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Economics for managers

This module aims to introduce students without economic background to basic concepts and models in Economics.

Topics covered

The module aims to simplify complex economic concepts to enable the students to implement them in a business framework. Students seeking to proceed to an interdisciplinary working environment need to develop an understanding of these concepts and this module meets these needs.

  • Supply and Demand
  • Diminishing Marginal Returns
  • Production Function and Competitive Markets
  • Market Equilibrium and the Government
  • Oligopolistic Markets
  • Game Theory and Strategic Decision Making
  • GDP Measures
  • Comparative Advantage and International Trade
  • Inflation and Price Indices
  • Taxation and Budget Deficits

Learning outcomes

If you complete the course successfully, you should be able to:

  • Describe and judge how firms make decisions and the factors that determine these decisions
  • Understand how changes in policy affect firms and consumers’ behaviour
  • Explain and evaluate the concept of market failure
  • Identify the links between current economic environment and economic theory
  • Understand and critically evaluate current research in economic analysis in business context
  • Apply economic concepts to real-life events and recognise unstated assumptions
  • Use analytical tools and techniques to appraise the relevance of various factors in business decision-making
  • Apply an economic way of thinking
  • The techniques to make efficient allocation of limited resources
  • The ability to deal with complex economic issues, and make sound judgements when adapting to changes or incomplete information (including the ability to make managerial decisions in high-risk environments and improve performance of managerial duties)
  • Reasoning and problem solving skills
  • Independent study skills
  • Digital and information literacy skills
  • Skills of interpretation of information presented in numerical and graphical forms
  • Communication skills (including: effectively using the language of economics and the ability to communicate ideas and argue in a clear and logical way and with reference to the language of economics

Assessment

This module is assessed by:

Coursework (30% weighting):

  • There is one item of coursework for this module which contributes to the final assessment mark forthis module:
  • Coursework: a written essay of a maximum of 2,000 or 2,500 words (deadline – weeks 9-12) The coursework is designed to check student progress, extend and reinforce concepts covered and also test individual performance.

Examination (70% weighting):

  • The final piece of assessment will be an unseen written examination of 2 hours’ duration.

Essential reading

The following is provided as part of the course materials after you register:

  • Robert Pindyck, Daniel Rubinfeld, Microeconomics 8th Edition, Prentice Hall, 2013 (new edition due in Aug 2016)
  • Paul G. Farnham, Economics for Managers 3rd Edition, Prentice Hall, 2013
  • David Miles, Andrew Scott, Francis Breedon, Macroeconomics – Understanding the Global Economy, Wiley, 2012 (new edition due in Aug 2016)

Module author

Dr Leon Vinokur, module leader

Dr Leon Vinokur

BA, LLB (Hebrew University), MSc Financial Economics, PhD (London)

Leon Vinokur is Senior Lecturer and Director of an interdisciplinary Master’s degree at Queen Mary University of London. He is interested in microeconomics, behavioural finance and environmental economics, and policy analysis. He is currently working on understanding how people react to various perception stimuli when making risky decisions.

He has previously worked as a lawyer and a legal adviser at the Legal Advice Department at the Mayor’s Office of Haifa, Israel. He has been a member of the Israeli Bar Association since 2005.