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Purpose statement
This module provides an introduction to a broad range of economic concepts, theories, and analytical techniques. It considers both microeconomics, which deals with the analysis of choices made by individual decision-making units (households and firms), and macroeconomics, which deals with the analysis of the economy as a whole. The use of a market, supply, and demand model will be the fundamental model in which trade-offs and choices will be considered by comparing the costs and benefits of actions. Production and market structure will be analyzed at the firm level. Macroeconomic issues regarding the interaction of goods and services markets, labour, and money at an aggregate level will be modelled. The role of government policy to address microeconomic market failures and macroeconomic objectives will be examined as well