In this unit students learn the relevance and practicality of economics to decision making and develop the analytical skills to understand real-world business and policy issues. The core microeconomic principles covered enable students to understand key concepts such as how markets work (demand, supply, elasticities, economic efficiency, market structures), how firms make production decisions (technology, production and costs), the role of government in markets (market failure) and international trade and trade policies (comparative advantage, tariffs, quotas). Contemporary examples are used to contextualise key concepts.