BMGT45800

This Module is designed to provide students with an understanding of economics and how it impacts on business managers and the general environment in which business operates. While there is a strong theoretical framework, the application of the theory to practical business decision-making and strategy formulation will be a key characteristic of the course.

Students will gain an understanding of the key features and characteristics of the broad economic and financial environment; an understanding of the theoretical frameworks within which policymakers operate and within which consumers and businesses operate; an understanding of the role of policymakers and how they operate and what they seek to achieve; an understanding of current economic developments and challenges against relevant theoretical frameworks.

The main objective is to help students relate economic theory to the real world of business and gain an understanding of what business managers need to be aware of; and the ability to read, understand and interpret the financial and economic press. There will be a strong focus on the relationship between business, society, economics and politics.

The Module will cover an introduction to economics – Micro-Economics and Macro-Economics.

The micro-economic environment examines the economic forces that impact on business performance. It will explain the forces of supply and demand that impact on firms and provide an understanding of the market structure in which a firm operates and the implications of this.

At the macro-economic level, the module will examine the theory behind economic policy making, explaining what policy makers typically seek to achieve; the tools of policy making; the law of unintended consequences; and the difficulties inherent in making choices between different policy alternatives and objectives. There will also be an emphasis on how macro-economic events shape the business environment.