Economics and Business Environment

February 17, 2018Uncategorized

800×600

Normal
0

false
false
false

EN-US
X-NONE
X-NONE

/* Style Definitions */
table.MsoNormalTable
{mso-style-name:”Table Normal”;
mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:””;
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
mso-para-margin:0cm;
mso-para-margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:10.0pt;
font-family:”Calibri”,sans-serif;
mso-bidi-font-family:Arial;}

Intended Learning Outcomes

The module provides opportunities for learners to achieve the following outcomes:

No	Outcome	Assessed through

Knowledge
1.	Explain basic concepts of macroeconomics and	Examination/Assignment
	microeconomics and the interface with different fields
	of management, knowledge of the global economy
	and key current events.
2.	Assess global macroeconomic and microeconomic	Examination/Assignment
	aspects of the economic and business environment.
Skills
3.	Present a critical awareness of the policy used by	Examination/Assignment
	governments and banks in management of the
	national economy and employing organisations.
4.	Apply concepts of macroeconomics and	Examination/Assignment
	microeconomics in relation to business planning and
	strategy.
Aspects of Competence

5.	Initiate and manage professional activities in a	Examination/Assignment
	complex UAE environment (Role in context).
Syllabus

Breakdown by week:

Microeconomics

Week1: Managers and Economics, Demand and Supply, Demand Elasticities

Week2: Production and Costs, Perfect Competition

Week3: Monopoly, Monopolistic Competition, Oligopoly

Week4: Pricing Strategies, Practice

Macroeconomics:

Week5: National Account, Inflation, Unemployment

Week6: The Role of Money in the Macro economy

Week7: Monetary Policy, Fiscal Policy and the Aggregate Model in the Macro economy

Week8: International and Balance of Payments Issues in the Macro Economy

Week9: Combining Micro and Macro Analysis for Managerial Decision Making

Assessment ^1,2

^No

^Assessment

^Handed

^Due

^{Examination -60%}

^{Students answer three questions from five questions.}

^NA

^{During Exam Period*}

Assignment (group) -40%

The assignment is a real-based business project requiring students to work in team to produce a report making an economic analysis of a selected local company.

^{Week 6}

^{Week 12}

Examination

Individual closed-book examination: 50% coverage on macroeconomics and 50% coverage on microeconomics.

Assignment

Real-Based Business Project – completed in a team.

Module Texts

1. Farnham, P. G. (2014). Economics for Managers. 3^rd ed. England: Pearson Education.

2. Parkin, M. (2016). Economics.12^th ed. Global Edition. England: Pearson Education.

Recommended Reading

Macroeconomics

1. Begg, D. & Damian, W. (2012). Economics for business. 4^th ed. London: McGraw-Hill.

2. Blanchard, O. (2012). Macroeconomics. 6^th ed. England: Prentice Hall.

3. Burda, M. & Wyplosz, C. (2012). Macroeconomics. 6^th ed. Oxford: Oxford University Press.

4. Gillespie, A. (2012). Business economics. 2^nd ed. Oxford: Oxford University Press.

Microeconomics

1. Baye, M.& Prince, J. Managerial Economics & Business Strategy. 8th ed. USA: McGraw-Hill.

2. Mankiw, G. (2011). Principles of microeconomics. 6^th ed. Australia: South–Western.

3. Sloman, J., Hinde, K. & Garratt, D. (2013). Economics for business. 6^th ed. Harlow, England: Financial Times/ Prentice Hall.

Additional Reading – Appropriate Academic Journals

Students will be directed to a variety of academic journals through directed readings on Blackboard.

¹Academic integrity is the key to academic success. Cheating is considered as a serious offence at the British University in Dubai. Please read the university polices and procedure carefully in the university student handbook so that you are aware of all university procedures and abide by them to avoid penalties. Please note that all written assignment will be checked using specified plagiarism detection software

²The module tutor is “lead academic monitor” for ethical aspects of ‘routine research’ undertaken within learning activities and assignments. If these include research participation by third parties or other ethical other ethical dimensions, the tutor is responsible for initial guidance and the student is directed to use relevant approval forms and procedures. (see policy 9.3.2 Frame Work for Research Ethics Approval)

Economics and Business Environment Project (40%)

Assignment Brief

Objective:

To study a real-world business situation and use economic concepts to draw insights that are relevant for decision making.

Brief:

You should form a group and select a local company. The group should be formed of 4, 5 or 6 persons (no less-no more). Send your tutor by email: your group member names, the name of the company and your preferred project topic. You will write a report of approximately 5,000 words excluding references and appendices with a displayed word count (+/- 10%). At the end of the report you should include a list of all the sources (bibliographic, electronic, or other) used to prepare the report.

For the company you select, you should name the main players, and briefly describe the products and the consumers. Then, you should address the following issues with about equal attention:

Ø (10%) Analyze the company’s cost structure. For example, depending on their relevance for the company, you may want to distinguish fixed costs, variable costs, sunk costs, entry costs, scale economies, etc. Draw conclusions on how the major features of cost determine the structure of the market.

Ø (10%) Analyze the company’s demand drivers. You may want to think of how consumers make their purchasing decisions, whether prices play an important role, what products are available and how the market is segmented. Assess the trends in demand that may affect revenues. You may want to distinguish between changes in consumer preferences and availability of substitutes. Again, you should look at how features of demand affect the firms’ opportunities and threats.

Ø (10%) Assess the attractiveness of the company and its likely future profitability. Assess the role of price competition and entry threats. Identify the key elements of cost and demand that ultimately determine the performance of your company.

Ø (10%) You should identify the macroeconomic factors and government policies that have a direct or indirect effect on the growth and performance of the selected company.

Submission:

Date for submission: Week 12 of the term

You should follow the submission procedures outlined in your student handbook.