BUS 031 Business Economics

This unit covers the applicable principles and techniques that are useful for understanding economic situations, ranging from decisions that individuals make everyday to decisions made by firms and governments in complex markets.

Performance Requirements :

1. Apply the economic way of thinking to individual decisions and business decisions.
2. Explain how prices get determined in markets and how market participants benefit in the form of consumer surplus and producer surplus.
3. Examine economies of scale, diseconomies of scale, economies of scope and cost complementarities, and how each affects the cost of production.
4. Explain why there is a role for the government to play in market economies.