ECONOMICS FOR MANAGERS

Microeconomics

Introduction to economics, scarcity and the economic problem

Demand, movements along the demand curve and shifts in the curve

Supply movements along the demand curve and shifts in the curve

Supply and demand equilibrium

Price elasticity of demand and supply

Income elasticity of demand

Cross price elasticity of demand

Market failure, externalities, public goods, merit and demerit goods

The production possibility frontier

Market Structure: analysis profit maximisation for perfect competition, monopolistic competition, oligopoly, monopoly including economies of scale, marginal, average, total costs and revenue analysis.

Macroeconomics

National income and the standard of living

Index numbers

Inflation

Unemployment

Aggregate demand and supply

Fiscal and monetary and the implications on aggregate demand and the circular flow of income

The economic cycle and economic growth

National debt, budget deficits, budget surpluses