Credits: 2
Pre-requisites: None
Core / Optional: Core for Mechanical Engineering Undergraduates
Aim(s):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.
Time Allocation:
| Learning component | Hours |
|---|---|
| Theory | 20 |
| Small group activities | 10 |
| Assignments | – |
| Practical | – |
| Independent Learning | 70 |
Marks Allocation:
| Assessment | Percentage Marks |
|---|---|
| Continuous Assessments | 40% |
| Final Assessment | 60% |
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.