This module will provide an analysis of microeconomic structures and market failures and will introduce macroeconomic indicators and macroeconomic theory.
The aim of this module is to provide students with tools to support business decision-making and business planning. In addition, the course aims to provide a background in macroeconomic theory, allowing students to critically assess potential policies.
By the end of this module the student should be able to:
1. Demonstrate an understanding of demand and supply.
2. Analyse different market structures
3. Understand strategic business decisions
4. Understand the macroeconomic conditions in which Governments and Firms operate
5. Comprehend potential market failures.
1 Demand-Supply Analysis:
Product pricing decisions; Elasticity of demand; Demand forecasting; Cost estimation and forecasting; Input markets ; Labour markets and wages; Commodity markets and prices.
2 Market structure and potential Failure:
Perfect competition, oligopoly, and monopoly. Deadweight loss and policies to limit excessive market power.
3 The Macroeconomic Environment:
Macroeconomic conditions and indicators; Macroeconomic Theory and policy; Policy impact assessment; Exchange rate and business.
4 Strategic Business Decisions:
Globalisation: Market entry and exporting decisions; Political risks; Theories of FDI; Outsourcing decisions. Vertical Integration. Diversification decisions. Application to business plans.
Statement on Teaching, Learning and Assessment
Teaching and learning for this module is delivered through the traditional format of lectures and tutorials. One one-hour lecture per week is used to properly introduce key topics and direct further independent study. Weekly tutorials centre upon current case studies and research findings - giving students the opportunity to discuss core concepts, ask questions and receive feed-forward for the assessment. The structured feedback will focus on preparation and feedforward for the exam. Enquiry based learning will make up a minimum of 55% of student class time.
Teaching and Learning Work Loads
|Supervised Practical Activity||10|
|Unsupervised Practical Activity||0|
Credit Value – The total value of SCQF credits for the module. 20 credits are the equivalent of 10 ECTS credits. A full-time student should normally register for 60 SCQF credits per semester.
We make every effort to ensure that the information on our website is accurate but it is possible that some changes may occur prior to the academic year of entry. The modules listed in this catalogue are offered subject to availability during academic year 2019/10 , and may be subject to change for future years.