Principles of Economic Thought is designed to give you a broad introduction to the foundation principles of economic thought, and will demonstrate the usefulness of the principles to better understand the behaviour of people, business, and government. By introducing you to a small number of core economic concepts and tools, and by demonstrating their wide ranging application, this unit provides you with the opportunity to improve decision making in all domains of your life and to better understand aspects of the business and policy environments in which you operate, both individually and collectively. The unit also highlights the use of key economic concepts that can assist people in their role as managers to form successful competitive strategies, and to run more profitable firms. Some of the topics covered in this unit include the laws of supply and demand, market structure, specialisation, game theory, information asymmetry and the welfare implication of business decisions and government policy.
|Unit name||Introduction to Economic Thought|
|Faculty/School||College of Business & Economics
Tasmanian School of Business and Economics
|Discipline||Economics and Finance|
Dr Clinton Levitt
|Available as student elective?||Yes|
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LO1: Define, measure and use key economic concepts in a business environment.
LO2: Describe the framework used in economics for making and analysing business decisions.
LO3: Use economic theory to explain decisions made by individuals, businesses, government, and identify the ethical and welfare impacts of these decisions.
|Band||Field of Education|
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Weekly 1 hr lecture, 1 hr tutorial and 1 hr workshop
In-workshop tests, essays and final exam
|Timetable||View the lecture timetable | View the full unit timetable|
Please see the unit outline for details.
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