Course Brief

The aim of the Economics for Business course is to develop in students a systematic approach to decision-making and the ability to recognise, use and interpret economic information from both within the organisation and the wider environment.

 

 


  • 50 - 60 Contact Hours

On completion of this course students will be able to:

• Apply economic criteria for efficient resource allocation to a diverse range of dynamic business situations.
• Analyse changing market conditions in terms of supply, demand and possible government intervention and formulate appropriate and  sustainable organisational responses.
• Propose appropriate economic solutions that draw on a robust, critical awareness of the role of information in the market economy.
• Evaluate and apply appropriate approaches to economic challenges in relation to social and private costs, taxation and government regulation.
• Propose relevant pricing and market strategies for a variety of market structures and in the presence of market failures.
• Recommend appropriate courses of action to deal with economic uncertainty, through evaluation of changes in macroeconomic variables and policy-making.
• Use diverse forms of economic information from both the environment and the organisation to evaluate and propose solutions to business problems.

The course is assessed by final examination, accounting for 100% of the overall mark. The exam is closed book. There is no choice in the selection of questions to be answered.

The paper is in two sections:
1. 20 Multiple choice questions each worth 2 marks. 40%
2. 6 essay questions each worth 10 marks. Candidates apply theory from the course to business situations. 60%