Economics for Business Studies: Principles & Application
This course provides knowledge of economic principles in business, covering micro and macro perspectives. Learn to apply economic concepts in decision-making, strategy formulation, and management discussions. Assess economic rationales in relation to changing business purposes and prepare reports using economic data. The assessment includes a final exam, assignments, presentations, and participation. The course spans topics such as competitive markets, demand and supply, market structures, government policies, international trade, and macroeconomic policies.
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Presentation Transcript
EDABS 103 Economics for Business Understanding the principles of economics and their relevance to business practices
Module Aims Aims to impart knowledge, competencies, and skills relating to the application of economic principles to business studies, with reference to both micro and macro perspectives of economic behaviour and their strategic significance.
Learning Outcomes Knowledge Understand economic concepts and their applications. Articulate how and why economics is relevant to organizations Interpret value propositions based on economic perspectives in a context of micro and macro economic dynamics Debate the economic rationales of business performance.
Learning Outcomes Competencies Use economic concepts in decision making and strategy formulation scenarios. Evaluate the validity of economic rationales in relation to the changing purposes of businesses.
Learning Outcomes Skills Lead any management related discussion based on economic concepts and economic data. Prepare management reports with reference to micro and macro economics data.
Assessment Final Exam 55% Multiple Choice Short Answer Long Answer Assignment 20% Presentation 20% Participation 5%
Date Course Work Hours 25thSeptember Introduction to Economics for Business 1 2ndOctober Business and Economics 10 principals, Micro vs Macro, History 4 9thOctober Business in Competitive Markets. Supply, Demand and Elasticity 4 16thOctober Background to Demand Marginal Utility, Brand Building 4 23rdOctober Background to Supply Costs, Revenue and Profit 4 30thOctober Market Structures Profit Maximization, Game Theory 4 6thNovember The factor market The Labour market 4 13thNovember Government and Business Policies, Market failures 4 11thDecember International Environment Trade, Globalization 4 18thDecember Macro Economic Environment - Unemployment, Inflation, 4 8thJanuary Macro Economic Policy Fiscal and Monetary Policy 4 15thJanuary Group Presentations 4
Course format Lecture powerpoints will be uploaded on Friday. PBL Problem based learning we will learn through solving of problems. Participation is critical. I do not expect you to memorize however you should study and try to understand the powerpoint presentations. There are not lecture tutorials you have to take notes on items you think are important. Enjoy the class!
