BUSINESS115 Economics, Markets and Law
The Complete Exam Bible · S2 2026BUSINESS115 Overview
- The University of Auckland
- Semester 2, 2026
- Stage 1 (first-year) undergraduate; NZQF Level 7
- 15 points (approximately 150 hours of study)
Within The University of Auckland Business School — Faculty of Business and Economics, Department of Management & International Business, BUSINESS 115 runs two disciplines side by side on a roughly 80/20 split — an economics spine that goes from opportunity cost, demand and supply and perfectly competitive equilibrium through responses to changing price signals, externalities and climate economics, market power and regulation, then macroeconomic measurement, money and interest, international trade, capital flows and exchange rates and the business cycle — wrapped around three Commercial Law modules on New Zealand's sources of law (including tikanga Māori), the Treaty of Waitangi and Te Tiriti, and the three arms of government.
- BUSINESS115 grading 40% final examination, 20% midterm test, 20% Economics and Markets Report (approx. 1,000 words ±10%, due Week 8), 10% weekly pre-workshop quizzes (best 10 of 12 count, 1% each), 10% participation/commentary (peer-reviewed via FeedbackFruits)
- BUSINESS115 task mode Final exam: online, open book, out of 100 marks, 2 hours plus an additional 30 minutes (for all online examinations); roughly 80 marks Economics / 20 marks Commercial Law; date and time TBA by the University. Midterm (Week 5, Friday 21 August 6:30-8:30pm NZT): online, closed book, 30 MCQs plus 3 short answer/workout questions, 2 hours, sat remotely in Mode B through the Inspera Integrity Browser — You may have scratch paper and writing utensil, but no notes. You may use a non-graphing calculator, but you must show it on your video while you use it.
- BUSINESS115 mark trap The maths. The teaching team's own announcement is reinforced by a whole B115 Learning Hub Maths Tab and a Talis Math Support list. The diagnostic quiz's design and the workshop tasks are genuinely algebraic (Demand: MB = 22 – 2Q / Supply: MC = 2 + 0.5Q … Specify the equations for the two supply curves in a slope-intercept form). Second loss zone is the 1,000-word Report: it will require you to critically reflect on content and concepts covered in the Economics modules and you will be required to use current, real-world examples to substantiate/justify/evaluate your argument(s).
What you get in the full BUSINESS115 Exam Bible
- 12 chapters, 33 pages — every examinable topic
- 15 original practice questions, each with a model answer in the Final Examination format
- 12 worked examples, solved the way BUSINESS115 marks
- 21 computed figures, redrawn from the course’s own numbers
- Exam-morning plan for the Final Examination (40%) — what to revise last, where marks are lost
Free on this page: assessment table, chapter map, one worked example, key terms, FAQ. The rest is in the full exam bible.
How BUSINESS115 is assessed
| Component | Weight | Format |
|---|---|---|
| Pre-Workshop Quizzes | 10% | Individual coursework |
| Participation | 10% | Peer coursework |
| Mid-Term Test | 20% | Individual test |
| Economics and Markets Report | 20% | Individual coursework |
| Final Examination | 40% | Individual examination; must be sat or written |
The five published components total 100%. The current catalogue states that students must sit or write the final examination but does not publish a separate double-pass threshold. Live Canvas and timetable notices control current dates and exam mode.
What other students are asking about BUSINESS115
- Where can I find lecture notes or study guides for BUSINESS115 at Auckland?
- The BUSINESS115 study guide in AskSia Library covers Economics, Markets and Law in 12 chapters, with the assessment table, a chapter-by-chapter topic map, key terms and a worked example, free to read on this page.
- Is there a final exam in BUSINESS115, and how much is it worth?
- Yes. In the offering this AskSia Library guide is built from, Final Examination carries 40% of the BUSINESS115 mark; the full split is Pre-Workshop Quizzes 10%, Participation 10%, Mid-Term Test 20%, Economics and Markets Report 20%, Final Examination 40%.
- What does BUSINESS115 cover on markets, welfare and economic choice?
