BUU11520 Economics for Management
(10 ECTS credits)
Module Description / Content:
The module focuses on the principles of economics, and provides a foundation for the more advanced modules in economics available in later years. The module does not assume any previous knowledge of economics and has no pre-requisites.
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 the respective roles of the price mechanism and of the government in resource allocation.
The second part of the module covers macroeconomics, which is concerned with economy-wide aggregates such as the overall scale of economic activity, the rate of inflation, the levels of employment and unemployment and the exchange rate. The central issue concerns the role of the government in tackling macroeconomic challenges such as reducing unemployment, promoting growth and maintaining price stability.
Fran O’Toole (semester one) and Bryan Coyne (semester two)
Having successfully completed this module, you will be able to:
• Explain and apply basic economic terminology;
• Formulate and address economic and public policy issues using the language and approach of economics;
• Set up and solve simple economic problems related to the technical topics in this module; and,
• Articulate economic reasoning and results to others.
Textbook and Reading:
Mankiw, N.G. and Taylor, Mark, 2014, Economics, Cengage Learning, Third Edition, 2014.
(A second 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.”).
Will be suggested during lectures
Assessment and Examination:
There will be a mid-term class tests in Michaelmas and Hilary terms, each accounting for 15% of the overall grade. The annual exam accounts for 70% of the overall grade.