Economic Principles and Decision Making
Length 3000 Word Limit
Interpret and successfully apply economic concepts of supply and demand for effective organisational problem solving
Apply quantitative methods to forecast complex business variables including demand, production and costs
Total Marks 50 marks
Traditionally, the study of economics is split into micro- and macroeconomics. This
assessment requires the student to superimpose microeconomic concepts onto the broader
macro-environment where business and leadership thinking abound. To do this effectively,
the student will engage in deep, critical thinking on both technical and high-level issues as
they demonstrate a thorough understanding of the market, estimate demand and then
apply research and synthesis skills to illustrate current and historical thinking on labour and
the nature of work in the context of contemporary social settings.
The student will perform a labour market analysis to give a traditional overview of the
market and will then discuss how findings apply to everyday life and society broadly. In the
analysis students are expected to demonstrate an understanding of traditional market
theory and of economic methods, followed by a critical discussion informed by research.
Assessment 1 should take the form of a consultative report which includes the following
An introduction and context for the report;
A critical discussion of traditional supply and demand including their nature;
A regression analysis using the data provided and forecast future conditions;
A critical analysis founded on research into the concepts of nominal and real wages and their interrelationship;
A drawing together and synthesis of the arguments of the report into a convincing conclusion.
The report is to be limited to 3000 words, exclusive of formal document sections (i.e. title
page, executive summary, table of contents, references list, appendices, etc.), citations,
tables and graphs.