- In AskSia Library's BUSINESS115 guide, the Markets, Welfare and Economic Choice chapter explains scarcity and incentives · social welfare · efficiency and equity · compare a private decision with wider social costs and benefits.
- What does BUSINESS115 cover on supply, demand and competitive equilibrium?
- In AskSia Library's BUSINESS115 guide, the Supply, Demand and Competitive Equilibrium chapter explains supply and demand · market equilibrium · consumer and producer surplus · trace a shock through price, quantity and welfare.
- What does BUSINESS115 cover on new zealand legal framework?
- In AskSia Library's BUSINESS115 guide, the New Zealand Legal Framework chapter explains sources of law · constitutional setting · courts and Parliament · identify the relevant institution, authority and decision pathway.
What BUSINESS115 covers
The learning path moves from Assessment Map and Resilient-Organisation Lens, through the problems opened by Externalities and Climate Economics, to the synthesis required in Business Cycle and Economic Stabilisation.
Assessment Map and Resilient-Organisation Lens
10/10/20/20/40 structure · economic and legal evidence · stakeholder consequence · select the model and institutional rule that change the decisionAssessment Map and Resilient-Organisation Lens is a quantitative decision problem built from 10/10/20/20/40 structure, economic and legal evidence and stakeholder consequence.
- 10/10/20/20/40 structure
- economic and legal evidence
- stakeholder consequence
- Applying 10/10/20/20/40 structure
- Limits of economic and legal evidence and stakeholder consequence
Markets, Welfare and Economic Choice
scarcity and incentives · social welfare · efficiency and equity · compare a private decision with wider social costs and benefitsMarkets, Welfare and Economic Choice is a quantitative decision problem built from scarcity and incentives, social welfare and efficiency and equity.
- scarcity and incentives
- social welfare
- efficiency and equity
- Applying scarcity and incentives
- Limits of social welfare and efficiency and equity
Supply, Demand and Competitive Equilibrium
supply and demand · market equilibrium · consumer and producer surplus · trace a shock through price, quantity and welfareSupply, Demand and Competitive Equilibrium is a quantitative decision problem built from supply and demand, market equilibrium and consumer and producer surplus.
- supply and demand
- market equilibrium
- consumer and producer surplus
- Applying supply and demand
- Limits of market equilibrium and consumer and producer surplus
New Zealand Legal Framework
sources of law · constitutional setting · courts and Parliament · identify the relevant institution, authority and decision pathwayNew Zealand Legal Framework is a quantitative decision problem built from sources of law, constitutional setting and courts and Parliament.
- sources of law
- constitutional setting
- courts and Parliament
- Applying sources of law
- Limits of constitutional setting and courts and Parliament
Te Tiriti, Government and Political Institutions
Te Tiriti o Waitangi · three branches of government · regulation and legitimacy · explain how institutional and Treaty context shapes a policy or business issueTe Tiriti, Government and Political Institutions is a quantitative decision problem built from Te Tiriti o Waitangi, three branches of government and regulation and legitimacy.
- Te Tiriti o Waitangi
- three branches of government
- regulation and legitimacy
- Applying Te Tiriti o Waitangi
- Limits of three branches of government and regulation and legitimacy
Elasticity and Responses to Price Signals
price elasticity · income and cross effects · revenue and incidence · predict how responsiveness changes stakeholder outcomes after a price or policy shiftElasticity and Responses to Price Signals is a quantitative decision problem built from price elasticity, income and cross effects and revenue and incidence.
- price elasticity
- income and cross effects
- revenue and incidence
- Applying price elasticity
- Limits of income and cross effects and revenue and incidence
Externalities and Climate Economics
external cost and benefit · Pigouvian instruments · sustainable business response · compare instruments by incentive, information, equity and implementationExternalities and Climate Economics is a quantitative decision problem built from external cost and benefit, Pigouvian instruments and sustainable business response.
- external cost and benefit
- Pigouvian instruments
- sustainable business response
- Applying external cost and benefit
- Limits of Pigouvian instruments and sustainable business response
Market Power, Competition and Regulation
monopoly and oligopoly · strategic conduct · competition policy · connect market structure to price, innovation and regulatory optionsMarket Power, Competition and Regulation is a quantitative decision problem built from monopoly and oligopoly, strategic conduct and competition policy.
