Economics for entrepreneurs

This unit introduces the business strategy to non-commerce, as well as, commerce majors who seek to be future entrepreneurs/business leaders, providing economic tools and analysis for establishing, sustaining or growing a business. Using a lecture and case study workshop approach with the textbook, online resources, guest speakers and videos, this unit will explore and develop an understanding of all the factors that influence the success of a business. A starting point of this unit will be the definition of a market. It will explore issues of price/demand determination, pricing sensitivity, economic costs and the impact of the business environment. Moving ahead the unit will study the effect of industry-wide factors (such as monopoly, oligopoly and monopolistic competition) and economy-wide factors (such as economic growth, inflation, interest rates and foreign exchange rate) on the business performance and competition strategy.