Introductory description

EC229-15 Economics of Strategy

Module web page

Module aims

Outline syllabus

This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.

The module will typically cover the following topics:

• Business economic approaches to business performance and strategy; Internal economics of firms.
• Costs in long run.
• Investment in physical and human capital. Intertemporal decisions; Firms and consumers in the market place.
• Indifference curve analysis of product choice and savings.
• Imperfect information; Exposure and macroeconomy recap of economics for business; Interest rates and financial
  markets; Understanding aggregate demand and aggregate supply.
• Price levels, inflation and unemployment. The importance of expectations; Exchange rates, exchange rate regimes fixed and floating.
• Optimum currency areas; Current macro issues e.g. oil prices, global imbalances; The long run.
  Illustrating how and exploring why GDP growth rates differ across countries and through time; Imperfect product markets.
• Differentiation, monopolistic competition and monopoly, barriers to entry; Strategic rivalry.
• Oligopoly, game theory, entry deterrence; Growth strategies.
• Horizontal and vertical growth, diversification; Governance and regulation.
• Market failure and government failure; Imperfect labour markets.
• The economics of trades unions; Summary of the economic approach to strategy.

Learning outcomes

By the end of the module, students should be able to:

• Subject-Specific/Professional Skills:...produce concise and analytical reports relating to economic problems and issues. The teaching and learning methods that enable students to achieve this learning outcome are: Essays, Group Projects, Tutorial presentations. The assessment methods that measure the achievement of this learning outcome are: Formative: Essays, Group Projects, Summative: Summer Examination.
• Cognitive Skills:...analyse and formulate models for understanding and solving problems. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essays, Group Projects, Tutorial discussions and presentations. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Cognitive Skills:...analyse competing models and hypotheses in a critical way. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essays, Group Projects. The assessment methods that measure the achievement of this learning outcome are: Formative: Essays, Group Projects, Summative: Summer Examination.
• Subject-Specific/Professional Skills:...select and apply appropriate economic models and techniques to particular problems relating to business and industry. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Essays, Group Projects, Tutorial discussions and presentations. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Subject knowledge and understanding:...demonstrate knowledge of economic trends, institutions and policies, especially in the context of strategic decisions of businesses. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essays, Group Projects, Tutorial discussions and presentations. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Subject knowledge and understanding:...abstract and simplify basic economic problems through the application of simple theoretical models. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Tutorial discussions, Essays, Group projects. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Key Skills:...communicate knowledge and understanding of economics in written, spoken, graphical and in elementary mathematical forms. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essays, Group Projects, Tutorial discussions and presentations. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Key Skills:...present the output of their own work to an audience. Work effectively on team projects. The teaching and learning methods that enable students to achieve this learning outcome are: Group Projects, Tutorial discussions and presentations. Group Projects. The assessment methods that measure the achievement of this learning outcome are: Formative: Group Projects, Tutorial presentations.
• Key Skills:...conduct individual and collaborative research into an Economic topic, using world wide web and library resources. The teaching and learning methods that enable students to achieve this learning outcome are: Exercise question sheets, Essays, Group Projects. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.
• Subject knowledge and understanding:...understand key concepts in Economics, such as long run cost curves, human capital investment, yield curves, IS/LM, aggregate supply/aggregate demand models, imperfect competition. The teaching and learning methods that enable students to achieve this learning outcome are: Lectures, Reading, Exercise question sheets, Tutorial discussions, Essays, Group projects. The assessment methods that measure the achievement of this learning outcome are: Formative: Exercise question sheet answers, Essays, Group Projects, Summative: Summer Examination.

Indicative reading list

Please see Talis Aspire link for most up to date list.

View reading list on Talis Aspire

Subject specific skills

Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Creative thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Analysis of optimisation
Understanding of Uncertainty and Incomplete Information

Transferable skills

Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Data-based skills
IT skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills