Learning Outcomes:
On completing this module, you will be able to:
1. Understand and describe the key features and characteristics of the broad economic and financial environment.
2. Demonstrate an understanding of the theoretical frameworks within which policymakers operate and within which consumers and businesses operate.
3. Understand the role of policy makers and how they operate and what they seek to achieve.
4. Understand current developments against relevant theoretical frameworks.
5. Relate economic theory to the real world of business.
6. Read and understand the financial and economic press.
Indicative Module Content:
1. Update on current global economic events.
2. Introduction to Economics – Relationship between Business and Economics – Introduction to Policy Making – Nature of Firms.
3. Business & Markets – Demand & Supply; Concept of Elasticity; Dealing with Risk & Uncertainty.
4. Consumer Behaviour; Economics of Advertising & Marketing.
5. Background to Supply; Costs, Revenue & Profit Maximisation.
6. Alternative Market Structures – Perfect Competition, Monopoly, Imperfect Competition.
7. Macro-Economic Environment: Growth, Unemployment, Inflation.
8. Macro-Economic Policy.
9. Review & Conclusions.