BUS400 - Business Economics

Subject Title
Business Economics

Subject Description
This is an introductory course in Macroeconomics. This course will apply the theories and principles of the discipline to many of the major issues of our day. The basic purpose of the course is to give the student an understanding of the fundamental principles of economics, beginning with concepts, terminology and methodology. It then looks at markets, the interaction of supply and demand and the various institutions which function within a market economy. Next, the overall operation of the economic system is described. The major macroeconomic variables, including business cycles, economic growth, price stability, inflation, unemployment, gross domestic product, money and banking are discussed. Subjects dealing with national income, and various policy measures including monetary and fiscal policy are analyzed. Problems and controversies in macroeconomics conclude this course.

Credit Status
One diploma level credit.

Please Note:
Students taking BUS400 may not take ECN550 - Economics: An Overview OR ECN502 - Principles of Macroeconomics OR ECN230 - Making Sense of our Economy, as general education subjects.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

Upon successful completion of this subject the student will be able to:

1. Develop and interpret various models in economic theory.
2. Determine how scarcity, choice, and opportunity cost affect economic plans and decisions.
3. Illustrate an open economy (imports and exports) which includes government and financial institutions, using circular flow.
4. Analyze economic problems using specific models (Production possibilities curve, supply and demand, aggregate demand/aggregate supply).
5. Use economic indicators including inflation, unemployment, and gross domestic product, debt/deficit to interpret economic well-being, growth, sustainability, and the business cycle.
6. Describe the structure of the Canadian banking system.
7. Describe the tools of monetary and fiscal policy in Canada and how those tools impact the macroeconomic variables in the economy.

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Show respect for diverse opinions, values, belief systems, and contributions of others.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.