211-257 Economics and Financial Management

Credit Points

Coordinator

Semester

Contact

Subject Description

On completion of this subject, students should: be familiar with the fundamental concepts of microeconomics, macroeconomics and their application to forestry and resource management; understand management structures, basic account keeping financial and business management; be able to prepare a budget; be able to apply simple economic analyses to forestry problems. Microeconomic theory includes supply and demand; utility theory and indifference curves; marginal analysis, the theory of the firm; the economics of production; price theory; competition. Macroeconomics includes national accounting; Government policy; foreign exchange and international markets. Forestry and natural resource applications of economic theory include land rent: interest computations, internal rate of return, present net worth, analysis of rotation lengths. Business Management component included ownership of enterprises, accounting cycle, double entry systems, program management, purchasing systems and budgeting and financial control.

Assessment

Three hours of written examination. Practical assignments, projects and reports may also be given throughout the course.

Prescribed Texts

• Baumol, W J, Blinder, A S, Gunther A W & Hicks, J R L, Economics, Principles & Policy. 2nd ed. Harcourt, Brace & Jovanich, Sydney, 1992.