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MN10567: Introduction to business economics

[Page last updated: 20 April 2021]

Academic Year: 2021/2
Owning Department/School: School of Management
Credits: 6      [equivalent to 12 CATS credits]
Notional Study Hours: 120
Level: Certificate (FHEQ level 4)
Period:
Semester 1
Assessment Summary: EX 100%
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Aims: This unit aims to provide an understanding of the operation of the microeconomic environments in which business operates. In doing so it aims to 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.

Learning Outcomes: On successful completion of this unit students should be able to perform the follow types of basic economic analysis without access to a textbook in a time constrained situation:
* Outline the basic theoretical concepts relating to the economic problem, including scarcity, choice, and opportunity cost.
* Analyse the likely features of the market for a given product using a Demand and Supply model and then be able to explore how this would be affected if subject to a change in one of its determinants or the imposition of taxation.
* Analyse the advantages and disadvantages of various market structures for the allocation of resources.
* Conduct elasticity calculations and interpret results.
* Review the different pricing options for different types of businesses in various market situations with different business aims.
* Examine the likely attractiveness of various industries and associated business unit strategies that determine profitability levels.

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

Content: Introduction to Business Economics, focussing on Microeconomic theory of the firm and industry, and related analytical frameworks. Topics to be covered include demand conditions, cost conditions, the competitive environment, models of market structure, pricing and the extent of competition.

Programme availability:
NB. Postgraduate programme information will be added when the postgraduate catalogues are published in August 2021

MN10567 is Compulsory on the following programmes:

School of Management
  • UMMN-AYB06 : BSc(Hons) International Management with Year Abroad (Year 1)
  • UMMN-AFB04 : BSc(Hons) Management (Year 1)
  • UMMN-AKB04 : BSc(Hons) Management with Year long work placement (Year 1)
  • UMMN-AKB05 : BSc(Hons) Management with Marketing with Year long work placement (Year 1)

Notes:

  • This unit catalogue is applicable for the 2021/22 academic year only. Students continuing their studies into 2022/23 and beyond should not assume that this unit will be available in future years in the format displayed here for 2021/22.
  • Programmes and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.