This course provides a discussion around a broad range of economic concepts, theories and analytical techniques. It considers both microeconomics – the analysis of choices made by individual decision-making units (households and firms) – and macroeconomics – the analysis of the economy as a whole. The use of a market, supply and demand, model will be the fundamental model in which trade-offs and choices will be considered through comparison of costs and benefits of actions. Production and market structure will be analyzed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labor and money at an aggregate level will be modelled. The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined.
Upon successful completion of the course, students will be able to
Interpret, apply and relate economic principles to current economic issues
Explain and predict how supply and demand concept will affect prices in market economies
Distinguish between the economic outcomes associated with perfect competition, monopolistic competition, oligopoly and monopoly
Module 1: Basic concepts in economics
Module 2: Demand, supply and markets
Module 3: Accounting profits, economic profits and economic decision-making
Module 4: Macroeconomic concepts: gross domestic product, economic growth and business cycles
Module 5: Macroeconomic challenges: unemployment, inflation and macroeconomic performance
Module 6: Money and exchange rates
Module 7: Market structures: compare and contrast
Module 8: Externalities and the role of public policy
Module 9: Globalization and trade policy
Module 10: Taxation
Participants will be required to submit 10 assignments, a research paper and one final examination for the period of 12 months to demonstrate their understanding of the course content. Assignments account for 60%, research paper accounts for 30% while Examination accounts for 10% of the marks.
Upon successful completion of the course, the participant will receive a Post Graduate Certificate of Merit and a transcript.