- monopoly and oligopoly
- strategic conduct
- competition policy
- Applying monopoly and oligopoly
- Limits of strategic conduct and competition policy
GDP, Inflation and Labour-Market Conditions
real GDP · price level and inflation · unemployment · read macro indicators together and explain their limits for wellbeingGDP, Inflation and Labour-Market Conditions is a quantitative decision problem built from real GDP, price level and inflation and unemployment.
- real GDP
- price level and inflation
- unemployment
- Applying real GDP
- Limits of price level and inflation and unemployment
Money, Interest and Financial Markets
money creation · interest rates · financial intermediation · trace how financing conditions affect households, firms and asset marketsMoney, Interest and Financial Markets is a quantitative decision problem built from money creation, interest rates and financial intermediation.
- money creation
- interest rates
- financial intermediation
- Applying money creation
- Limits of interest rates and financial intermediation
Trade, Capital Flows and Exchange Rates
comparative advantage · balance of payments · exchange-rate movement · connect trade and financial flows to business and household effectsTrade, Capital Flows and Exchange Rates is a quantitative decision problem built from comparative advantage, balance of payments and exchange-rate movement.
- comparative advantage
- balance of payments
- exchange-rate movement
- Applying comparative advantage
- Limits of balance of payments and exchange-rate movement
Business Cycle and Economic Stabilisation
business-cycle conditions and stabilisation policy · fiscal and monetary policy · inflation-recession trade-off · compare stabilisation options through mechanism, lag, risk and stakeholder impactBusiness Cycle and Economic Stabilisation is a quantitative decision problem built from business-cycle conditions and stabilisation policy, fiscal and monetary policy and inflation-recession trade-off.
- business-cycle conditions and stabilisation policy
- fiscal and monetary policy
- inflation-recession trade-off
- Applying business-cycle conditions and stabilisation policy
- Limits of fiscal and monetary policy and inflation-recession trade-off
It is Stage 1 (first-year) undergraduate; NZQF Level 7. It carries 15 points (approximately 150 hours of study).
It is positioned as Stage 1 Core course in the Bachelor of Commerce (BCom).
There are no lectures and no tutorials: it is a flipped Stage 1 Core course whose only contact hour is one 2-hour workshop, and attendance at it is not marked at all — 'There's no attendance taken at B115 workshops and you will not be penalised if you miss a workshop.' The marks instead come from things that happen on a screen under invigilation: a closed-book midterm sat remotely through the Inspera Integrity Browser with your non-graphing calculator held up to the webcam, an open-book online final worth 40%, plus a 1,000-word critical report and a weekly best-10-of-12 quiz stream whose deadline is whenever your own workshop starts.
It is built for students with zero prior economics or law, which is why week one opens with a diagnostic maths quiz that is marked on completion, not correctness.
Assessment in BUSINESS115 is distributed as follows: 40% final examination, 20% midterm test, 20% Economics and Markets Report (approx. 1,000 words ±10%, due Week 8), 10% weekly pre-workshop quizzes (best 10 of 12 count, 1% each), 10% participation/commentary (peer-reviewed via FeedbackFruits)
The operational assessment conditions matter here.
Final exam: online, open book, out of 100 marks, 2 hours plus an additional 30 minutes (for all online examinations); roughly 80 marks Economics / 20 marks Commercial Law; date and time TBA by the University.
Midterm (Week 5, Friday 21 August 6:30-8:30pm NZT): online, closed book, 30 MCQs plus 3 short answer/workout questions, 2 hours, sat remotely in Mode B through the Inspera Integrity Browser — You may have scratch paper and writing utensil, but no notes. You may use a non-graphing calculator, but you must show it on your video while you use it.
What makes BUSINESS115 demanding is concrete: The maths.
