Module Code: H9ECOMA
Long Title Economics for Management
Title Economics for Management
Module Level: LEVEL 9
EQF Level: 7
EHEA Level: Second Cycle
Credits: 10
Module Coordinator: COLETTE DARCY
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 Appreciate key economic concepts, theories, and models of microeconomics and macroeconomics and interpret and appraise their implications within a changing business context
LO2 Demonstrate a comprehensive multi-perspective knowledge of the economic framework within which business operates and apply appropriate judgement to aid strategic decision-making across key organisational areas
LO3 Demonstrate in-depth knowledge of behavioural economic concepts, theories, and tools of analysis and an ability to integrate and apply this knowledge to real-world business problems
LO4 Critically assess contemporary global macroeconomic issues affecting firms operating in a dynamic environment and evaluate and predict modes of firm adaptation to changing market conditions
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

There are no additional entry requirements for this module.  The programme entry requirements apply.  No pre-requisites or co-requisites apply.  
 

Module Content & Assessment

Indicative Content
Microeconomics: Basic neoclassical tools for managerial microeconomic analysis
Market Analysis: Demand and Supply dynamics Elasticity of demand and business decision making
Basic neoclassical tools for managerial microeconomic analysis
Theory of firm costs in the short- and long-run Profit and revenue maximisation techniques Managerial decision-making in (perfectly) competitive market
Imperfect markets
Market power and measuring competition Monopoly and managerial decision-making Monopolistic competition and product differentiation Strategic decision making in oligopoly markets Strategic firm pricing behaviour
Imperfect markets
Market power and measuring competition Monopoly and managerial decision-making Monopolistic competition and product differentiation Strategic decision making in oligopoly markets Strategic firm pricing behaviour
Behavioural economic approaches to business decision-making
Deviations from the standard economic model: Framing, prospect theory and the endowment effect Bounded rationality and satisficing behaviour Dual-system decision-making theory Cognitive biases: systematic errors in thinking
Macroeconomics: Introduction to macroeconomic concepts and terminology
Measures of aggregate spending, output, employment and inflation
The aggregate model of the macro-economy and policy issue
The Phillips curve model Aggregate demand and aggregate supply and business-cycle fluctuations Fiscal policy and its role in macroeconomic management Money creation and banking in the economy Monetary policy and its role in macroeconomic management Contemporary issues in Macroeconomic policy
International and balance of payments issues in the macro economy
The role of the exchange rate Foreign exchange market equilibrium Exchange rate policy and the effects on trade
Assessment Breakdown%
Coursework50.00%
End of Module Assessment50.00%

Assessments

Full Time

Coursework
Assessment Type: Project % of total: 50
Assessment Date: n/a Outcome addressed: 1,2,3
Non-Marked: No
Assessment Description:
Learners will be provided with a business case study in which they must use their knowledge of key microeconomic, behavioural and macroeconomic concepts, theories and tools covered on the module to analyse strategic business behaviour in a contemporary and dynamic environment. Learners will be required to present data graphically using Excel and analyse data using mathematical and statistical techniques as appropriate.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 50
Assessment Date: End-of-Semester Outcome addressed: 1,2,3,4
Non-Marked: No
Assessment Description:
An end of semester examination paper will be given which is two hours in duration, and will contain essay-style questions that will assess all the learning outcomes for the module. Marks will be awarded based on clarity, structure, relevant samples, depth of topic knowledge and evidence of outside core reading.
No Workplace Assessment
Reassessment Requirement
Repeat failed items
The student must repeat any item failed
Reassessment Description
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 Classroom and demonstrations 30 Per Semester 2.50
Lecture Directed e-learning 30 Per Semester 2.50
Independent Learning Independent learning 190 Per Semester 15.83
Total Weekly Contact Hours 5.00
 

Module Resources

Recommended Book Resources
  • Farnham P. (2015), Economics for Managers (Global edition), 3rd ed. Pearson.
  • Sloman J. Garratt D. Guest J. and Jones E. (2019), Economics for Business, 8th ed. Pearson.
Supplementary Book Resources
  • Mankiw N.G.. (2022), Macroeconomics, 11th ed. Macmillan.
  • Perloff J. M. (2018), Microeconomics, 8th ed. Pearson.
  • Kahneman, D. (2013), Thinking Fast and Slow, Farrar, Straus and Giroux.
  • Hirschey M., Bentzen E. and Carsten S.. (2019), Managerial Economics, 15th ed. Cengage.
This module does not have any article/paper resources
Other Resources
  • Cultnomics.
  • www.ft.com.
  • www.economist.com.
  • www.federalreserve.com.
  • www.ecb.int.
  • https://www.bankofengland.co.uk/.
  • www.irisheconomiy.ie.
  • www.esri.ie.
  • www.imf.org.
  • www.cso.ie.
  • www.centralbank.ie.
  • www.businessandfinance.ie.
  • Journal: Journal of Business Economics and Management.
  • Journal: American Economic Review.
Discussion Note: