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Thorough grasp of material (lecture and cases) as demonstrated in examinations Participation in class discussions Excellent participation *may* help fit your grade one level up 4 Attendance Regular attendance in lectures and tutorials is essential to complete this unit successfully. Steady effort is the air 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 air Context O Dry Sarah Advertiser 13 Grading Policy The Bad NewsWord about academic honesty No plagiarism pasting sentences or paragraphs from versatile sources without attribution DOES constitute plagiarism. Copying from another student also constitutes plagiarism No treason 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 ac t of academic dishonesty will automatically fail the assignment or the unit Any Questions? 5 What is political economy and its relevance? Study of how economic agents choose to SE their strange 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 sound 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 antecedent tools that can maximize your firms chances for survival and prosperity in an uncertain world. This is all about Business Economics. 6 What is Business Economics? Business economics is relate with the application of economic principles and analyticalal tools of decision sciences Mathematics, Statistics, andEconometrics 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 governing body (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