Business Economics
| Code | School | Level | Credits | Semesters |
| BUSI4045 | Business | 4 | 10 | Autumn UK |
- Code
- BUSI4045
- School
- Business
- Level
- 4
- Credits
- 10
- Semesters
- Autumn UK
Summary
In the mixed economy, society's productive resources are allocated by a mixture of planning (government and firms) and decentralised decision making (individuals and markets). The module provides an introduction to the economic analysis of resource allocation at the level of individual consumers, firms, markets and the overall economy to show how these alternative economic principles can be used to promote the optimal allocation of resources for society as a whole.
Target Students
Available for Full TimeMBA students.
Classes
- One 3-hour workshop
- One 3-hour lecture each week for 11 weeks
33 lecture/seminar hours, 3 hours per week for 11 weeks, 3 hours Business Practice Week visits. 39 hours independent study; 25 hours examination revision.
Assessment
- 30% Presentation: Presentation, 20 mins
- 70% Exam (2-hour): Exam. Reassessment for this module will be 100% exam.
Assessed by end of autumn semester
Educational Aims
The economic theory of business provides a range of models and concepts, both at the micro and macro level, for the analysis of business activity to generate key insights into the operation of the market economy. Familiarity with the economic way of thinking about business and the economist's toolkit of principles and models is indispensable for today's successful business practitioner. The aim of the module is to introduce economic theory applicable to business and to enable participants independently to apply the theory to practical issues.Learning Outcomes
Knowledge and understanding
This module develops a knowledge and understanding of:
• Markets – the development and operation of markets for resources, goods and services
• Marketing and sales - different approaches for segmentation, targeting, positioning, generating sales, and the need for innovation in product and service design
• The management of resources
Other knowledge and understanding
• A coherent core of economic principles, including microeconomics of decision and choice, production and exchange and economic welfare.
• Know and understand innovation
• Know and understand the impact of disruptive technologies (mechanisms that challenge traditional business methods and practices)
Intellectual skills
This module develops:
• Being able to think critically and be creative: manage the creative processes inself and others; organise thoughts, analyse, synthesise and critically appraise. This includes the capability to identify assumptions, evaluate statements in terms of evidence, detect false logic or reasoning, identify implicit values, define terms adequately and generalise appropriately
• Being able to solve complex problems and make decisions: establish criteria, using appropriate decision-making techniques including identifying, formulating and solving business problems; and the ability to create, identify and evaluate options; the ability to implement and review decisions
• Using information and knowledge effectively in order to abstract meaning from information and to share knowledge, including the use of quantitative skills
Professional practical skills
This module develops:
• The ability to conduct research and enquiry into business and management issues either individually or as part of a team through research design, the collection and analysis of quantitative data, synthesis and reporting
Transferable (key) skills
This module develops:
• Effective communication: networking, listening, oral and written communication of complex ideas and arguments, using a range of media.
• High personal effectiveness: critical self-awareness, self-reflection and self-management; time management; conflict resolution, displaying commercial acumen, the ability to continue to learn through reflection on practice and experience