Entry requirements and weighting

Brief description

Every day managers make many decisions that affect the survival prospects of their firm. These include deciding how much of a particular product to produce, what price to charge for that product, whether to hire workers, how much effort should be invested in improving the production process, and what amount should be bid in an auction, etc. An understanding of economic concepts can improve such decision making within a firm.

The aim of this unit is to teach students how to use economic tools to solve business problems, such as those described above. This aim is two-fold in that students must first understand the economic tools and then, secondly, know how to apply these concepts to tackle complex real world problems.

This unit will cover the following topics:

1. Defining economics and markets, demand and supply, elasticity
2. Market imperfections, impact on prices and profits, regulation and interventions
3. Costs, revenues and production
4. Measuring national production, income and production
5. Issues of economic management – inflation, growth, employment and the standard of living
6. Monetary and Fiscal policy, other government policy initiatives

Learning outcomes

Students will gain the following capabilities, competencies, and professional skills upon completion of this unit

1. To understand the principles of the conduct of markets
2. To appreciate the impact of the absence of competition within markets
3. To appreciate and understand macro-economic principles
4. Evaluate the impact of governments upon economic activity
5. Evaluate the impact of international trade upon national economies
6. Presentation of analysis as reports, orally and in writing