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HI5003 Economics for Business Assignment Answer Holmes

TAFE Assessment Cover Sheet

HI5003 Economics for Business is a module in which economics for the issues faced by an organization are studied. This unit is an application of economics in which measurable quantities and economic theories are made use of to formulate and analyze the system for the growth of a company.

This field of study includes all the market-relevant, intra-organizational and environmental factors that a firm comes across during its day-to-day activities.

This is an applied format of the day to day economic studies. Issues like opportunity cost, distribution, developmental planning, etc. come under the umbrella of HI5003 Economics for Business.

This is a subject studied in groups at Holmes Institute Australia and students are required to analyze an organization and make use of the knowledge about the module taught in class.

After the appropriate analysis, a report is to be formulated. References are to be cited along with the report and are supposed to be mentioned implicitly in the report.

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Assignment Instructions for HI5003 Economics for Business

There is a set of instructions that you should follow while preparing the report writing Australia for economics for business for this Australian university. MS-word structure is to be followed with 12-pt text and 2-cm margins at the four ends. It should have single line spacing and relative headings with context to the written text. Page numbers have to be mentioned. The report must stick to the word limit of 2500.

It gets very cumbersome to keep track of all this information and to take out time in the pandemic to actually sit down to do assignments. It gets stressful and students get jittery as the due date comes closer.

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Importance of HI5003 Economics for Business course

The Micro and Macro environments of a business are analyzed and ways to contribute to the growth of a business are found out. What makes economics for business an important module is that the problem of scarcity, taxation and other organizational problems are looked at for constant improvement.

For example, the gross domestic product of Australia is measured by the relevance of the business in view. Monetary policies are studied and concepts like repo rate, statutory liquidity ratio, the reverse repo rate, etc. are understood.

It is a practical subject and meant for an in-depth understanding of the economic factors affecting a business.

Some important terms are discussed below for you to refer to and are written by our economics subject experts so that you get a clear idea about our exceptional services.

What you will learn in the HI5003 Economics For Business course

  • Micro and macroeconomics: The aspect of economics which focuses upon the factors inside an organization like supply and demand etc. is known as microeconomics. On the other hand, the power of the legal authority to alter the rules and regulations for the businesses in a country is known as macroeconomics.
  • Opportunity cost: The value for the lost item or the subsequent best option is known as opportunity cost. It draws a line between scarcity and choice. For example, a manufacturer of shoe bodies decides to manufacture shoelaces. The opportunity cost for the same is the manufacture of, for instance, shoe soles.
  • Repo rate and reverse repo rate: The rate at which the central bank of a country (Federal bank in Australia) decides to give loans to other local banks. The visa versa i.e. the rate at which local banks give interest to the central bank is known as reverse repo rate. Both of these concepts are a part of macroeconomics.
  • Sunk cost: The monetary amount which has gone out of hand and it is almost impossible to reverse the same is known as a sunk cost.
  • Oligopoly: The dominance of a handful of businesses makes the market highly concentrated in general. Many small-scale organizations may be operational but the dominance of a few businesses actually makes the most profit.

Holmes College, Australia teaches this module for the proper understanding of economics affecting a business. There are some learning outcomes that it expects you to be aware of. These learning outcomes are given below.

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HI5003 Economics For Business Outcome of Learning 

This unit strives to make students understand various ideas underlying principles listed in an ordinal manner as below. HI5003 Economics for Business has its objective to polish its pupils in such a manner that they can analyze an industry’s opportunity cost and sunk cost. The numeric learning outcomes’ structure is:

  1. Use demand and supply concept to appropriate issues in an organization
  2. Figure out the dynamic change in monetary policies (eg, repo rate and reverse repo rate explained above) and systemize the money supply.
  3. To place a finger upon marginalized market vulnerabilities which cause a major impact upon the business.
  4. Different kinds of market structures (for example, oligopoly) and the factors and outcomes of the same are made application of,
  5. The difference in the gross domestic product and its impact on the economy.
  6. Globalization and its effect on the business in view are studied.

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Sample Questions – HI5003 Economics for Business

Q 1.) List the factors impacting structural employment in Australia?

Ans –Structural employment happens in the country when there is chaos between the available jobs and the appropriate candidature. In Australia, this happens when the job providers do not have the correct skillset for employment or the candidature is not good enough. This happens for several reasons:

  • Education: This takes place when the job providers or the potential employees are not well educated and this creates a gap between the two parties.
  • Technological discrepancies: It happens when there is a dynamic change in technology and either of the two parties is not qualified enough to keep up with the change.
  • Employment shift: The shifts that happen in different time zones refer to as employment shifts.

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