Aims

The aim of this course is to provide students with an overview of the main concepts and tools of economics. The aim is for a student to link economic principles to ‘explain and understand’ business problems. The course will cover both micro- and macro-economics and explain how these can be used to understand consumers’, companies’ and government behaviour in the market place.

Learning Outcomes

Knowledge

On completion of this module, the students are expected to have learned:

- The main theories and concepts of micro- and macroeconomics

- The application of economic analytical tools to solving strategic business problems

- To understand consumer, firm and government behaviour in the market place in economic terms

Skills

This module calls for the student to master:

- Supply/demand and elasticity to determine equilibrium prices and quantities

- Utility theory and cost analysis to understand consumer and firm optimization

- Keynesian and Neoclassical analysis to understand developments in the macro-economy    

Syllabus

- General concepts of economics

- Micro-economics: market demand & supply, pricing, elasticity and consumer behaviour

- Behaviour of firms: costs & product supply, profit maximization

- Industry/Market structure, competition and company growth

- Macro-economics: output & aggregate demand; fiscal policy

- The role of banking and money creation

- Demand-side policies, money supply and interest rates

- Supply-side policies and economics growth

- International trade, exchange rates & globalization  

Learning, Teaching and Assessment Scheme

This module combines classroom lectures with self-learning and directed reading, and in class presentations by the students. Students will be required to prepare specific topics before each class in order to be able to participate actively and interact during classroom sessions. Formative feedback will be provided following presentations, participation in class and after returning tests/exams. Summative assessment consists of 4 tests (60%) and the Final Exam (40%).