Hourly Breakdown

Course Aim

To impart the concepts and frameworks of procurement management and to develop students’ analytical and decision-making skills related to procurement management.

Intended Learning Outcomes

• describe the key ideas that define the economic way of thinking.
• analyse how demand and supply determine prices.
• explain the relationship between a firm’s output and costs.
• analyse the impact of government interventions in markets.
• analyse the effect of international trade on the microeconomics of organizations.

Course Content (Only main topics & subtopics)

• Basic Economic Concepts: Scarcity, thinking on the margin; opportunity cost; the power of trade; comparative advantage; production possibilities frontier.
• Allocation of Resources: Demand; supply; demand and supply shifters; equilibrium; elasticity; price ceilings and floors; the labour market.
• Costs and Production: Profits and losses; how much should a firm produce; production function.
• Government and the Macroeconomy: Public goods and private goods; concept of environment; GDP; unemployment; inflation; the role of investment banking; and the importance of production development.
• International Trade and Globalization: Trade between countries; growth of globalization; the role of free trade; multinational companies; foreign exchange and balance of payments stability.

Teaching/Learning Methods

• Lectures
• Student Based Activities

Assessment Strategy

Recommended Reading

• Cowen, T. & Tabarrok, A. (2015). Modern Principles of Economics, 3rd Edition, Worth Publishers, New York.
• Mankiw, N.G. (2021). Principles of Economics. Pearson Education, 9th Edition, Cengage, UK.
• Mateer, D., Koppock, L. and O’Roark, B. (2016). Essentials of Economics. Norton & Co.
• Parkin, M. (2010). Macroeconomics. Pearson Education, UK.