Economics for Business syllabus
Browse the units
Economics for Business
5 units
2 Analysis of Demand, Supply, and Market Efficiency (14 LHs)
3 Production, Cost, and Profit analysis (12 LHs)
- Production functions and factors of production
- Variable-proportions law and optimal input use
- Isoquants and marginal rate of technical substitution
- Returns to scale
- Opportunity, explicit, implicit, accounting and economic costs
- Short- and long-run cost curves; economies and diseconomies
- Business versus economic profit
1. Introduction (5 LHs)
- Scarcity, choice and alternatives
- Microeconomics and business operations
- Macroeconomics and business environment
2. Analysis of Demand, Supply, and Market Efficiency (14 LHs)
- Demand and supply functions; curve movements and shifts
- Market equilibrium and economic efficiency
- Price elasticity of demand and business uses
- Revenue and price elasticity
- Income, cross and advertising elasticities
- Price elasticity of supply
3. Production, Cost, and Profit analysis (12 LHs)
- Production functions and factors of production
- Variable-proportions law and optimal input use
- Isoquants and marginal rate of technical substitution
- Returns to scale
- Opportunity, explicit, implicit, accounting and economic costs
- Short- and long-run cost curves; economies and diseconomies
- Business versus economic profit
4. Market Structure and Pricing Practices (5 LHs)
- Perfect competition, monopoly, monopolistic competition and oligopoly
- Profit maximization
- Price discrimination, cost-plus pricing, two-part tariffs and bundling
- Wage and interest-rate differentials
5. Fundamentals of Macroeconomics (12 LHs)
- GDP, GNP, NI, PDI and per-capita income
- Nominal/real GDP and GDP deflator
- Consumption, saving and investment functions
- Inflation, deflation and business cycles
- Balance of payments and exchange rates
- Monetary and fiscal policy