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. Explain how demand and supply work within economics
2. Analyse different market structures
3. Explain the impact of economics on strategic business decision making
4. Discuss the macroeconomic conditions in which Governments and Firms operate
5. Discuss potential market failures.
1 Microeconomic context of business
Product pricing decisions; Elasticity of demand; Demand forecasting; Cost estimation and forecasting; Input markets ; Labour markets and wages; Commodity markets and prices.
2 Analysis of different market structures
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; Elements and assessment of impact with respect to foreign trade; Exchange rate policies on business.
4 Strategic Business Decisions
Globalisation: Market entry and exporting decisions; Political risks; Theories of Foreign Direct Investments; Outsourcing decisions. Vertical Integration. Diversification decisions. Distinguish between the economic goals of various stakeholders and organisations.
Teaching and Learning Work Loads
|Teaching and Learning Method||Hours|
SCQF Level - The Scottish Credit and Qualifications Framework provides an indication of the complexity of award qualifications and associated learning and operates on an ascending numeric scale from Levels 1-12 with SCQF Level 10 equating to a Scottish undergraduate Honours degree.
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 2021/22 , and may be subject to change for future years.