BUU11520 Economics for Management
(10 ECTS credits)
Module Description / Content:
This one-year module focuses on the principles of economics and provides a foundation for 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 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.
The second 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.
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:
No required textbook but we recommend:
Mankiw, N.G. and Taylor, Mark, 2017, Economics, Cengage Learning, Fourth Edition, 2017.
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 online mid-term tests in Michaelmas and Hilary Terms, each accounting for 15% of the overall grade. The annual exam will account for the remaining 70% of the overall grade. Although there are mandatory problem sets, there is no grade attached to these. Instead, they are to be viewed as an opportunity to attempt sample questions, spur discussion during tutorials and to help students reflect on the weekly lecture material.
For students that miss any of the mid-term tests due to an excused absence, the weighting will be added to their grade for the final exam. For example, if a student misses the Michaelmas mid-term test, the Hilary mid-term test will still be worth 15% of the overall grade, while the annual exam will now be worth 85%, instead of 70%. For students that require a supplemental exam, the grade will be based 100% on the supplemental exam.