Students will be given the opportunity to study the essential fundamental concepts in micro and macroeconomics relevant to the study of business. You will develop analytical skills and apply analytical techniques to real world business problems.
Principal Learning Outcomes
Subject knowledge and understanding:...understand key concepts in Economics, such as national income determination, supply, demand and opportunity cost. Demonstrate knowledge of economic trends and key macroeconomic issues, especially in the context of how they affect businesses and how they might adapt to them. Apply key concepts to industry-related problems and issues. Abstract and simplify basic economic problems through the application of simple theoretical models.
Cognitive Skills:...analyse and formulate models for understanding and solving problems. Analyse competing models and hypotheses in a critical way.
Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems especially those of a policy nature and those relating to business and industry. Produce concise and analytical reports relating to economic problems and issues.
The module will typically cover some of the following topics:
Introduction to competitive markets; demand, supply, equilibrium analysis; consumer behaviour in the market; the price mechanism; price elasticity of demand; income elasticity of demand; cross elasticity of demand; price elasticity of supply; economic approaches to business performance and strategy; Internal economics of firms. Costs, productivity and profitability in the short run; economies of scale, economic vulnerability; market structure, including perfect competition, monopolistic competition, monopoly and oligopoly; game theory and strategic thinking; the key macroeconomic variables and their measurement; short term and long term growth; exposure and the macroeconomy; how business can cope with changing and uncertain market and macroeconomic environments; aggregate demand and supply; Keynesian model; multiplier; circular flow of income, including injections and withdrawals; transmission mechanism; types of unemployment; causes of inflation; money markets; ISLM analysis.
- Core Module
- N20E - Year 2, N403 - Year 2, N1RC - Year 2, N1RA - Year 2, N1RB - Year 2, N1RD - Year 2, N20B - Year 1, N400 - Year 1
- Optional Module
- MN3B - Year 1, N20F - Year 1
- Assessment Method
- Coursework (20%) + 2 hour examination (Summer) (80%)
- Coursework Details
- 2 hour examination (Summer) (80%) , Test 1 (10%) , Test 2 (10%)
- Exam Timing