Economics for Managers

Module description

This applied module will enable you to consider how economic analysis can be a useful technique for businesses and their managers. This industry-relevant focus on the application of economics   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. It will allow you to develop a greater understanding of the macroeconomic issues businesses must deal with and how government and international policy can affect their behaviour. The module aims to set business decision-making in the current macroeconomic environment and so we consider issues such as the credit crunch and the UK’s recovery from recession and the impact on and role of businesses and their consumers.

Full module specification

Module title:Economics for Managers
Module code:BEP1050
Module level:1
Academic year:2016/7
Module lecturers:
  • Dr Tim Taylor - Lecturer
Module credit:15
ECTS value:

7.5

Pre-requisites:

None

Co-requisites:

None

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 you  to ‘think like an economist’ in your everyday life
  • to give you  an understanding of how businesses use economic theory to make decisions
  • to illustrate how economics is relevant to management practice
  • to develop your  understanding of the macroeconomic 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 you , 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 managers. 

ILO: Module-specific skills

  • 1. apply the economic way of thinking to enable you 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. construct macroeconomic models and make use of them in analysis of current issues
  • 8. explain how equilibrium is determined in the macroeconomy
  • 9. recount the issues that are given priority by modern governments
  • 10. explain the growing interdependence of nations in terms of trade and financial flows

ILO: Discipline-specific skills

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

ILO: Personal and key skills

  • 12. demonstrate problem-solving and independent study skills
  • 13. 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
Scheduled Learning and Teaching22 (2 hours per week)Lectures
Scheduled Learning and Teaching4 (1 hour each)Class Room Experiments with discussion
Independent Study 124 hoursReading, research and assessment preparation - both revision for examination and assessment production

Formative assessment

Form of assessmentSize of the assessment (eg length / duration)ILOs assessedFeedback method
Online QuizzesThroughout the term1-14Online Feedback and any additional feedback on request

Summative assessment (% of credit)

CourseworkWritten examsPractical exams
50500

Details of summative assessment

Form of assessment% of creditSize of the assessment (eg length / duration)ILOs assessedFeedback method
Examination502 hours in January1-13Exam result and feedback as requested
Essay501500 words1-13Tutor feedback
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
Examination1-13July/August
Essay1-13July/August

Re-assessment notes

A student who fails the module with an overall mark of below 40% will resit an examination worth 100%.

A student if deferred via a single component of the assessment will be re-assessed in that component only.

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

Mankiw, N.G, Taylor, M.P and Ashwin, A., (2013) Business Economics, 1st Edition, Cengage Learning.

Samuelson, W.F and Marks S.G, (2014) Managerial Economics, 7th Edition, John Wiley & Sons. Purchase of this text is strongly recommended.

Module has an active ELE page?

Yes

Indicative learning resources - Web based and electronic resources

http://vle.exeter.ac.uk/course/view.php?id=5903

Indicative learning resources - Other resources

All students on the programme will have access to additional material in the form of a customised e-book or as recommended during classes

Origin date

01/10/2014

Last revision date

02/12/2014