COURSE OVERVIEW:

This subject has been designed to introduce the fundamental principles of economic theories, models and tools employed by the Government, firms and other stakeholders to manage the economy. The subject examines various micro and macroeconomics topics, including demand and supply model, cost of production, resource allocation, market structures and market failures, macroeconomic indicators such as GDP, economic growth, inflation and unemployment, monetary and fiscal policy, and international trade. In this subject, students will also learn how to analyse the labour market, financial market and global economic issues such as financial and other crises.

LEARNING OUTCOMES:

Upon the completion of this subject, students will be able to:

• Gain a high-level understanding of the basic principles of economics and international trade.

• Analyse and use theories, concepts and tools of economic analysis for applications in the relevant industries.

• Analyse and evaluate the complex forces that affect the economic wellbeing of consumers, producers and the community in the market system.

• Undertake research and apply theoretical and practical knowledge of economics in investigating the issues related to organisations and countries and the formulation of appropriate economic solutions and economic policies.

• Critically evaluate and synthesize information from a wide range of sources to demonstrate research skills, show initiative in consulting the academic literature and demonstrate the capacity to document the outcomes with sound analysis and recommendations.