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 SupplyProduction and CostsMarket StructureMarket Failure and Government InterventionThe Nature of the Macro-economyA Macroeconomic ModelThe Monetary and Financial SystemMonetary and Fiscal PolicyPolicy Issues in an Open Economy
Learning outcomes
Upon successful completion of this subject, students should:
1.
be able to apply economic concepts and principles to evaluate data and information from a variety of sources and perspectives through research, integration, and analysis to daily life activities;
2.
be able to evaluate demand and supply conditions to make a range of market related decisions;
3.
be able to analyse the price and output decisions of a firm under different market structures;
4.
be able to evaluate the nature of market failure and the role of government intervention;
5.
be able to determine the circumstances in which government intervention in the economy is necessary;
6.
be able to describe how information and communication technology supports data analysis and decision making, and enhance the efficiency and effectiveness of communication; and
7.
be able to apply critical thinking skills to identify and solve problems, inform judgments, make decisions, reach well-reasoned conclusions and make recommendations regarding the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives.
Enrolment restrictions
Postgraduate students only. Not available to students who have completed ECO501 or MBA502.