ECON71-600: Economics for Business

Description

An introduction to economics for postgraduate students, with a focus on microeconomics. An overview of fundamental topics such as opportunity cost, trade-off, relative scarcity and marginal analysis are explained using contemporary issues including minimum wages, carbon taxes, competition policy and state ownership of monopolies.  The underlying structure of macroeconomics is also included to provide a framework for understanding the economy as a whole and the news and policy that affects it.

Subject details

Learning outcomes

1. Describe the different market structures and summarise the policy responses to the market failure associated with monopoly power.
2. Explain the concept of Game Theory and summarise its practical implications.
3. Apply economic theory to evaluate equity and income distribution policy issues.
4. Differentiate between public goods and common resources and their link with both positive and negative externalities.
5. Describe the gains from trade and the cost to society of foregoing such potential gains.
6. Interpret recent movements in key economic indicators in the national economy.

Enrolment requirements

Subject outlines

• May 2020 [Standard]
• January 2020 [Standard]
• May 2019 [Standard]
• January 2019 [Standard]
• May 2018 [Standard]
• January 2018 [Standard]
• May 2017 [Standard]

Subject dates