Module ASB-2305:
Economics for Managers

Module Facts

Run by Bangor Business School

10 Credits or 5 ECTS Credits

Semester 2

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.

Course content

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.

Assessment Criteria

threshold

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.

good

In addition to above, demonstration of an ability to manipulate simple models of imperfect competition and game theory.

excellent

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.

Learning outcomes

  1. Students are expected to be able to apply marginal analysis to the ‘firm’ under different market conditions. .

  2. Understand the causes and consequences of different market structures.

  3. Students are expected to be able to apply economic models to examine current economic issues and evaluate policy options for addressing these issues.

Assessment Methods

Type Name Description Weight
Continuous online assessment 25
Exam S2 2hrs 75

Teaching and Learning Strategy

Hours
Tutorial

• 4 tutorials in smaller groups

4
Lecture

One 2-hour lecture per week for the entire group.

20
Private study 76

Transferable skills

  • 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.

Resources

Courses including this module

Compulsory in courses:

Optional in courses: