Introduction to Economics

Economics examines and analyses the economic activity of people in order to satisfy their needs and desires. It is important to study economics to understand how the individual, business and government operates. Microeconomics studies the individual economic units in detail such as a household, a firm and a government whereas the macroeconomics studies the aggregate behaviour of the entire economy. In order for students to be successful in any field in today’s global market place, they need to understand the fundamental of economic principles.

The aim of this subject is to develop a thorough understanding on the basic concepts, theories and principles of micro and macroeconomcis and address the current economics issues.

The subject learning outcomes will be achieved through lectures, tutorials, discussions and reading current economic news.

1. Understand economic terms, concepts and principles and its application to the real world

2. Demonstrate understanding of economic roles of individuals, firms, government and society

3. Demonstrate an understanding of the operation of markets and role of the government

4. Employ the fundamental macroeconomics concepts such as business cycle, inflation and unemployment

5. Explain the theory and practice of protectionist policies and exchange rate in global economy

Exams will take place in week 13. Please refer to the official Exam Timetable for further information.