This module provides students with a sound understanding of some of the insights from economics with respect to business and management decisions. The module focuses on issues typically addressed in microeconomics, including marginal analysis, supply and demand, production theory, market structures, price discrimination, signalling and screening, and incentives in organisations.
By the end of the module, you should:
- have a very good understanding of the basic principles of (micro)economics (scarcity, optimisation, modelling, etc) and how they can be applied in a management setting
- know the main difference between market structures and their implications in terms of manager behaviour
- understand the implications in terms of the functioning of markets when agents have different levels of information about products or services
- be aware of the different approaches to creating workforce incentives and their advantages and disadvantages
- be familiar with some empirical results regarding the topics above
60% exam and 40% coursework