics
  • Distinguish between laws of economics and economic policies at the micro and macro level
  • Understand the factors that influence firm pricing and output decisions and profits
  • Differentiate between monetary and fiscal policies’ effects on markets
  • Apply economic reasoning to a variety of decision-making scenarios
  • Analyse the impact of consumer decision-making on economic dynamics
  • Identify economic agents and their roles in the economy
  • Measure the possible effects of economic policy on sectors and industries
  • Assess the individual components of income and the value of money
  • Assess the forces that shape the world’s economy today
  • Apply innovation to create economic growth.

Assessment

Continuous assessment throughout the five weeks: 100%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this unit is 150 hours per unit typically comprising a mixture of scheduled learning activities, online interactions and independent study. Independent study may include associated readings, ‘use it now’ (in your job) applications, reflections, assessment and preparation for scheduled activities. The unit requires three Saturday sessions of scheduled contact. Scheduled activities may include a combination of teacher directed learning, guest speakers, case studies, peer directed learning and online engagement.

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