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MSING019: Business Economics
Economics is the science of allocating scarce resources among competing social wants.
Microeconomics describes how individuals and firms make informed tradeoffs between
scarce alternatives in order to improve their well being. Macroeconomics, on the other
hand, is the study of the economy as a whole in an attempt to explain aggregate trends.
This course is designed to give the student enough rigorous quantitative comprehension
of both microeconomic and macroeconomic analysis to provide an adequate foundation
for further studies in business economics.
By the end of this course, the student should be able to: understand the main ideas of
microeconomic theory and be able to apply them to analyse real-world policy issues.
Similarly, macroeconomic issues, such as the impact of monetary and fiscal policies in
both open and closed economies, should be well ingrained. While a mathematical
approach is encouraged throughout, the main concepts are also illustrated graphically.
Furthermore, emphasis is placed on the intuition behind the concepts to enable more
profound understanding. Nevertheless, students in this course require some fluency in