Economics for Managers
Run by Bangor Business School
10 Credits or 5 ECTS Credits
Organiser: Mrs Nia Weatherley
Overall aims and purpose
Economics is not a collection of facts to be written down and memorised. Economics is a way of thinking about the world – and the world is always changing. Economists have developed a set of simple but widely applicable concepts and principles that are useful for understanding economic situations ranging from decisions that individuals make every day to decisions made by firms and governments in complex markets. The objective of this course is to help students learn, understand and apply these concepts and principles and to apply them to a variety of economic situations.
Nature of Markets; Production and Cost; Market Structure and Simple Pricing Strategies; Sophisticated Market Pricing; The Strategic World of Managers; Government action and Managerial Behavior.
Demonstration of awareness of the difference between perfectly competitive markets and markets operating under imperfect competition. Ability to recognise the basic assumption of strategic rationality underlying game theory.
In addition to above, demonstration of an ability to manipulate simple models of imperfect competition and game theory.
In addition to above, demonstration of reflection on the literature suggested in the course of comments in the Collabra discussion group and also in lectures and exercise sessions.
Students are expected to be able to apply marginal analysis to the ‘firm’ under different market conditions. .
Understand the causes and consequences of different market structures.
Students are expected to be able to apply economic models to examine current economic issues and evaluate policy options for addressing these issues.
|Continuous online assessment||25|
|Exam S2 2hrs||75|
Teaching and Learning Strategy
• 4 tutorials in smaller groups
One 2-hour lecture per week for the entire group.
- Literacy - Proficiency in reading and writing through a variety of media
- Numeracy - Proficiency in using numbers at appropriate levels of accuracy
- Self-Management - Able to work unsupervised in an efficient, punctual and structured manner. To examine the outcomes of tasks and events, and judge levels of quality and importance
- Exploring - Able to investigate, research and consider alternatives
- Information retrieval - Able to access different and multiple sources of information
- Inter-personal - Able to question, actively listen, examine given answers and interact sensitevely with others
- Critical analysis & Problem Solving - Able to deconstruct and analyse problems or complex situations. To find solutions to problems through analyses and exploration of all possibilities using appropriate methods, rescources and creativity.
- Presentation - Able to clearly present information and explanations to an audience. Through the written or oral mode of communication accurately and concisely.
- Teamwork - Able to constructively cooperate with others on a common task, and/or be part of a day-to-day working team
- Argument - Able to put forward, debate and justify an opinion or a course of action, with an individual or in a wider group setting
- Self-awareness & Reflectivity - Having an awareness of your own strengths, weaknesses, aims and objectives. Able to regularly review, evaluate and reflect upon the performance of yourself and others
Subject specific skills
- Framing. Through the study of economics, a student should learn how to decide what should be taken as given or fixed for the purposes of setting up and solving a problem, i.e. what the important 'parameters' are in constraining the solution to the problem. Learning to think about how and why these parameters might change encourages a student to place the economic problem in its broader social and political context. This 'framing' skill is important in determining the decision-maker's ability to implement the solutions to problems.
Talis Reading listhttp://readinglists.bangor.ac.uk/modules/asb-2305.html
Courses including this module
Compulsory in courses:
- N322: BA Banking and Finance year (BA/BIF)
Optional in courses:
- NQ26: BA Astudiaethau Busnes a Chymraeg year 2 (BA/ABCH)
- NR43: BA Accounting/Italian year 2 (BA/AIT)
- NR44: BA Accounting/Spanish year 2 (BA/ASP)
- N1R1: BA Bus Stud with French year 2 (BA/BSFR)
- N1R2: BA Business Studies with German year 2 (BA/BSGER)
- N1R3: BA Business Studies with Italian year 2 (BA/BSIT)
- N1R4: BA Business Studies with Spanish year 2 (BA/BSSP)
- NM11: BA Business and Law year 2 (BA/BUSALAW)
- NM1B: BA Business and Law (4 year with Incorporated Foundation) year 2 (BA/BUSLAW1)
- N100: BA Business Studies year 2 (BA/BUSS)
- N102: BA Business Studies (with International Experience) year 2 (BA/BUSSIE)
- NR41: BA French/Accounting year 2 (BA/FRA)
- NR42: BA German/Accounting year 2 (BA/GA)
- N500: BA Marketing year 2 (BA/MK)
- NR51: BA Marketing and French (4 year) year 2 (BA/MKTFR#)
- NR52: BA Marketing and German (4 year) year 2 (BA/MKTGER4)
- NR53: BA Marketing and Italian (4 year) year 2 (BA/MKTITAL)
- NR54: BA Marketing and Spanish (4 year) year 2 (BA/MKTSP)
- NN24: BSc Management with Account (Bangor International College) year 2 (BSC/BICMNA)
- N503: BSc Marketing (Bangor International College) year 2 (BSC/BICMRK)
- N501: BSc Marketing year 2 (BSC/MKT)
- N50B: BSc Marketing (4 year with Incorporated Foundation) year 2 (BSC/MKT1)
- N2NK: BSc Management with Accounting year 2 (BSC/MWACC)
- N2NL: BSc Management with Accounting (4 year with Incorp Found) year 2 (BSC/MWACC1)