Teaching Responsibility
LJMU Schools involved in Delivery:
Liverpool Business School
Learning Methods
Lecture
Seminar
Workshop
Module Offerings
4100LBSBW-SEP-MTP
Aims
The module aims to provide an introduction to business economics as a foundation for further study. The emphasis will be economic theory and concepts developed from real world business issues. Essentially this module introduces students to economics and applications related to business.
Learning Outcomes
1.
Demonstrate knowledge of the role and functioning of markets
2.
Illustrate the importance of elasticity and its effect on revenues and profits
3.
Demonstrate knowledge of how firms determine prices and output under different market conditions.
4.
Explain the importance of costs in economics and business
5.
Describe the main objectives of macroeconomic policy.
6.
Describe the nature of the controversy over the causes of and cures for unemployment and inflation
7.
Identify the effect of different exchange rate regimes on business revenue, profits and investment.
8.
Describe and appraise the debate over European single currency.
Module Content
Outline Syllabus:Introduction to Economics
Scarcity, Opportunity cost and Economic Systems
Consumers and Demand, Firms and Supply
Market Equilibrium and Comparative Statics
Elasticity
Firms Objectives, Costs, Revenues and Profit Maximisation
Market Structure
Price Discrimination
Macroeconomics and Policy Objectives
Macroeconomic Schools of Thought
Inflation
Unemployment
Expectations and Economic Policy
Economic Growth
The External Balance.
Exchange rates and Economic Policy
European Single Currency and the EU
The UK Economy
Module Overview:
The module aims to provide you with an introduction to business economics as a foundation for further study. The emphasis will be economic theory and concepts developed from real world business issues.
The module aims to provide you with an introduction to business economics as a foundation for further study. The emphasis will be economic theory and concepts developed from real world business issues.
Additional Information:This course is designed to give students an understanding of the importance of the external economic environment and to appreciate that all businesses must adapt to external events in order to remain solvent in the business environment.