Introduction to Business Economics
Key topics in economics will be covered. They include supply, demand, market equilibrium price and quantity; elasticity; economic cost; economies of scale; perfect competition; monopoly; monopolistic competition; and oligopoly.
In addition, macroeconomic terminology of GDP, inflation and unemployment; the basics of the aggregate supply and aggregate demand model; fiscal policy; monetary policy; and the role of exchange rates will be covered.
Part A. Microeconomics
- Key principles of economics: opportunity cost, voluntary exchange; the marginal principle, the principle of diminishing returns.
- Demand, Supply and Market Equilibrium
- Production technology and Cost, Perfect competition
- Monopoly, Monopolistic Competition
- Oligopoly, Imperfect information, external benefits and cost
- Mid-term test
Part B. Microeconomic Applications and Macroeconomics
- The Airbus 350 case
- Measuring a Nation’s Production and Income
- Aggregate Demand and Supply Unemployment and Inflation
- Balance of Payments, Foreign exchange markets, the Gains from Monetary and Fiscal Policies