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Economics for Managers
Economics for Managers
Module title: Economics for Managers
Module Leader: Peter MacDonald
Campus / Building / Room: Cambridge/Chelmsford / Lord Ashcroft Building / 3rd floor
Module Tutors: Don Burton, Chris Fuller, Robin Gowers, Noah (Kofi) Karley, Imko Meyenburg
External Examiners DAP: Economics and International Business
Every module has a Module Definition Form (MDF) which is the officially validated record of the module. You can access the MDF for this module in three ways via:
All modules delivered by Anglia Ruskin University at its main campuses in the UK and at Associate Colleges throughout the UK and overseas are governed by the Academic Regulations. You can view these at www.anglia.ac.uk/academicregs. An extract of the Academic Regulations, known as the Assessment Regulations, is available at this website too (all new students will have received a printed copy as part of their welcome pack).
In the unlikely event of any discrepancy between the Academic Regulations and any other publication, including this module guide, the Academic Regulations, as the definitive document, take precedence over all other publications and will be applied in all cases.
This module is an introductory economics course designed for students with either no background in economics or those with A-level/Higher/High School diploma in economics. It provides an introduction to the fundamentals of economics and focuses on applying key insights to business and management applications. Due to the nature of modern economics the approach of the module is necessarily analytical, but the analysis is non-technical and relies on verbal reasoning and graphical methods. Wherever possible real world examples will be used to illustrate economic principles.
The first part of this module focuses on microeconomics - the decisions and behaviour of individuals and firms, and of government within a single industry. The economic principles underlying the determination of price and output, firm costs, industrial structure and market failures are outlined.
The second part of the module focuses on macroeconomics - the economy at aggregated national and international levels - and its impacts on business behaviour. We will cover the key macroeconomic variables, how they influence business activity and government macroeconomic policy.
Assessment will be by means of two tasks: The first, due midway through the module, is a 40 minute in-class multiple choice test. The second, due at the end of the module, has two parts: a 1,500 word essay and a 500 word applied economics task.
This module, like all modules at Anglia Ruskin, is taught on the basis of achieving intended learning outcomes. On successful completion of the module, the student will be expected to be able to demonstrate the following:
Knowledge and understanding
Intellectual, practical, affective and transferable skills
LO 1. Assess the ways in which resources are allocated within market based economies.
LO 2. Explain how firms and individuals are affected by different market structures, market failures, and the macroeconomy.
LO 3. Apply economic principles to the real world and communicate the results effectively.
The assessment is based on meeting these learning outcomes, shown explicitly in section 4, where the assessment task is linked to these learning outcomes.
It is important that we help you develop employability skills throughout your course which will assist you in securing employment and supporting you in your future career. During your course you will acquire a wide range of key skills. In this module, you will develop those identified below:
Skills acquired in this module
Leadership/Management of others
Problem Solving and analytical skills
The table below indicates how the module will be delivered. However, this schedule is indicative and may be subject to change.
Introduction to the module, opportunity cost and production possibility frontiers
No seminar this week
Supply, demand and market equilibrium
Production possibility frontiers, opportunity cost and perhaps supply and demand
Welfare and elasticities
Costs, profit maximisation and perfect competition
Market structures: perfect competition, monopoly and oligopoly
Costs and profit maximisation
Market failures – public goods and externalities
MID-TERM TEST IN SECOND LECTURE
Applied economics task briefing
Employability Conference (no classes)
Introduction to macroeconomics and the circular flow of income
Intro to macroeconomics and assignment prep
Key macroeconomic variables – output, inflation, investment, consumption, unemployment, etc
Key macroeconomic variables and assignment prep
Macroeconomic policy and review of the module
Macroeconomic policy and assignment prep
No lectures in Weeks 11 or 12
Final assignment due before 1400 on Monday 19th December 2016
The reading list and learning resources for this module are available on Reading Lists at Anglia, you can access the reading list for this module, via this link: http://readinglists.anglia.ac.uk/modules/mod004439.html
The remainder of this section details the material to be covered each week in the course and, crucially, the reading and preparation expected before you attend seminars. The sources referred to are detailed in the reading list above. For the reading detailed below: * is required, † is recommended, others are alternatives/supplementary if you are interested in the topic or finding the material difficult. The best results are achieved by a combination of attendance at lectures, active participation in seminars, reading a range of academic texts and by seriously attempting the exercises detailed below. Further work you are expected to complete will be assigned during lectures and seminars during the module.
