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

Code: ECON71-600
Study areas:
  • Business, Commerce, and Entrepreneurship

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

Requisites:

Nil
Assumed knowledge:

Assumed knowledge is the minimum level of knowledge of a subject area that students are assumed to have acquired through previous study. It is the responsibility of students to ensure they meet the assumed knowledge expectations of the subject. Students who do not possess this prior knowledge are strongly recommended against enrolling and do so at their own risk. No concessions will be made for students’ lack of prior knowledge.

Restrictions:

Subject outlines

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