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Thorough grasp of material (lecture and cases) as demonstrated in examinations Participation in class discussions Excellent participation *may* help move your grade one level up 4 Attendance Regular attendance in lectures and tutorials is essential to complete this unit successfully. Steady effort is the way to build your human capital in this area The text, supplementary reading, lectures, tutorials, etc. Are all complements, not substitutes Attitude is key to your success – Been there, done that -International Business Context O Dry Sarah Advertiser 13 Grading Policy: The Bad News

Word about academic honesty: No plagiarism: pasting sentences or paragraphs from various sources without attribution DOES constitute plagiarism. Copying from another student also constitutes plagiarism No dishonesty in attendance: Signing in for one or more other students constitutes academic dishonesty No dishonesty in examination: No talking or exchanging notes during examination Students caught committing an act of academic dishonesty will automatically fail the assignment or the unit Any Questions? 5 What is Economics and its relevance? Study of how economic agents choose to SE their scarce resources.

Economics analyses the basic market structures of the business environment, and the decision-making behavior of economic agents Economic agents include consumers, firms, managers, workers, bureaucrats, criminals, Branches of Economics Microeconomics Branch of economics that deals with the behavior of individual economic units-?consumers, firms, workers, and investors-?as well as the markets that these units comprise. Macroeconomics Branch of economics that deals with aggregate economic variables, such as the level and growth rate of national output, interest rates, unemployment, and inflation.

Classical Economics and Business Economics is to the traditional business discipline as Physics is to the classical engineering sciences. Economics is a tool box. Combining these with tools from decision sciences we can find the power tools that can maximize your firm’s chances for survival and prosperity in an uncertain world. This is all about Business Economics. 6 What is Business Economics? Business economics is concerned with the application of economic principles and analytical tools of decision sciences – Mathematics, Statistics, and

Econometrics – to solve Business/Managerial decision problems. Thus, Business economics is about the application of economic theory and analytic tools to help managers make better decisions. The scope of Business Economics Management decision problems arise in any organization (firm, a non-profit organization, or a government agency) when it seeks to achieve some goal or objective subject to some constraints. Business Economics provide us with the power tools to examine how an organization can achieve its objectives most efficiently. Decision Problems: Examples