Module Information

Module Identifier
MMM1320
Module Title
Business Economics
Academic Year
2020/2021
Co-ordinator
Professor Michael Christie
Semester
Semester 2
Other Staff
 

Course Delivery

 

Assessment

Due to Covid-19 students should refer to the module Blackboard pages for assessment details

Assessment Type Assessment length / details Proportion
Semester Assessment Assessed Group Presentation  20%
Semester Assessment 2,000 Word Report  20%
Semester Exam 3 Hours   Examination  60%
Supplementary Assessment Assessed Group Presentation  20%
Supplementary Assessment 2,000 Word Report  20%
Supplementary Exam 3 Hours   Examination  60%

Learning Outcomes

On successful completion of this module students should be able to:

Understand, critically evaluate and apply basic economic concepts to solving managerial problems i.e pricing and output.

Understand the role of the economic environment in the wider business environment and how this can be influenced by government policy and the wider international environment

To appreciate and understand different market structures and how they impact on pricing and output decisions.

To equip students with the skills to make decisions as managers thought the application of conceptual frameworks and theories to practical examples

To develop presentation and team working skills though class exercises, discussion and workshops

To improve written and verbal reasoning skills and analytical skills through the application of economic models to managerial problems

Content

1. The Business and economic environment.
2. The Macroeconomic environment
3. The microeconomic environment and market pricing
4. Pricing strategies
5. Firms, markets and pricing
6. Government and its policy impact on firms decision making
7. Applications of economic principles to internal decision making
8. The international economic environment
9. Multinational activity.
10. Review and Revision

Aims

The aim of this module is to provide students with an understanding of economic concepts and theory and their applications in order to solve business/managerial problems.

Brief description

This module is designed to develop and augment the knowledge and understanding of management issues through the study of basic economic principles. It will consist of a series of lectures/workshops that focus on contemporary macroeconomic and microeconomic theory and applications. Throughout the module the emphasis will be place on developing practical insights into managerial problems.

Module Skills

Skills Type Skills details
Application of Number Analysis of economic data, company reports and other numerical data.
Communication Develop communications skills including discussion and listening skills. Improve literacy skills by reading and writing reports and essays
Improving own Learning and Performance Devise and apply realistic self-learning strategies, review and monitor overall performance, be aware of time management techniques
Information Technology Use a range of commonly used software packages. Present information and data. Use email /internet appropriately and effectively.
Personal Development and Career planning Students will be able to apply the skills acquired in this module to enhance their career opportunities. They will also be aware of the importance of organizing and managing sources of knowledge
Problem solving Identify problems. Identify factors which might influence potential solutions. Develop creative thinking approaches to problem solving. Evaluate advantages and disadvantages of potential solutions. Construct a rational proposal in response to problem.
Research skills Carry out research into current economic problems as they apply to business. Identify relevant source material and journal articles for assignments.
Subject Specific Skills Students will be aware of the importance of economic concepts, organizing and managing sources of knowledge and keeping up to date with the latest developments in economic ideas and events.
Team work Understand the concept of group dynamics, contribute effectively and participate in group discussions and group presentation

Notes

This module is at CQFW Level 7