Welcome
to the wonderful world of Economics! Welcome also to this module in Economics (ECON 111),
this is going to set you on track to become literate in economics in no time!
The aim of the module is to introduce you to Economics and to provide you with
an insight into the functioning, composition and interdependence of the
distinguishable decision-makers and sectors in the economy.
The rationale behind the subject:
The first economic assumption is maximum
profit. The goal of any company is to maximise profits, which cannot happen in
isolation from the rest of the economy. Interaction with other economic participants
is essential. For production, production factor owners or other producers
supply inputs. For selling, interaction with consumers is necessary. Markets
will organise most of these interactions and the market is dynamic.
Participants and markets are not constant, stable and non-developing entities.
Tastes and preferences, production techniques, inflation, unemployment,
interest rates and taxes are variables that change frequently. A business
administrator without any knowledge of economics, who ignores these
instabilities in the economic sphere, may find that his company is making
losses and eventually will be forced to leave the industry.
This
module will introduce you to the functioning of the economy. It will deal with
the different economic participants, markets and policy makers in the economy.
All these participants will influence the performance of any company. This
course is an introduction to economics. In later modules, more in-depth
discussion on each of these economic participants and topics will follow.
To get you started: Look at the slideshow - make sure you know when you can pop in, have the right textbook and are connected on all the social platforms.
No comments:
Post a Comment