Course overview
The aim of this course is to introduce students to important economic concepts and tools that can help them understand how the market system operates and how business decisions are made within a competitive environment. Concepts and tools introduced in the course include determination of the market equilibrium, elasticity of demand, economic efficiency, the role of government, cost of production, and market structure. The course also covers macroeconomic issues including fiscal and monetary policies. The economic concepts and tools introduced in the course are applicable to the local, national, and global business environment.
Course learning outcomes
- Describe and utlilise important economic concepts, tools and methods to analyse economic activity and the business environment in which decisions are made.
- Explain how the market-exchange process works and the impact of competition and other market structure on market outcomes.
- Identify the limitations of the market mechanism and analyse the role of government policy impacting on markets and the general economy.
- Use economic concepts to understand how incentives influence behavior and how economic agents respond to changing economic conditions.
- Apply economic principles and concepts to analyse contemporary economic issues relating to the economy both domestically and internationally.
- Demonstrate business enterprise skills : i) Self-Management (foundation level); ii) Problem Solving (foundation level); iii) Written Communication (foundation level); and iv) International Perspective (foundation level).