MA5600 – Marketing for Engineers – ENGINEERING MANAGEMENT

MA5600 – Economics for Engineers

Course Information

Semester

Course Code

MA5600

Course Name

Economics for Engineers

Credit Value

Pre-requisites

None

Core/Optional

Optional

Theory

Small Group Activities

Practical

–

Assignment

Independent Learning

105

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

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.

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.

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

MA5600 – Marketing for Engineers