Only available to students taking BSc (Hons) Business Administration.
Aims & Learning Objectives:
This course aims to provide an understanding of the operation of the macroeconomic and microeconomic environments in which business operates. The unit focuses on economic frameworks and analytical tools which are important for an understanding of the business world. The objective of the macro economic component is to develop students ability to understand the influence of changes in the economic environment on business using the IS-LM-BP framework and to apply this framework to investigate the effects of changes in policy on macroeconomic variables. The objective of the microeconomic component is to develop an understanding of decision making by households and firms in both product and factor markets with particular emphasis on the theory of the firm. This part of the course serves as a basis for Business Economics II.
Content:
Introduction to business economics. The macroeconomic environment: circular flow of income; consumption and investment; money markets and foreign exchange; relationships between markets in the closed and open economy and the impact of government policies on the macroeconomic context in which business operates. The microeconomic environment: consumer behaviour; prices and markets, production and costs; structure of product markets, operation of factor markets.
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