The VLE contains multiple choice tests for each week of the module. I strongly recommend that you use these questions (and answers) throughout the module to check how well you have learned the material. If necessary, more questions to check your learning are available from the Lipsey and Chrystal (2011) companion website detailed in the reading list.
Ideally you will read the required reading before the relevant lecture. If not before the lecture, you must undertake the required reading before the relevant seminar. By reading, we don’t mean skimming through the texts once. Rather you should work carefully through the specified reading until you feel that you understand the material: draw out for yourself and manipulate diagrams, work through the exercises, carefully read the case studies and attempt the case study questions. Do try all of the exercises suggested, check your answers, and if you have some mistakes try them again until you are consistently getting them right. Only way to learn economics is to do it. If you are having difficulty understanding a particular topic, try another textbook. If you are still having problems contact your seminar tutor.
As noted above, for most of the module, the seminar topic lags the lecture topic by one week. In the week by week content below, the self-directed study is listed against the week the lecture covers that topic. You should do it before your seminar the following week. For example, the self-directed study listed for week 4 should be done before your seminar in week 5.
You should be aware that not all of the material you are expected to learn will be covered in lectures or seminars. Whilst they will cover much of the material of the course, there are topics that will be left for you to study in your own time.
* Gillespie (2016) Chapters 1 and 2
† Lipsey and Chrystal (2011) Chapter 1 pp5-19, Chapter 2 (on how economists work and well worth reading) pp20-35.
Griffiths and Wall (2011) Chapter 1 pp4 – 5.
* Gillespie (2016) Chapter 3 on demand, Chapter 5 (107-115 only) on supply, and Chapter 6 (pp124-133 only) on equilibrium
† Lipsey and Chrystal (2011) Chapter 3 (pp36-57)
Griffiths and Wall (2011) Chapter 1 (pp5 - 38)
i) maximum and minimum prices
* Gillespie (2016) pp182-184
ii) consumer and producer surplus
* Gillespie (2016) pp149-154
† Lipsey and Chrystal (2011) pp147-148
Griffiths and Wall (2011) p62 and p102
* Gillespie (2016) Chapter 4 and Chapter 5 pp115-120† Lipsey and Chrystal (2011) p58-70
Griffiths and Wall (2011) Chapter 2 pp39-48, pp55-60 and pp96-98.
* Gillespie (2011) Chapters 9 and 10
† Lipsey and Chrystal (2011) Chapter 6 pp109-129
Griffiths and Wall (2011) pp 72 – 96 and pp113-124
i) perfect competition
* Gillespie Chapter 11
† Lipsey and Chrystal Chapter 7 pp131-153
Griffiths and Wall (2011) Chapter 6 (pages 162-172)
* Gillespie (2011) Chapter 12
† Lipsey and Chrystal (2011) pp154-175
Griffiths and Wall (2011) Chapter 6 pp173-180
* Gillespie (2011) Chapter 13
† Lipsey and Chrystal (2011) Chapter 9 pp178-181 and pp185-200
Griffiths and Wall (2011) pp184-201
* Gillespie (2016) Chapter 7 (pp154-173 only) and Chapter 8
† Lipsey and Chrystal (2011) Chapter 13 pp 270-300 and Chapter 14 pp301-327
Griffiths and Wall (2011) Chapter 8 pp 226-256
Prepare draft answer to the Applied Economics task in the final assignment.
* Gillespie (2011) Chapter 16
*Gillespie (2011) Chapters 18, 20, 21 and 25
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