|Credit Points:||15 credit points|
|Level:||Year 1, Core|
Every day managers make many decisions that affect the survival prospects of their firm. These include deciding how much of a particular product to produce, what price to charge for that product, whether to hire workers, how much effort should be invested in improving the production process, and what amount should be bid in an auction, etc. An understanding of economic concepts can improve such decision making within a firm.
The aim of this unit is to teach students how to use economic tools to solve business problems, such as those described above. This aim is two-fold in that students must first understand the economic tools and then, secondly, know how to apply these concepts to tackle complex real world problems.
This unit will cover the following topics:
Students will gain the following capabilities, competencies, and professional skills upon completion of this unit