This module introduces students to the basic principles of economic analysis and decision sciences. It applies economic theory and decision sciences to business and management decision making. Topics covered include: decision problems, such as: product pricing and output, production technique, stock levels, advertising media and intensity, labour hiring and training, investment and financing); the theory of consumer choice and demand; the theory of the firm, theories of market structure and pricing; decision sciences; applications of economic theory and decision sciences to solve managerial decision problems; market failure and government policy; national and international economic structure (output and aggregate demand, inflation and unemployment, economic growth, and international trade and globalisation).
- Module Code:
- Year of study:
- Year 2
- Taught in:
- Term 1
Objectives and learning outcomes of the module
At the end of this module students should be able to:
- Understand the basic principles of micro and macro economics;
- Apply economic principles to business situations;
- Understand the role of economics in managerial decision making and public and private decision making;
- Understand the principles of strategic interaction and competition and apply them to business strategy formation;
- Understand the impact of macroeconomic forces, such as trade, growth and globalisation, on business performance and the wider economy.
Method of assessment
This module is assessed by 30% written coursework and 70% by one two hour examination