This course introduces students to essential concepts and tools used in microeconomic and macroeconomic analysis. Microeconomics deals with the behaviour of individual economic agents (persons, households and businesses) and shows how resources are allocated by the price mechanism through the interaction of consumer and producer decisions (demand and supply forces) under different market structures. Macroeconomics, however, deals with economics at an aggregate level focusing on such topics as the determinants of national income and economic growth, and the effects of fiscal and monetary policies on unemployment and inflation under different exchange rate regimes. 

This course introduces students to the fundamental principles of economic analysis with a focus on their application in engineering contexts. Students will learn to assess the economic viability of engineering projects, considering factors such as cost estimation, financial forecasting, and risk analysis. Prerequisite: MATH 161.