BU1003 - Economics for Sustainable Business

This subject is an introductory subject in Economics. It covers concepts in Macroeconomics and Microeconomics and provides students with an understanding of the various economic interrelationships, both domestic and international, which will help them to reach informed business decisions in the highly dynamic world of business. The microeconomics part of the subject introduces the economic principles of demand and supply which builds a foundation to understanding topics such as market forces, externalities, the environment, competition, the role of governments in markets, price and output determination under different market structures, and trade. The macroeconomics part of the subject explains existing theories of economic growth with extensive policy applications; it also provides discussions on economic (e.g. inflation) and social (e.g. employment) goals to be pursued at national and global level in order to achieve economic development and environmental sustainability.

Learning Outcomes

• contrast and compare economic growth rates of different countries and develop an understanding of their determinants;
• appreciate the interrelatedness of the global economy, which implies that localised crises may have global consequences;
• apply economics concepts to important contemporary microeconomic and macroeconomic problems including major policy issues;
• appreciate that resource scarcity must lead to economic trade-offs and explain the decision making processes involved in making those trade-offs, both at the individual (firm) level and the aggregate level;
• comprehend how economic policy tools at the disposal of governments may benefit individuals, individual firms and/or society at large.

Note: Minor variations might occur due to the continuous Subject quality improvement process, and in case of minor variation(s) in assessment details, the Subject Outline represents the latest official information.