The course provides an introduction to the form, content and reasoning of economics, both in microeconomics and macroeconomics, as a basis for understanding economic dimensions of government policy, particularly industry policy.

The course will cover the major building blocks of micro-economics in terms of individual firms, consumers and workers, aggregating these to markets and their operation in national and international economies. This provides a basis for examining the structure of analysis behind major issues such as industry policy and tariffs as well as competition policy and micro-economic reform, inflation and unemployment.

The course is aimed at students with no prior or recent tertiary study in economics.

Topics covered include:

• An introduction to economics
• Supply and Demand
• Markets and Welfare
• Market failure
• The importance of market structure
• Factor markets
• Macroeconomics Concepts and Measures
• Long-run Economic Change
• Stabilisation Policy
• International Economic Relations 

Restrictions: Enrolment is normally restricted to candidates enrolled in the Industry Strategy Specialisation. This course cannot also be credited with:

• POGO 8016 Economic Way of Thinking I and/or
  
• POGO 8019 Economic Way of Thinking II,
  
• POGO 8064 Government in a Market Economy or
  
• POGO 8081 Economics for Government.