MA5600 – Marketing for Engineers – ENGINEERING MANAGEMENT

MA5600 – Economics for Engineers Course Information Semester 6 Course Code MA5600 Course Name Economics for Engineers Credit Value 3 Pre-requisites None Core/Optional Optional

Hourly Breakdown

Theory 20 Small Group Activities 16 Practical – Assignment 18 Independent Learning 105

Course Aim

To introduce necessary macroeconomics and microeconomics principles for engineering decision-making.

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 organisations.
appraise economic effects on engineering projects.

Course Content (Only main topics & subtopics)

Basic Economic Concepts: Scarcity, thinking on the margin; opportunity cost; the power of trade; comparative advantage; production possibilities.
Allocation of Resources: Demand, supply, demand and supply shifters; equilibrium; elasticity; price ceilings and floors; the labour market.
Cost and Production: Profit and loss ratios; how much should a firm produce; production function.
Government and the Macroeconomy: Public goods and private goods; economics of environment; GDP; unemployment; inflation; the role of central banking; other measures of development system and welfare economics.
International Trade and Globalization: Trade between countries; growth of globalization; the role of free trade; multinational companies; foreign exchange and its impact on stability.
Group Project: Case Study Presentation.

Teaching/Learning Methods

Lectures
Student Based Activities

Assessment Strategy

Continuous Assessment 50%	Final Assessment 50%
Small Group Activities: 20% Group Project: 20% Quizzes: 10%	Theory: 50% Practical: – Other: –