23706 Economics for Management6cp
Requisite(s): Completionof subject 21878 c Organisational Dialogue: Theory and Practice
The lower case 'c' after the subject code indicates that the subject is a corequisite. See definitions for details.
These requisites may not apply to students in certain courses.
There are course requisites for this subject. See access conditions.
Anti-requisite(s): 23709 Economics for Management AND 25706 Economics for Management AND 25745 Economics: Concepts and Applications
This subject comprises two parts which deal with the fundamental principles of macroeconomics and microeconomics as they relate to business management.
The macroeconomics part of the subject is concerned with the larger-scale aspects of the economic systems in which businesses operate. It examines the determinants of gross domestic product, the behaviour of the general price level and inflation, unemployment, and the forces that affect the general rate of interest. Attention is also given to the nature, rationale and impact of government policies on the macroeconomic environment and business conditions.
The microeconomics part of the subject examines the forces of supply and demand, consumer behaviour, the nature of production costs, price-setting by firms in a range of market types, and the rationale for and fundamental forces affecting international trade.
Detailed subject description.