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Economics for Business Decision Making

duration Duration: 1 Teaching Period

unit code Unit Code: ECO10005

contact hours Contact Hours: Recommended 10 hours of study per week

About this unit

Explore microeconomic and macroeconomic theories and how these are applied practices. Bridge the gap between theory and practice in the context of today’s changing technological landscape by applying analytical skills to address industry and government case studies. Learn how prices and output are set by firms to maximise profit; how key macroeconomic indicators are employed to assess economic conditions by business decision-makers; and what ESG (environmental, social and governance) policies and best practices are available to deal with different types of market failures.

Content

  • Economic concepts of opportunity cost and comparative advantage
  • Demand and supply
  • Elasticity and its applications
  • Production, costs, and technological changes
  • Market Structures: perfect competition, monopoly, monopolistic competition, oligopoly
  • Externalities and ESG (environmental, social and governance) policies
  • GDP, inequality, growth and technological innovations
  • Unemployment and inflation
  • Aggregate demand and aggregate supply analysis
  • Monetary policy
  • Fiscal policy.

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