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The globalisation phenomenon and the new world order is reshaping how businesses operate in both the national and global marketplace. Providing practicing managers, the economic foundations for responding to these challenges and opportunities, this subject provides economic reasoning that informs and develops useful insights into the role of firms in the economy. This course introduces students to the basic microeconomic and macroeconomic principles and tools designed to critically evaluate the environment within which businesses operate. The course consists of three modules. The first module introduces the basic microeconomic concepts and principles and illustrates their applicability in business decision-making. Emphasis is placed on competition, industry changes, and competitive rivalry, and how pricing and output decisions are made under different market structures. The second module introduces basic macroeconomic concepts and illustrates the applicability of these concepts and principles in understanding recent national, regional and global business trends and how these changes inform business decision making within the context of changing demographic, social and cultural settings. The third module introduces the economic analysis of contemporary issues confronting businesses, including the role and impact of foreign direct investment, the changing global trade and financial environments, industry dynamics within which businesses operate and the role of government in bringing about change in the macroeconomy.
In completing TECO602, students will be required to complete the Graduate Skills Development Module “Presentation Skills 1”.