a) Discuss the operation of supply and demand

Economic Principles

Unit code

BMAN10001

Credit rating

10

Unit level

Level 1

Teaching period(s)

Semester 1

Offered by

 

Available as a free choice unit?

No

Overview

The theory of the market, elasticity; production and cost theory, models of perfect completion, monopoly and imperfect competition; introductory game theory and business strategy; introduction to macroeconomic concepts, national Income and its measurement, determination of N.I in the long-run; the monetary system and inflation.

Aims

This course aims to provide an introduction to the tools and concepts of economic analysis at the level of the individual, market and the economy. This will include an analysis of consumer and firm behaviour and alternative market structures. The course will further provide a modern view of macroeconomic behaviour to explain the influence of macroeconomic variables (e.g., GDP growth and inflation) and policy on business activities. 

Learning outcomes

By the end of the course, students should be able to:

a)      Discuss the operation of supply and demand

b)      Evaluate consumer decisions based on indifference curve analysis

c)      Analyse a firm’s production and cost decisions

d)      Evaluate theories of the firm

e)      Discuss models of Perfect competition, Monopoly and Imperfect competition

f)       Introduce the concept of strategic behaviour, with reference to real business cases

g)      Understand and apply relevant macroeconomic models

h)      Understand how national income is measured and what determines it

i)       Understand how the monetary system works

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