ECO1006F - Economics For Non-specialists

Course Outline:

This course comprises both micro- and macro-economics. Microeconomics focuses on individuals, be it individual consumers, firms or markets. The focus is on understanding the behaviour of these individual entities. Macroeconomics focuses on the economy as a whole. Rather than looking at the factors that determine an individual’s consumption decisions (i.e. his/her income, the expected utility derived from different goods and the prices of those goods), the focus in macroeconomics is on total consumption of all consumers in the economy. Similarly, the focus is not on the output decision of any individual firm, or even an industry, but on the total output of all firms in the economy as a whole.