Module Details for the Academic Year 2018/2019
FIN41290 Business Economics
This Module is designed to provide students with an overview of the economic environment in which firms operate and in which policymakers make decisions.
The Module will consider two aspects of 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. Attention will be given to the theoretical frameworks underpinning business operations and how they interact with the customer base.
The module will also examine the macro-economic environment. This will explain the role of policymakers, the tools of policymaking, and the key targets that policymakers are seeking to achieve.
On completing this module, students will be expected to 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; and
4) Understand current developments against relevant theoretical frameworks.
5) Relate theory to the real world of business.
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Introduction to Economics as a discipline.
Understanding the Internal Organisation of the Firm.
Understanding the mechanics of how markets work – Demand and Supply dynamics and the setting of prices in a competitive market environment.
Understanding the concept of Elasticity and how it applies in the real world of the firm and the economy.
Understanding the concept of Risk and Uncertainty and how business deals with it.
Understanding how to estimate demand functions.
Understanding the economics of Marketing & Advertising.
Understanding the theory of production – analysis of costs, revenues and profit maximisation.
Understanding market structures – Perfect Competition, Monopoly, Imperfect Competition.
Understanding the macroeconomic environment for business – Economic Growth, Economic Cycles, Unemployment, Inflation.
Understanding Demand-Side policy - Fiscal Policy, Monetary Policy
Understanding Supply-Side Policy
Develop a familiarity with economic concepts as applied to business decision-making.
|Autonomous Student Learning
|Assignment: Group assignment
|Varies over the Semester
|Examination: Final exam_ 2 hour
|2 hour End of Semester Exam
|Examination: Mid-term exam_ 1 hour
|Throughout the Semester
This module is not passable by compensation
If you fail this module you may repeat, resit or substitute where permissible
Module Requisites and Incompatibles
Curricular information is subject to change