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MSING019: BUSINESS ECONOMICS
Core Module Information:
GCSE Maths preferred
MSc Management and MSI PGT affiliate students only
3-hour teaching block (X 10 weeks)
70% unseen 2-hour examination; 30% coursework
Economics is the science of allocating scarce resources among competing social wants. Microeconomics describes how individuals and firms make informed tradeoffs between scarce alternatives in order to improve their well being. Macroeconomics, on the other hand, is the study of the economy as a whole in an attempt to explain aggregate trends. This course is focused on microeconomics but will also give an introduction to macroeconomic analysis and provides an adequate foundation for further studies in business economics.
By the end of this course, the student should be able to understand the main ideas of microeconomic theory and be able to apply them to analyse real-world policy issues. While a mathematical approach is encouraged throughout, the main concepts are also illustrated graphically. Furthermore, emphasis is placed on the intuition behind the concepts to enable more profound understanding. Nevertheless, students in this course require some fluency in algebra.
- Producer Theory
- Consumer Theory
- Uncertainty Market Failure Welfare Economics
- Game Theory
- Optimal Tax
- Introduction to Macroeconomics
70% is achieved through an unseen 2-hour examination; 30% is achieved through coursework comprising 3 individual assignments worth 10% each.
Intermediate Microeconomics: A Modern Approach by Hal R Varian W. W. Norton & Co.; 8th International student edition edition (19 Jan 2010)