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Unit Summary
Unit aim
Focuses on aspects of microeconomics and macroeconomics of most relevance to managers. The main themes are the market system and what it can accomplish; limitations and failures of markets; government policies and other factors in the macroeconomic environment impacting on business; how issues and government policies with respect to the international economy impact on business. Quantitative analytic techniques for business and economics are introduced and applied.
Unit content
1. Economics foundations
2. Statistics for economists
3. Demand, supply and elasticity
4. Profits, costs and factors of production
5. Competitive firm
6. Monopoly
7. Externalities, public goods and the public sector
8. Gross domestic product
9. Unemployment and inflation
10. Simple linear regression
11. Multiple linear regression
Learning outcomes
Unit Learning Outcomes express learning achievement in terms of what a student should know, understand and be able to do on completion of a unit. These outcomes are aligned with the graduate attributes. The unit learning outcomes and graduate attributes are also the basis of evaluating prior learning.
| On completion of this unit, students should be able to: | |
|---|---|
| 1 | apply microeconomic and macroeconomic theory to understanding the behaviour of consumers, businesses, governments and other organisations |
| 2 | assess the impacts of economic activity on business, society and the natural environment to inform business decisions applying economic tools and concepts |
| 3 | evaluate the likely impacts on business of various macroeconomic considerations and government policy settings in an open economy to inform business decisions |
| 4 | analyse business and economic data and interpret quantitative analysis to inform business decisions using quantitative analytic techniques. |
On completion of this unit, students should be able to:
- apply microeconomic and macroeconomic theory to understanding the behaviour of consumers, businesses, governments and other organisations
- assess the impacts of economic activity on business, society and the natural environment to inform business decisions applying economic tools and concepts
- evaluate the likely impacts on business of various macroeconomic considerations and government policy settings in an open economy to inform business decisions
- analyse business and economic data and interpret quantitative analysis to inform business decisions using quantitative analytic techniques.
Prescribed texts
- No prescribed texts.