| DPS 57025 | 36 |
The course is designed to provide the basic introduction of economic theory and its application. This course introduces students to the principles, concepts, data, and analytical frameworks that economists and business professionals use to understand the world around us. The course discusses selected topics in micro and macro economic theory that will influence managerial decision-making. Topics include the law of supply and demand, accounting versus economic profits, efficiency and equity, welfare economics, behavioural economics, theories and applications of firms, game theory, externalities, public policies, monetary and fiscal policies, theory of money, finance, globalization and trade policy, transportation economics, exchange rates, and labour economic theory.
Outcomes
Upon successful completion of this course, students should be able to:
- Explain the broad questions addressed in micro and macroeconomics.
- Apply the concept of marginal, rational, scarcity, opportunities in economic and managerial decision-making.
- Compare and contrast economic versus accounting profits.
- Compare and contrast monopoly, perfect competition, and other market outcomes.
- Apply different basic game theory concepts.
- Apply basic concepts of Industrial Organization.
- Explain and distinguish between nominal and real measures.
- Describe the economic costs of unemployment and inflation.
- Explain the sources of long run economic growth.
- Describe the role of fiscal policy and monetary policy for economic stabilization.
- Explain the roles of money and exchange rates in influencing economic outcomes.
- Explain the process of globalization and its implication for trade policy.
- Explain the basic concepts of transportation economics.
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