BUU11520 Economics for Management
Phone: 086 3116788
Office Hours: Arts Building Room 3008 MT Tuesday (Teaching Term) 10am to 11am
This full academic year module focuses on the principles of economics and provides a foundation for more advanced modules in economics and other social science disciples available in later years. The module assumes no previous knowledge of economics.
The first part of the module covers microeconomics, which is concerned with the allocation of scarce resources between competing uses at the disaggregated level of individuals, households and firms. The central issue concerns market equilibrium and the roles of the market place and of the government in allocating resources. Efficiency, equity and administrative simplicity provide the underlying metrics of success (or otherwise).
The second part of the module covers macroeconomics, which is concerned with economy-wide aggregates such as the overall scale of, and growth in, economic activity, the rate of inflation, the levels of employment/unemployment. The central issue concerns the role of the government in tackling macroeconomic challenges such as reducing unemployment, maintaining price stability and promoting growth and equity.
- Explain and apply basic economic terminology
- Identify the key outcomes of interest for economic policy makers and the primary policy tools used to pursue the associated goals
- Explore economic, social and political events through the lens of economics
- Evaluate public policy making
- Articulate economic reasoning and results to others.
Textbook and Reading:
Required core course textbook: Gregory Mankiw, Principles of Economics, any recent edition, is recommended.
General Supplemental Readings:
Another useful textbook/eBook, particularly for those starting out in Economics for the first time, is available via http://www.core-econ.org. “CORE is an open-access, interactive eBook-based course for anyone interested in learning about the economy and economics.”
There will be weekly problem sets to be submitted via Blackboard before the weekly class/tutorial. These questions will prepare you for the type of questions asked in the final exam which will be worth 50 per cent of your overall grade/mark. It is expected that this final exam (administered by College) will be (approximately three hours) F2F in early May.
It is envisaged that there will be a MT assignment (worth 25 per cent of your overall grade) due to be submitted by the end of teaching term, i.e. Friday 2nd December 2022. A maximum extension of two weeks in this deadline is possible, via the submission of a medical certification or a request for an excused absence from you College Tutor. Assignments with comments will be returned in the week beginning December 19th 2022.
It is also envisaged that there will be a HT assignment (worth 25 per cent of your overall grade) due to be submitted by the end of reading/study week, i.e. Friday 10th March 2023.
For students that require a supplemental exam, the grade will be based 100% on the supplemental exam.