| CODE | EMA5102 | ||||||||||||
| TITLE | Economics for Managers | ||||||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | ||||||||||||
| MQF LEVEL | 7 | ||||||||||||
| ECTS CREDITS | 5 | ||||||||||||
| DEPARTMENT | Faculty of Economics, Management and Accountancy | ||||||||||||
| DESCRIPTION | This unit will cover key economic theories and concepts that relate to the macroeconomic and microeconomic environment and the international economic context of business. The macroeconomic environment and the global context provide critical parameters for companies doing business in an increasingly integrated world. Economic expansion or recession will change all business forecasts; fluctuating exchange rates will have an impact on costs, sales, risk perceptions and debt levels; the national budget or interest-rate decisions can impact a company麓s future; and the overall state of the economy and its future prospects are the key elements in overseas investment, production or sales decisions and strategies. The first section focuses on how to apply managerial economics to businesses with a view to understanding economic theory and applying the theory to demand and supply applications using mathematical modeling and regression analysis. The specification of micro-economic modeling as well the understanding of elasticities and the testing of results would be covered in this unit. Students will have an opportunity to run regression analysis in class using R or Microsoft Excel statistical tool. The second section of the unit will cover relevant selected topics in macroeconomics, namely, the goods market, Keynesian macroeconomics, the role of the government, monetary policy, the labor market, International trade and exchange rates. Each of the topics covered will be accompanied by a case study aimed at developing a deeper understanding of the how to apply the theory in practice and in doing so also appreciate the limitations of the various theories and models covered. Study-unit Aims: The study-unit aim is to provide students with the basic tools of analysis to understand the economic situations that surround them, and to develop a framework that they can use to analyze new situations or countries that they are unfamiliar with in their business organization and professional life. At the end of the unit the students will be in a position to comprehend the basic concepts and tools of both microeconomics and macroeconomic analysis and will have a more formal vision of why and how different economic policies, such as labour, fiscal, or trade policies, operate across various macroeconomic contexts and countries. Learning Outcomes: 1. Knowledge & Understanding By the end of the study-unit the student will be able to - Comprehend and describe how markets work across various typologies of market structures; - Be in a position to assess how changes to the cost of production change with output; - Evaluate how profit maximization is attained under different market structures; - Describe how the Gross Domestic Product (GDP) statistic is constructed as well as evaluate its limitations; - Distinguish between real and nominal GDP and explain how inflation is measured in the economy; - Apply Micro and Macro economic concepts to real business situations; - Analyze the implications of media commentary about Macroeconomic issues of relevance to the business environment. 2. Skills By the end of the study-unit the student will be able to: - Apply Micro-economic techniques to business settings; - Undertake basic regression statistical analysis; - Take better informed decisions about pricing, production and use of economic resources; - Critically analyze Macro economic related media commentary; - Evaluate the impact of policy measures and issues that affect households and the business environment via the application of microeconomic theories; - Comprehend the implications of changes to key macroeconomic variable such as GDP, the inflation rate and the unemployment rate on the various components of the macro-economy; - Analyze, through the use of macroeconomic models, how specific fiscal and monetary policies impact various areas of the macro economy; - Develop the tools and methods to assess key national economic issues generally associated to Western type economies. Main Text/s and any supplementary readings: Main Texts - Case, K.E., Fair, R.C., and Oster, S.M., 2019. Principles of Economics, Global Edition. 13th Edn., Pearson Eduction, New York. 816p ISBN 9781292294698 - Perloff, J.M., and Brander, J.A. 2020. Managerial Economics and Strategy, 3rd Edn. Pearson Eduction, New York. 9998p ISBN 9780134472768 Supplementary Texts - Sloman, J., Guest, J. and Garratt, D. 2021. Economics, 11th Edn. Pearson Eduction, New York. 893p ISBN 9781292405339 |
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| STUDY-UNIT TYPE | Lecture | ||||||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Daniel Gravino Philip Von Brockdorff (Co-ord.) |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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