BMM4402 - Business Economics

Objectives:

On successful completion of the module, students will be able to:

1 explain the main economic processes involved in resource allocation in a market economy and apply the main principles of economic analysis;
2 identify and explain the principle determinants of business revenue and business costs and analyse their inter-relationship;
3 explain the nature and functioning of different market structures and analyse the behaviour of business organisations within these different markets;
4 employ appropriate economic analysis to analyse the economic and welfare implications of different forms of market behaviour and of policies designed to influence such behaviour;
5 outline the evolution and principles of economic management and analyse the macro economic environment within which businesses operate.

Content:

This module will introduce the major principles of economics and their applications to the business environment. The following topics will be covered:
Models of resource allocation, basic microeconomic concepts involved in the supply and demand model and equilibrium price. Theories of consumer demand including analysis of demand elasticity. The theory of the firm: different market structures and the competitive process especially the analysis of imperfect competition. Cost, output and profit outcomes under different market structures. Alternative theories of the firm.
Elementary welfare economics and policy issues, eg. the changing role of government, competition policy, privatisation and regulation, the problem of externalities.
Contemporary economic management: globalisation, transnational companies and economic management of the business environment.

Learning and Teaching Information:

The module will be delivered with a core of weekly 3 hours blocks, including lectures supported by weekly tutorials and workshops. In tutorials all students in the group will be expected to discuss questions issued in advance based on common set reading. Workshops will enhance students learning and applying basic economic concepts in business problems.
Lecture
Contact hours: 20
Intended Group size: cohort

Tutorial
Contact hours: 12
Intended Group size: 6-8

Workshop
Contact hours: 8
Intended Group size: 6-8

Guided independent study
Hours: 160
Further details relating to assessment
The weekly on line quizzes will be marked autmatically by the Connect e learning platform

Other relevant matters
All students in the cohort will be provided with an access key to the Connect e learning platform (McGraw Hill). This will given them access to an e copy of the text book plus a schedule of pre-assigned e learning resources, self-study sections and assignments designed to facilitate learning.

Assessment:

001 Assessed on line quiz (week 6) 10%
002 Assessed on line quiz (week 7) 10%
003 Assessed on line quiz (week 8) 10%
004 Report 1 x 2500 words (end of module) 70%


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