RH1003 – Economics

This subject covers concepts in macroeconomics and microeconomics and provides students with an understanding of various economic interrelationships, both domestic and international, which will help them to reach informed business decisions in the highly dynamic world of business. The subject will lay the foundation for further study in economics.

The microeconomics component of the subject introduces the economic principle of supply and demand, which builds the foundation for 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 component of the subject explains existing theories of economic growth with extensive policy applications. It also covers economic (e.g. inflation) and social (e.g. employment) goals to be pursued at the national and global level in order to achieve economic development and environmental sustainability.

Subject Learning Outcomes

• Demonstrate an understanding of the significance of effective intrapersonal, interpersonal and digital communication skills through teamwork or autonomously across culturally diverse audiences.
• Comprehend how economic policy tools as the disposal of government may benefit individuals, individuals firms and/or society at large.
• Compare and contrast economic growth rates of different countries and develop an understanding of their determinants.
• Appreciate the interrelatedness of the global economy
• Apply economic concepts to important contemporary microeconomics and macroeconomics problems including major policy issues

Tutorial Activities – 30%

Report - 25%

Final Exam - 45%