Module Code: H9EMGMT
Long Title Economics for Management
Title Economics for Management
Module Level: LEVEL 9
EQF Level: 7
EHEA Level: Second Cycle
Credits: 5
Module Coordinator:  
Module Author: Paul Hanly
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Employ key economic theories, concepts and models of macroeconomics and interpret and appraise their implications within a changing business context
LO2 Illustrate a comprehensive multi-perspective knowledge of the economic framework within which business operates and apply appropriate judgement to maximise value across key organisational areas
LO3 Demonstrate in depth knowledge of economic concepts, theories, analytical methods and tools used by micro economists and show an ability to integrate and apply this knowledge to relevant business problems
LO4 Apply economic analysis to business and strategic decisions in a variety of contexts, such as production, pricing, and market entry and exit
LO5 Critically assess contemporary policy issues affecting dynamic modern economies and evaluate how these policies impact individual organisations
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).

No recommendations listed
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  
 

Module Content & Assessment

Indicative Content
MACROECONOMICS: Introduction to macroeconomic concepts and terminology: Output, Inflation and Unemployment
• Measures of aggregate output, growth and spending • Measures of unemployment • Measures of the price level and inflation • Case study: The Irish economy in context • Contemporary global macroeconomic issues
The aggregate model of the macro economy and policy implications
• Aggregate demand and aggregate supply • Business-cycle fluctuations • Fiscal policy and its role in macroeconomic management • Case study: Active fiscal management versus supply side economics • The role of money and banks in the macro economy • Monetary policy tools • Case study: The European Central Bank and Monetary policy in Europe
International and balance of payments issues in the macro economy
• Capital flows and the balance of payments • Case study: Ireland’s merchandise trade • The role of the exchange rate • Foreign exchange market equilibrium • Exchange rate policy and the effects on trade
MICROECONOMICS: Key tools for managerial microeconomic analysis
• Introducing graphs and equations in microeconomics • Supply, demand and equilibrium analysis • Case study: Demand functions and forecasting demand • Elasticity of demand and business decision making
Production and competitive markets
• Neoclassical theory and costs in the short-run and in the long-run • Profit maximisation • Perfect competition and managerial decision-making in competitive markets • Business goals in perspective
Imperfect markets
• Market power and measuring the degree of competition • Monopoly and managerial decision making • Price discrimination • Monopolistic competition and product differentiation • Strategic decision making in oligopoly markets and the theory of games
Assessment Breakdown%
Coursework60.00%
End of Module Assessment40.00%

Assessments

Full Time

Coursework
Assessment Type: Project % of total: 60
Assessment Date: n/a Outcome addressed: 1,2,5
Non-Marked: No
Assessment Description:
This group project involves learners abstracting macroeconomic data pertaining to different aspects of the Irish, and the international, economy. Learners will be required to present this data graphically using Excel and analyse it using statistical techniques and key macroeconomic concepts covered in this module. Learners will also present the results of their project to the class.
Assessment Type: Mid Semester Examination % of total: 40
Assessment Date: n/a Outcome addressed: 3,4
Non-Marked: No
Assessment Description:
Learners will be provided with a business scenario in which they must use their knowledge of key microeconomic concepts, theories and tools to analyse specific business problems and advise on strategic decisions to optimise production, prices and revenue.
No End of Module Assessment
No Workplace Assessment
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

NCIRL reserves the right to alter the nature and timings of assessment

 

Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture The teaching strategy involves the use of lectures, tutorials, case studies and class discussions as appropriate. Learners will also have access to web support. Content will be delivered by using a variety of instruments and formats, as textbooks, field journal articles, statistical and economic data bases Delivered in block format 30 Per 15 week block 2.00
Independent Learning No Description 95 Per 15 week block 6.33
Total Weekly Contact Hours 2.00
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture The teaching strategy involves the use of lectures, tutorials, case studies and class discussions as appropriate. Learners will also have access to web support. Content will be delivered by using a variety of instruments and formats, as textbooks, field journal articles, statistical and economic data bases. Delivered in Block format. 30 Per 15 week block 2.00
Independent Learning No Description 95 Per 15 week block 6.33
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Farnham P.. (2014), Economics for Managers, 3rd. Pearson Higher Education.
  • Leddin A. J and Walsh B.. (2013), Macroeconomics – An Irish and European Perspective, Gill and Macmillan.
Supplementary Book Resources
  • Hirschey M. and Bentzen E.. (2014), Managerial Economics, 13th ed., Cengage Learning.
  • Mankiw N.G., Taylor M. P. and Ashwin A.. (2013), Business Economics, 1st ed. Cengage Learning EMEA.
  • Keat P., and Young P.K. and Erfle. (2014), Managerial Economics: International Edition, 7th ed.,, Pearson Higher Education.
  • Krugman P., and Wells R.. (2012), Macroeconomics, 3rd ed.. Worth Publishers.
  • Mankiw N.G.. (2012), Macroeconomics, 3rd ed.. Worth Publishers.
  • Pindyck R., and Rubinfeld D.. (2009), Microeconomics: International Edition,, 7th ed. Pearson.
This module does not have any article/paper resources
This module does not have any other resources
Discussion Note: