Economics and Economic Policy for Business Module - Online MSc
Introduction and module objectives
This module will give students an understanding of the economic and the wider global political and social context in which business operates. In so doing the module will look at the foundations of contemporary macro and micro economics. The module will develop in students an understanding of the factors which underpin economic analysis, and how global economic contexts can vary and evolve over time. The module will also look at the linkages between economic analysis and government policy. A key focus will be the internal economics of the firm, the environment in which firms operate and in turn how these factors can, and should be used to inform management decisions. The module will introduce fundamental concepts and analytical approaches used in economics, and will show how these concepts are applied in business decision making.
Economics is best taught with reference to topical national and international events and trends. Therefore the student well need to become familiar with these realities; reading a newspaper or watching the evening news will take on a different purpose!
On completion of the module, students should be able to:
- Demonstrate the value of economics as a discipline and how it can have an impact on student’s future roles as managers.
- Explain the core concepts and methods of economic analysis and be able to apply these methods in business.
- Explain the constraints imposed by economic, social and political contexts on the internal decision making of the firm, and in turn how these factors constrain business strategy and decision-making.
- Demonstrate an understanding of how economic and political constraints impact on nations, organisations and the managers within them, and in so doing enhance students’ ability to work with government, regulators, partners and NGOs.
- Explain how overall economic issues affect society.
- Demonstrate an increased and refined knowledge and understanding of the global economy and of topical economic and political events as they impact on firms.
- Explain the general impact on business of public policy.
- Define and explain the nature of and critically appraise the difference between economic externalities, uncertainty and risk.
- Demonstrate the general approaches to managing, mitigating and coping with uncertainty and risk.