The teaching team's own announcement is reinforced by a whole B115 Learning Hub Maths Tab and a Talis Math Support list. The diagnostic quiz's design and the workshop tasks are genuinely algebraic (Demand: MB = 22 – 2Q / Supply: MC = 2 + 0.5Q … Specify the equations for the two supply curves in a slope-intercept form).
Second loss zone is the 1,000-word Report: it will require you to critically reflect on content and concepts covered in the Economics modules and you will be required to use current, real-world examples to substantiate/justify/evaluate your argument(s).
You need to achieve 50% overall across all assessments and sit/write the final examination to pass B115.
In other words, you don't need to pass both the coursework assessments and the final examination, each with a grade of 50% or more, to pass B115 (there's no double pass requirement for B115). Sitting the final is itself the gate.
For enrolment planning, No prerequisite stated.
Restriction: must not have completed ECON 111, ECON 191, ECON 101, ECON 151/ECON 151G.
The learning path moves from Assessment Map and Resilient-Organisation Lens, through the problems opened by Externalities and Climate Economics, to the synthesis required in Business Cycle and Economic Stabilisation.
BUSINESS115 cheatsheet for the final exam
AskSia publishes a free BUSINESS115 cheatsheet for the final exam, a cheat sheet that follows the official permitted-materials rule for this assessment and condenses the topics in this guide.
Worked example · free
Worked example: Economics, Markets and Law integrated response
- 1Mark the starting condition or object represented by 10/10/20/20/40 structure.
- 1Write the change, rule or mechanism supplied by scarcity and incentives as a verb-led link.
- 1Show how that link reaches comparative advantage; do not skip an intermediate actor, quantity or stage.
- 1Answer the task with the completed chain and preserve this limit: A currency movement creates winners and losers rather than one national effect.
Key terms
- opportunity cost (and explicit vs implicit cost)
- Opportunity cost is the value of the best forgone alternative; explicit costs are monetary payments and implicit costs are the opportunity costs of resources already owned.
- sunk cost
- A sunk cost is a past, unrecoverable cost that should not affect a forward-looking choice between alternatives.
- marginal analysis
- Marginal analysis compares the additional benefit and additional cost of one more unit or a small change, continuing an activity while marginal benefit exceeds marginal cost.
- shift of vs movement along a demand or supply curve
- A movement along a curve is caused by a change in the good's own price, while a shift changes quantity demanded or supplied at every price because a non-price determinant changes.
- perfectly competitive equilibrium
- Perfectly competitive equilibrium occurs where market demand equals market supply and price-taking firms produce where price equals marginal cost, subject to the model's assumptions.
- consumer surplus and producer surplus / social welfare
- Consumer surplus is willingness to pay minus price, producer surplus is price minus minimum willingness to accept, and their sum measures total market surplus before external costs or benefits.
- externalities
- Externalities are costs or benefits from production or consumption imposed on people who are not compensated through the market transaction.
- tikanga Māori as a source of law; Te Tiriti o Waitangi
- Tikanga Māori comprises Māori values, principles and customary practices recognised within Aotearoa New Zealand's legal system, while Te Tiriti o Waitangi frames enduring relationships and obligations between Māori and the Crown.
BUSINESS115 FAQ
Is BUSINESS115 hard?
The maths. The teaching team's own announcement is reinforced by a whole B115 Learning Hub Maths Tab and a Talis Math Support list. The diagnostic quiz's design and the workshop tasks are genuinely algebraic (Demand: MB = 22 – 2Q / Supply: MC = 2 + 0.5Q … Specify the equations for the two supply curves in a slope-intercept form).
Second loss zone is the 1,000-word Report: it will require you to critically reflect on content and concepts covered in the Economics modules and you will be required to use current, real-world examples to substantiate/justify/evaluate your argument(s).
How is BUSINESS115 assessed?
40% final examination, 20% midterm test, 20% Economics and Markets Report (approx. 1,000 words ±10%, due Week 8), 10% weekly pre-workshop quizzes (best 10 of 12 count, 1% each), 10% participation/commentary (peer-reviewed via FeedbackFruits)
What is the BUSINESS115 exam or final-task format?
