Course Description
- This course provides an introduction to a broad range of economic concepts, theories and analytical techniques.
- It considers both microeconomics - the analysis of choices made by individual decision-making units (households and firms) - and macroeconomics - the analysis of the economy as a whole.
- The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions.
- Production and market structure will be analysed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labour and money at an aggregate level will be modelled.
- The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined.
Course Objectives
Ø To familiarize the students with the basic concept of microeconomics.
Ø To make student understand the demand and supply analysis in business applications.
Ø To familiarize students with the production and cost structure under different stages of production.
Ø To understand the pricing and output decisions under various market structure.
Ø To help students understand and apply the various decision tools to understand the market structure.
Course Learning Outcomes
On successful completion of this course, students will be able to:
1. Describe and explain how microeconomic models can be used to consider fundamental economic choices of households and firms.
2. Describe and explain how macroeconomic models can be used to analyse the economy as a whole.
3. Describe and explain how government policy influences microeconomic choices and macroeconomic outcomes.
4. Interpret and use economic models, diagrams and tables and use them to analyse economic situations.
5. Understand the roles of managers in firms
6. Understand the internal and external decisions to be made by managers
7. Analyze the demand and supply conditions and evaluate the position of a company
8. Design competition strategies, including costing, pricing, product differentiation, and market environment according to the natures of products and the structures of the markets.
9. Analyze real-world business problems with a systematic theoretical framework.
10. Make optimal business decisions by integrating the concepts of economics, mathematics and statistics.
Blended Learning Activities
1. Drag-and-drops are a type of assessment that show a learner’s ability to link information and apply knowledge to solve practical problems.
2. Case study Based Discussion.
3. Online Video Lectures
4. e-books
5. Assignments
6. Presentation on Topics
7. Quiz Based Activities.
8. Audio Lectures