Introductory description

This module gives students the opportunity to study the essential fundamental concepts in microeconomics and macroeconomics, many of which are relevant to the study of business. You will develop analytical and problem solving skills and will learn how to apply various analytical techniques to real world business problems. You will consider many key issues that businesses face and will develop the ability to think like an economist in addressing these problems.

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 some of the following topics:

Introduction to economics for business; the working of competitive markets; demand and supply, equilibrium analysis; consumer behaviour in the market; the price mechanism; concepts of elasticity; economic approaches to business performance and strategy; Internal economics of firms. Costs, productivity and profitability in the short run; economies of scale, economic vulnerability; different market structures; models of producer behaviour; game theory and strategic thinking; the use of AI in business; key macroeconomic variables and their measurement; short term and long term growth; exposure and the macroeconomy; uncertainty in the macro environment; aggregate demand and supply; Keynesian model; multiplier; circular flow of income; transmission mechanisms; types of unemployment; causes of inflation; money markets; ISLM analysis; globalisation and trade;

Learning outcomes

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

• Subject knowledge and understanding:...Understand key concepts in microeconomics, including the model of demand and supply; market equilibrium, the role of the price mechanism and how this affects businesses and decision-making in firms. Demonstrate a grasp of the different market structures in which firms compete and how this influences their behaviour in terms of prices, output, costs and profits.
• Subject knowledge and understanding:...Understand the key macroeconomic objectives, how to measure them and how changes in them affect businesses. Demonstrate knowledge of economic trends and show an ability to explain how government policy can influence these trends and how this affects business behaviour.
• Subject knowledge and understanding:...Understand how developments in technology, including the use of AI have influenced the way businesses behave and the productivity of the global economy.
• Subject-Specific/Professional Skills:...Select and apply appropriate economic models and techniques to particular problems and business issues.
• Cognitive Skills:...Apply the key concepts to industry-related problems and issues and explain these concepts using graphical and intuitive approaches and use basic mathematical techniques to solve problems.

Indicative reading list

Reading lists can be found in Talis

Specific reading list for the module

International

The module considers businesses competing in an international environment, including topics of globalisation and trade.

Subject specific skills

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

Transferable skills

Students will have the opportunity to develop:
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical skills