MA3600 – Basic Economics – ENGINEERING MANAGEMENT

MA3600 – Basic Economics Course Information Semester 6 Course Code MA3600 Course Name Basic Economics Credit Value 2 Pre-requisites None Core/Optional Core for Mechanical Engineering Undergraduates

Hourly Breakdown

Theory 20 Small Group Activities 10 Practical – Assignment – Independent Learning 70

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

Continuous Assessment 40%	Final Assessment 60%
Small Group Activities: 20% Quizzes: 20%	Theory: 60% Practical: – Other: –