- Module Code:
- FHEQ Level:
- Year of study:
- Year 2
- Taught in:
- Term 1
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).
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