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MN10574: Business economics

Follow this link for further information on academic years Academic Year: 2019/0
Further information on owning departmentsOwning Department/School: School of Management
Further information on credits Credits: 12      [equivalent to 24 CATS credits]
Further information on notional study hours Notional Study Hours: 240
Further information on unit levels Level: Certificate (FHEQ level 4)
Further information on teaching periods Period:
Academic Year
Further information on unit assessment Assessment Summary: CW 10%, EX 90%
Further information on unit assessment Assessment Detail:
  • Coursework (CW 10%)
  • Examination (Semester 1) (EX 20%)
  • Examination (Semester 2) (EX 70%)
Further information on supplementary assessment Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Further information on requisites Requisites:
Further information on descriptions Description: Aims:
This unit aims to provide students with an understanding of the operation of the macroeconomic and microeconomic contexts in which businesses operate. The unit will highlight some of the frameworks and analytical tools used by economists, and to show how these are relevant to business decisions and can assist in providing insights into the nature of the competitive environment. The objective of the macro-economic component is to develop students' ability to understand the influence of changes in the broad economic environment on businesses. The objective of the microeconomic component is to develop an understanding of the markets in which firms do business. The focus of the material covered is more heavily weighted towards the microeconomics side, and within that, the area of industrial economics.

Learning Outcomes:
By the end of this unit students should be able to perform an analysis of key economic issues in the macro- and micro- environments in which business operates. They will be able to do so in a time-constrained manner and without access to a textbook.

Skills:
Grasp of basic microeconomic and macroeconomic concepts and their applicability to the real world (taught, facilitated and assessed). Ability to construct an argument (facilitated, assessed). Critical thought, writing and analytical awareness (facilitated, assessed).

Content:
Introduction to business economics, focussing on the microeconomic theory of the firm and industry, and related analytical frameworks. Likely microeconomic topics to be covered include: consumer behaviour; demand and supply determination, production and costs, structure of product markets, pricing possibilities, The five forces affecting industry profitability, the intensity of rivalry between firms and measurement of monopoly power, oligopoly price and non-price behaviour under conditions of competition and co-operation, barriers to entry and entry deterrence, and the impact of government competition policy on strategic options. Macroeconomic topics will include: the business cycle, inflation, unemployment, exchange rates, Economic growth and GDP.
Further information on programme availabilityProgramme availability:

MN10574 is Compulsory on the following programmes:

School of Management
  • UMMN-ANB01 : BSc(Hons) Business Administration with Thin sandwich placement(s) (Year 1)

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