Participation

3 - Set exercises - 10

Group Coursework

2 - Written assignment (including essay) - 25

Unseen Exam

1 - Written exam - 65

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<ul><li>The market mechanism; supply and demand; elasticity; market failure; business and the environment </li><li>The firm; costs and profit maximisation; competition </li><li>Monopoly and measuring market power; contestable markets; oligopoly and game theory </li><li>Competition policy: UK, EU and USA </li><li>Measuring National income; the price level; nominal and real variables.  Aggregate demand and aggregate supply.  Fiscal policy and crowding out. </li><li>Inflation.  Costs of inflation.  Causes of inflation; quantity theory of money. Inflation control policies.  Central bank independence. </li><li>Unemployment.  Experience in UK, EU, USA.  Flexible labour market policies.  Trade, protectionism and integration. Growth and the EU. </li><li>Exchange rates.  Deciding on a single currency.  Establishing a European Central Bank. </li><li>Managerial economics techniques as applied to: </li></ul>
     - Risk analysis - various models are used to quantify risk and asymmetric information and to employ them in decision rules to manage risk. 
     - Production analysis - microeconomic techniques are used to analyze production efficiency, optimum factor allocation, costs, economies of scale and to estimate the firm&#39;s cost function. 
     - Pricing analysis - microeconomic techniques are used to analyze various pricing decisions including transfer pricing, joint product pricing, price discrimination, price elasticity estimations, and choosing the optimum pricing method. 
     - Capital budgeting - Investment theory is used to examine a firm&#39;s capital purchasing decisions.

Feedback is provided in a number of ways throughout your module. This includes feedback you receive during teaching from both peers and lecturers and that provided for formative assessment. Following an assessment, you will be given your marks and feedback in line with the assessment regulations and policy. More information on the timing and type of feedback that will be provided for each assessment will be available from the module leader. <a href='https://www.citystgeorges.ac.uk/about/governance/policies/student-policies-and-regulations'>https://www.citystgeorges.ac.uk/about/governance/policies/student-policies-and-regulations</a>

This module will support the development of all the graduate attributes. Your module leader will provide you with information about how your learning, teaching and assessment activities support your development of these attributes. The graduate attributes are: - Always learning - Engaged in the world - Technical and digital - Connected Professional - Creating Impact

Directed Asynchronous - 

Self-directed - 

In-Person - 

Economics for Business

Economics

SMM327 - Business & Managerial Economics

SMM327-PRD2-PER-ALV1

The module will be delivered through a mix of lectures, class discussion and self-directed learning.  You are encouraged to make use of internet and media-based sources to feed into the learning process and class discussions. Key learning and teaching resources will be available on the module Moodle page. During class discussions, you will be expected to formulate questions, volunteer your hand in answer to the lecturer's questions, respond to questions directed at you, as well as challenge or validate the viewpoints of fellow students.

Contact hours are designed to be flexible and are delivered using a variety of methods to help you learn in the most effective way. A proportion of the core content may be delivered online and additional support materials and content will also be made available through Moodle.

Business & Managerial Economics

Reflect on the relationship between economic mechanisms and business. 

Values and attitudes

Examine the firm’s impact on the economy 

Skills

Be prepared for the real world of complex decision-making and critical thinking.

Demonstrate a conceptual grasp of price mechanism, market structure and competition policy, economics of information, trade, national income determination, employment, inflation and exchange rates 

Knowledge

Articulate basic neoclassical economic theory and application of economic models to practical business problems 

Assess internal decision making by the firm 

Add to lectures and small group discussions through regular attendance and an active predisposition 

Appreciate the need to balance ethical and economic objectives in any type of business or management situation  

Recognise how choices in economics are often framed by social relations and governed by different types of ethical norms and viewpoints.  

 Explore ethical dimensions of economics.  

Consider government policy making from an economic perspective. 

Recognise the value of using economic theory and models to discuss external influences on the firm 

Appraise managerial economics techniques which can be applied to: Risk analysis, Production analysis, Pricing analysis, Capital budgeting  

Analyse business and the international environment and European monetary union. 

Actively participate in class discussions and communicate ideas about Business and Management in an articulate way 

Critically analyse government and the firm, and government and the market 

Develop analytical confidence when considering economic issues  