Synopsis

Economics as an area of knowledge. Economics in a business degree. Understanding economic policy. An analysis of markets: supply 

and demand; consumer behaviour; firm behaviour; cost of production and profit maximisation; behaviour of firms in different market 

structures; evaluation of market capitalist economic systems, economic efficiency, market failure, government failure; current economic

policies, competition policy, privatisation and the funding of education.

Objectives

The learning goals associated with this unit are to:

understand the economic behaviour of individual consumers and producers

understand concepts relating to the cost of production in both the short and long run

explain the determinants of price and output outcomes under different market structures in both the short and long run and the 

welfare implications of these outcomes

describe the virtues and shortcomings of free markets

have knowledge of remedies to overcome market failure.