Business Administration: Business Economics

What Will You Learn?

• Define basic economic terminology.
• Explain the importance of economic theories and models in influencing trade.
• Explain the role of scarcity, supply and demand, opportunity costs, and trade offs.
• Describe goods and services, and labour markets.
• Demonstrate an understanding of the methods and principles of micro and macro economic theory.
• Discuss economic and public policy issues using the language and approach of economics, monetary vs fiscal policy.
• ● Compare and contrast traditional, command and market economies.
• Describe the role of government in a free market economy.
• Describe the positive and negative outcomes as the result of globalization.
• Describe how ethical principles support effective microeconomic and macroeconomic systems.