Economics for Business (N MMTek-2021 Batch 7)

This course is designed to provide an understanding of the meaning and roles of micro and macro economics in business decision making. Companies need to pay attention to the influences of the market forces and important firm elements, as well as the importance of information and externalities caused by company activities in their business.
The core components of this subject is the application of economic concepts in managing business transaction through optimising scarce resources. The subject discusses issues within the microeconomics and macroeconomics perspective. It provides understanding of how economists model various economic situations pertaining to end users and firms, market coordination and marketing functions effectively and efficiently. The focus is on the concepts of supply and demand, market concentration, quantitative demand and supply analysis, industrial environment, process and production flows and production function game theory in oligopolistic economy. The subject enriches students knowledge on the impact of economy on businesses and increase understanding of government economic policies, national annual budget through the creation of productive human capital.