Economics for managers

Topics covered

The module aims to simplify complex economic concepts to enable the students to implement them in a business framework. Students seeking to proceed to an interdisciplinary working environment need to develop an understanding of these concepts and this module meets these needs.

• Supply and Demand
• Diminishing Marginal Returns
• Production Function and Competitive Markets
• Market Equilibrium and the Government
• Oligopolistic Markets
• Game Theory and Strategic Decision Making
• GDP Measures
• Comparative Advantage and International Trade
• Inflation and Price Indices
• Taxation and Budget Deficits

Learning outcomes

If you complete the course successfully, you should be able to:

• Describe and judge how firms make decisions and the factors that determine these decisions
• Understand how changes in policy affect firms and consumers’ behaviour
• Explain and evaluate the concept of market failure
• Identify the links between current economic environment and economic theory
• Understand and critically evaluate current research in economic analysis in business context
• Apply economic concepts to real-life events and recognise unstated assumptions
• Use analytical tools and techniques to appraise the relevance of various factors in business decision-making
• Apply an economic way of thinking
• The techniques to make efficient allocation of limited resources
• The ability to deal with complex economic issues, and make sound judgements when adapting to changes or incomplete information (including the ability to make managerial decisions in high-risk environments and improve performance of managerial duties)
• Reasoning and problem solving skills
• Independent study skills
• Digital and information literacy skills
• Skills of interpretation of information presented in numerical and graphical forms
• Communication skills (including: effectively using the language of economics and the ability to communicate ideas and argue in a clear and logical way and with reference to the language of economics

Assessment

This module is assessed by:

Coursework (50% weighting):

• There is one item of coursework for this module which contributes to the final assessment mark forthis module:
• Coursework: a written essay of a maximum of 2,000 or 2,500 words (deadline – weeks 9-12) The coursework is designed to check student progress, extend and reinforce concepts covered and also test individual performance.

Examination (50% weighting):

• The final piece of assessment will be an unseen written examination of 2 hours’ duration.

Essential reading

The following is provided as part of the course materials after you register:

• Robert Pindyck, Daniel Rubinfeld, Microeconomics 8th Edition, Prentice Hall, 2013 (new edition due in Aug 2016)
• Paul G. Farnham, Economics for Managers 3rd Edition, Prentice Hall, 2013
• David Miles, Andrew Scott, Francis Breedon, Macroeconomics – Understanding the Global Economy, Wiley, 2012 (new edition due in Aug 2016)