Mathematics is an important analytical tool in economics and business. This course will equip you with a working knowledge of the most common techniques, providing the basis for further studies. Topics include the mathematics of finance, matrix algebra, as well as calculus and (unconstrained and constrained) optimisation. Special emphasis is put on the application of concepts and techniques to typical problems in business and economics.

Course Aims

This course is offered as part of the first-year core in the Bachelor of Economics degree program. For students in the Bachelor of Commerce program, it is not part of the first-year core, but it is a prerequisite for most second-year economics courses, so it is strongly recommended for those contemplating an economics major within the Bachelor of Commerce.

The course aims to give students insight into how mathematical concepts, theories and techniques are applied to the fields of business, economics and the social sciences in order to generate solutions to problems encountered in these fields. The course builds on mathematical knowledge which you should have gained in high school.

After completing ECON1202, your use of mathematics and statistics in your studies will vary depending on the major(s) you choose. If you choose a major such as Economics, Business Economics, Financial Economics or Econometrics, you will study further courses in econometrics. These majors are designed to equip students with statistical and other quantitative skills that are widely used and increasingly demanded by employers in commercial fields and the public sector. If you choose other majors where quantitative skills are needed, such as in accounting, finance or marketing, a good understanding of concepts taught in this course will be a major asset.

The aims of this course are for you to:

· Develop your ability to perform calculations;

· Develop your ability to solve real-life business problems using formal mathematical tools and algorithms;

· Extend your skills in analysis, oral communication and written communication.

Relationship to Other Courses

The Business School has an assumed knowledge requirement that students entering the BCom and BEc are expected to be familiar with HSC Mathematics. Therefore, in this course we will base lectures on a prior knowledge of HSC Mathematics and this assumed knowledge will not be covered or revised as part of the lectures or tutorials.

If you have not studied HSC Mathematics in New South Wales, knowledge of the following topics is essential: basic functions and graphs, including logarithms and exponentials, and solutions of linear and quadratic equations. If you have not studied any or all of these topics previously at high school, remedial work will likely be necessary.

Course Learning Outcomes