Carol Hitchins
Introducing the underlying principles of micro and macroeconomics, this unit will help students appreciate and understand economic analysis and the frameworks required for making decisions that rely on economic concepts. They will gain an appreciation of how economists think and how integral economic thinking is to all management and leadership bodies of knowledge, including finance, people, marketing, operations, and strategy.
Skills / Knowledge
- Describe and relate to your business environment the economic concepts of supply and demand, opportunity costs, marginal costs, trade-offs, externalities, transaction costs, comparative advantage, price elasticity and inflation
- Explain market-exchange processes and discuss the impacts of monopoly and competition on market performance
- Demonstrate advanced understanding of monetary and fiscal policy in Australia and show how national and global interest and currency rates affect business decisions
- Show understanding of the academic literature and can use economic concepts and policies to improve skills in thinking and business decision-making
Issued on
July 20, 2020
Expires on
Does not expire