This unit equips international students preparing to undertake an undergraduate course with foundation knowledge to undertake first year degree undergraduate study in a range of disciplines, notably Commerce This unit aims for students to:
- Understand simple analytical techniques and models to promote an understanding of micro and macro economics
- Inquire into and reason clearly and objectively about economic issues, by applying economic theory and skills to real word issues
- Interpret and present economic data and arguments in a clear, concise and coherent manner
- Develop an awareness of the interrelationship between macroeconomic events and the effects of government macroeconomic policy measures
- Develop critical thinking, problem-solving and independent study skills
This unit looks at basic Microeconomic theory followed by the circular flow model, interdependence between macroeconomic sectors, aggregate demand aggregate supply model, Government macro-economic goals, measuring economic growth, Macroeconomic indicators, phases of a business cycle, monetary policy, fiscal policy, measurement of international trade and investment flow, and Economic integration, globalisation, free trade and protectionism.