Final exam: online, open book, out of 100 marks, 2 hours plus an additional 30 minutes (for all online examinations); roughly 80 marks Economics / 20 marks Commercial Law; date and time TBA by the University.
Midterm (Week 5, Friday 21 August 6:30-8:30pm NZT): online, closed book, 30 MCQs plus 3 short answer/workout questions, 2 hours, sat remotely in Mode B through the Inspera Integrity Browser — You may have scratch paper and writing utensil, but no notes. You may use a non-graphing calculator, but you must show it on your video while you use it.
Does BUSINESS115 have a hurdle or component-level pass rule?
You need to achieve 50% overall across all assessments and sit/write the final examination to pass B115. In other words, you don't need to pass both the coursework assessments and the final examination, each with a grade of 50% or more, to pass B115 (there's no double pass requirement for B115). Sitting the final is itself the gate.
What prerequisites or restrictions apply to BUSINESS115?
No prerequisite stated. Restriction: must not have completed ECON 111, ECON 191, ECON 101, ECON 151/ECON 151G.
Is BUSINESS115 offered in Semester 2, 2026?
This resource is aligned to Semester 2, 2026. Confirm your class and assessment timetable in the current institutional system.
Is this BUSINESS115 resource an official university guide?
No. It is an independent BUSINESS115 study resource; current institutional instructions remain authoritative for assessment operation.
Questions students ask in each BUSINESS115 chapter
- What is the main task in Assessment Map and Resilient-Organisation Lens?
- Select the model and institutional rule that change the decision. Chapter 01 · Assessment Map and Resilient-Organisation Lens
- What is the main task in Markets, Welfare and Economic Choice?
- Compare a private decision with wider social costs and benefits. Chapter 02 · Markets, Welfare and Economic Choice
- What is the main task in Supply, Demand and Competitive Equilibrium?
- Trace a shock through price, quantity and welfare. Chapter 03 · Supply, Demand and Competitive Equilibrium
- What is the main task in New Zealand Legal Framework?
- Identify the relevant institution, authority and decision pathway. Chapter 04 · New Zealand Legal Framework
- What is the main task in Te Tiriti, Government and Political Institutions?
- Explain how institutional and treaty context shapes a policy or business issue. Chapter 05 · Te Tiriti, Government and Political Institutions
- What is the main task in Elasticity and Responses to Price Signals?
- Predict how responsiveness changes stakeholder outcomes after a price or policy shift. Chapter 06 · Elasticity and Responses to Price Signals
- What is the main task in Externalities and Climate Economics?
- Compare instruments by incentive, information, equity and implementation. Chapter 07 · Externalities and Climate Economics
- What is the main task in Market Power, Competition and Regulation?
- Connect market structure to price, innovation and regulatory options. Chapter 08 · Market Power, Competition and Regulation
- What is the main task in GDP, Inflation and Labour-Market Conditions?
- Read macro indicators together and explain their limits for wellbeing. Chapter 09 · GDP, Inflation and Labour-Market Conditions
- What is the main task in Money, Interest and Financial Markets?
- Trace how financing conditions affect households, firms and asset markets. Chapter 10 · Money, Interest and Financial Markets
- What is the main task in Trade, Capital Flows and Exchange Rates?
- Connect trade and financial flows to business and household effects. Chapter 11 · Trade, Capital Flows and Exchange Rates
- What is the main task in Business Cycle and Economic Stabilisation?
- Compare stabilisation options through mechanism, lag, risk and stakeholder impact. Chapter 12 · Business Cycle and Economic Stabilisation
How to study for the exam
Retrieve the course map, practise the recurring method—combine a legal or economic model with New Zealand institutional context, trace effects across stakeholders and reach a qualified policy or business judgement—on changed scenarios, and verify every operational assessment detail in the live institutional system.
Your AI Economics tutor for BUSINESS115
Stuck on a hard BUSINESS115 question? Sia is AskSia’s AI Economics tutor — ask any BUSINESS115 Economics, Markets and Law question and get a clear, step-by-step explanation grounded in how the course is actually taught and assessed. Read this whole study guide free, then take your hardest questions to Sia.