This unit introduces students to the discipline of economics and prepares them for more advanced studies in the area of accounting and business. The course will examine how individuals and firms make decisions and the motivations for their behaviour (micro-level). It will also introduce them to the operation of the economy as a whole (macro-level). It will apply these economics concepts to explain the decisions making process of individuals and businesses when there are shifts in a market or at an economy level. The unit will introduce and apply the idea of market failure to concepts such as pollution, climate change, national defense, education and health. Students will be equipped with the tools to evaluate the welfare consequences of market failures, market structures and government interaction. These tools will be introduced through the application of case studies to develop a practical understanding.