University of Queensland - ECON1011: Economics for Business (Solutions)

This course aims to set students on the path to becoming effective decision makers. It equips students with the core economic principles that are necessary to understand how decision makers make choices and how choices can be made that make the best possible use of limited available resources. Whether you are operating in the role of a consumer apportioning your income, a company manager striving to maximise profits, or a government policy-maker seeking to tackle environmental degradation, these principles are fundamental to effective decision making.

ECON1011 is an introductory economics course, covering principles of Micro- and Macroeconomics. It is taught in an "issue-based" format, meaning that we will be discussing contemporary social and economic issues, introducing relevant fundamental economic principles as we come across them. We would like to showcase the relevance and versatility of economics, and help you to acquire an "economic mindset". Through these applications, we will cover topics such as how price and output (for a particular product or general price and output level of an economy) are determined, how we explain why governments may need to intervene in a particular type of market but not in others, and how some government policies are more efficient than others. These basic concept will provide stepping stones for further studies in economics and business.

✔ After successfully completing this course you should be able to:

• Interpret, explain and utilise basic economic terminology.
• Identify and illustrate appropriate economic theory related to real-life contexts.
• Evaluate contemporary economics issues with the use of appropriate economics models.
• Communicate economic thinking in non-technical, plain language.