Description

Description: The course introduces the fundamental principles of economic theories, models and tools employed by the Government, firms and other stakeholders to manage the economy. It examines various microeconomic topics, including: demand and supply models; cost of production; resource allocation; market structures; elasticity and market efficiency.

Background: The economy encompasses everything related to the production and consumption of goods and services in an area. The economy and the factors affecting the economy have spawned one of the largest fields of study in human history - economics. The study of economics can be broken into two major areas of focus, microeconomics and macroeconomics.

Understanding at least the basic mechanisms of a nation's economy is essential if one is to be a better-informed citizen and voter. Economic fluctuations can affect all or specific industries and, as such, the stability of your job. Further, knowledge of the economy may influence your choice of careers or encourage a decision to change occupations. Additionally, having an understanding of how the economy works can help in making sound investment choices.