BUS400 - Business Economics

Subject Title
Business Economics

Subject Description
This is an introductory course in Macroeconomics. This course will apply the theories and principles of the discipline to many of the major issues of our day. The basic purpose of the course is to give the student an understanding of the fundamental principles of economics, beginning with concepts, terminology and methodology. It then looks at markets, the interaction of supply and demand and the various institutions which function within a market economy. Next, the overall operation of the economic system is described. The major macroeconomic variables, including business cycles, economic growth, price stability, inflation, unemployment, gross domestic product, money and banking are discussed. Subjects dealing with national income, and various policy measures including monetary and fiscal policy are analyzed. Problems and controversies in macroeconomics conclude this course.

Credit Status
This course is a required credit for students in GBS, BAR, BAG, BAS and BAO programs.

Note: Students taking BUS 400 MAY NOT TAKE ECN 500 OR ECN 502 as general education subjects. They cover approximately the same material.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1. Describe the significance of economic concepts, understand the terminology used in economics, and apply economic procedures and methodology.

2. Understand the essence of the economizing problem, economic efficiency and economic growth.

3. Explain the laws of supply and demand, how they interact, and how equilibrium is achieved.

4. Discuss how markets function and how prices and output levels are determined.

5. Understand the features of institutions in a market economy, the use of economic resources, specialization and the use of money.

6. Discuss the twin problems of macroeconomics: unemployment and inflation and explain the main aspects of the business cycle.

7. Demonstrate an understanding of the importance of the ability to measure economic performance and outline the methods used to measure the level of domestic output, national income and prices.

8. Describe and understand how government fiscal policy is formulated and applied for the purpose of achieving macroeconomic stability.

9. Describe the functions of money, the Bank of Canada's definition of the money supply, and the tools and objectives of monetary policy.

10. Understand the significance of economic growth, and the policies used to achieve it.

11. Understand the meaning of debt and deficit and assess their impact on domestic investment and international trade.

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.