Abstract
This subject introduces students to the economist's way of thinking about the activities of individuals and institutions (both private and government) which determine the nature of our business and social environment. The subject presents, applies and assesses the key theoretical principles in microeconomics and macroeconomics that enable us to make … For more content click the Read More button below.
Syllabus
Introduction to EconomicsDemand and supplyCosts of production and elasticityMarket failure and government interventionMarket structure: Perfect competition and monopolyMarket structure: Oligopoly and monopolistic competitionThe nature of the macroeconomyInflation, unemployment and the macroeconomyThe monetary and financial systemMonetary and fiscal policy
Learning outcomes
Upon successful completion of this subject, students should:
1.
be able to apply economic concepts and principles to daily life activities;
2.
be able to recognise and outline market related decisions in the context of the conditions of demand and supply;
3.
be able to explain the price and output decisions of a firm under different market structures;
4.
be able to discuss the nature of market failure and the role of government intervention;
5.
be able to describe assessments of the health of the economy as a whole; and
6.
be able to explain why government intervention in the economy may be necessary.
Enrolment restrictions
Not available to students who have completed ECO100, ECO110, ECO120 and not available to post graduate students.