Economics for Management

Module description

This applied module will consider how economic analysis can be a useful technique for businesses and their managers. This module provides an essential, useable body of economic theory, which will provide the basis for further study and a real understanding of the role of economics in business, public and private decision-making. The module considers how economics can be used to understand particular business problems or aspects of the business environment, using a variety of case studies. To analyse management decisions only a very modest amount of quantitative proficiency will be required. Thus, if you wish to undertake a more technical and mathematical course, then you should consider Economic Principles (BEE1029). Economics for Management cannot also be taken, if you are taking or have already taken (BEE1030) Microeconomics, (BEE1031) Macroeconomics (or Economic Principles (BEE1029).

Full module specification

Module title:Economics for Management
Module code:BEE1034
Module level:1
Academic year:2016/7
Module lecturers:
Module credit:15
ECTS value:

7.5

Pre-requisites:

None

Co-requisites:

None

Non-requisites: Cannot be taken with or if you have taken BEE1029, BEE1030 or BEE1031

Duration of module: Duration (weeks) - term 1:

11

Module aims

Economics offers powerful insights into the world in which we live. This introductory economics course aims:
• to provide an essential, simple, useable body of economic theory, which will both provide the basis for further study and equip students with a real understanding of the role of economics in business, public and private decision making
• to encourage students to ‘think like an economist’ in their everyday lives
• to give students an understanding of how businesses use economic theory to make decisions
• to illustrate how economics is relevant to other areas of management, such as marketing, human resources and operations management
• to develop students’ understanding of the environment in which firms operate
• to examine how changes in economic policy will affect business behaviour
• to consider the issue of the global economy and the challenges businesses are facing
• to convince students, using a blend of theory, applications and policy analysis, that economics is both interesting and relevant

This module will consider how economic analysis can be a useful technique for businesses and their managers.

ILO: Module-specific skills

  • 1. apply the economic way of thinking to enable them to understand microeconomic problems such as why markets allocate resources where they are most wanted; why prices and wages rise and fall; how consumers allocate their budgets and how firms arrive at production decisions
  • 2. explain how the economic environment will affect business strategy in the domestic economy and in the global economy
  • 3. explain the ways in which firms make decisions and the factors that determine these decisions
  • 4. describe the competitive environment in which firms operate and explain how that will affect decision-making
  • 5. describe the concept of market failure and what effect governments can have on the provision and pricing of goods and services
  • 6. describe the operation of labour markets and be able to apply this to other factor markets used in the production of goods and services
  • 7. explain how managers can make decisions in high-risk environments.
  • 8. understand the issues that are given priority by modern governments

ILO: Discipline-specific skills

  • 9. demonstrate reasoning and problem-skills. Students will understand what is meant by 'thinking like an economist'
  • 10. demonstrate an understanding of the links between current economic problems and economic theory

ILO: Personal and key skills

  • 11. demonstrate problem-solving and independent study skills
  • 12. use the ELE and the online resources that are companion to the textbook to develop IT skills

Learning activities and teaching methods (given in hours of study time)

Scheduled Learning and Teaching ActivitiesGuided independent studyPlacement / study abroad
261240

Details of learning activities and teaching methods

CategoryHours of study timeDescription
Scheduled22 (2 hours per week)Lectures
Scheduled4-5 (1 hour each)Tutorials
Guided Independent Study12 ( approx 1 hour per week)Web-based activities
Guided Independent Study34 (approx 3 hours per week)Use of Online Resources
Guided Independent Study56 (approx 5 hours per week)Reading
Guided Independent Study22 (2 hours per week)News Research and Reading

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
TutorialsThroughout the term1-12Feedback on tutorial exercises

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
01000

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination1002 hours in January1-13Exam result and feedback as requested
0
0
0
0
0
0

Details of re-assessment (where required by referral or deferral)

Original form of assessmentForm of re-assessmentILOs re-assessedTimescale for re-assessment
Examination (100%)Examination – 100%1-13Referral Exam Period - Exam result and feedback as requested

Syllabus plan

  • The Economics and Business Environment
  • Microeconomics: The Market System
  • Microeconomics:  The Limitations of Markets
  • Microeconomics:  The Economics of Firms in Markets
  • Introduction to Macroeconomics
  • Global Business and Economics

Indicative learning resources - Basic reading

Basic reading:

Samuelson, W.F and Marks S.G, (2015) Managerial Economics, 8th Edition, John Wiley & Sons.

Further texts and readings are suggested on the ELE.

Module has an active ELE page?

Yes

Origin date

01/09/2012

Last revision date

19/08/2016