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Assess the ways in which resources are allocated within market based economies.

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Economics for Managers

1.   Key information, Introduction to the Module and Learning Outcomes

1.1    Key Information

Module title: Economics for Managers

Module Leader: Peter MacDonald          

Campus / Building / Room: Cambridge/Chelmsford / Lord Ashcroft Building / 3^rd floor

Extension:  5676

Email:  peter.macdonald@anglia.ac.uk

Module Tutors: Don Burton, Chris Fuller, Robin Gowers, Noah (Kofi) Karley, Imko Meyenburg

External Examiners DAP: Economics and International Business

 

Every module has a Module Definition Form (MDF) which is the officially validated record of the module.  You can access the MDF for this module in three ways via:

• the Virtual Learning Environment (VLE)
• the My.Anglia Module Catalogue at www.anglia.ac.uk/modulecatalogue
• Anglia Ruskin’s module search engine facility at www.anglia.ac.uk/modules

All modules delivered by Anglia Ruskin University at its main campuses in the UK and at Associate Colleges throughout the UK and overseas are governed by the Academic Regulations.  You can view these at www.anglia.ac.uk/academicregs. An extract of the Academic Regulations, known as the Assessment Regulations, is available at this website too (all new students will have received a printed copy as part of their welcome pack).

In the unlikely event of any discrepancy between the Academic Regulations and any other publication, including this module guide, the Academic Regulations, as the definitive document, take precedence over all other publications and will be applied in all cases.

1.2    Introduction to the Module

This module is an introductory economics course designed for students with either no background in economics or those with A-level/Higher/High School diploma in economics.  It provides an introduction to the fundamentals of economics and focuses on applying key insights to business and management applications.  Due to the nature of modern economics the approach of the module is necessarily analytical, but the analysis is non-technical and relies on verbal reasoning and graphical methods.  Wherever possible real world examples will be used to illustrate economic principles.

The first part of this module focuses on microeconomics - the decisions and behaviour of individuals and firms, and of government within a single industry.  The economic principles underlying the determination of price and output, firm costs, industrial structure and market failures are outlined.

The second part of the module focuses on macroeconomics - the economy at aggregated national and international levels - and its impacts on business behaviour. We will cover the key macroeconomic variables, how they influence business activity and government macroeconomic policy.

Assessment will be by means of two tasks: The first, due midway through the module, is a 40 minute in-class multiple choice test. The second, due at the end of the module, has two parts: a 1,500 word essay and a 500 word applied economics task.

1.3    Learning Outcomes

This module, like all modules at Anglia Ruskin, is taught on the basis of achieving intended learning outcomes.  On successful completion of the module, the student will be expected to be able to demonstrate the following:

Knowledge and understanding       Intellectual, practical, affective and transferable skills

LO 1.         Assess the ways in which resources are allocated within market based economies. LO 2.         Explain how firms and individuals are affected by different market structures, market failures, and the macroeconomy. LO 3.         Apply economic principles to the real world and communicate the results effectively.

 

The assessment is based on meeting these learning outcomes, shown explicitly in section 4, where the assessment task is linked to these learning outcomes.

 

2.   Employability Skills in this Module

It is important that we help you develop employability skills throughout your course which will assist you in securing employment and supporting you in your future career. During your course you will acquire a wide range of key skills. In this module, you will develop those identified below:

Skill	Skills acquired in this module
Communication (oral)
Communication (written)	X
Commercial Awareness
Cultural sensitivity
Customer focus
Data Handling	X
Decision making
Enterprising
Flexibility
Initiative	X
Interpersonal Skills	X
Leadership/Management of others
Networking
Organisational adaptability
Project Management	X
Problem Solving and analytical skills	X
Responsibility	X
Team working	X
Time Management	X
Other

 

3.   Outline Delivery and Reading Lists @ Anglia

3.1    Outline Delivery

The table below indicates how the module will be delivered.  However, this schedule is indicative and may be subject to change.

Week	Lecture topic	Seminar topic
1	Introduction to the module, opportunity cost and production possibility frontiers	No seminar this week
2	Supply, demand and market equilibrium	Production possibility frontiers, opportunity cost and perhaps supply and demand
3	Welfare and elasticities	Supply, demand and market equilibrium
4	Costs, profit maximisation and perfect competition	Welfare and elasticities
5	Market structures: perfect competition, monopoly and oligopoly	Costs and profit maximisation
6	Market failures – public goods and externalities MID-TERM TEST IN SECOND LECTURE	Market structures: perfect competition, monopoly and oligopoly Applied economics task briefing
7	Employability Conference (no classes)
8	Introduction to macroeconomics and the circular flow of income	Intro to macroeconomics and assignment prep
9	Key macroeconomic variables – output, inflation, investment, consumption, unemployment, etc	Key macroeconomic variables and assignment prep
10	Macroeconomic policy and review of the module	Macroeconomic policy and assignment prep
11	No lectures in Weeks 11 or 12	Assignment workshops
12		Assignment workshops
	Final assignment due before 1400 on Monday 19th December 2016

 

3.2    Reading List and Learning Resources

The reading list and learning resources for this module are available on Reading Lists at Anglia, you can access the reading list for this module, via this link:  http://readinglists.anglia.ac.uk/modules/mod004439.html

The remainder of this section details the material to be covered each week in the course and, crucially, the reading and preparation expected before you attend seminars. The sources referred to are detailed in the reading list above. For the reading detailed below: * is required, ^† is recommended, others are alternatives/supplementary if you are interested in the topic or finding the material difficult. The best results are achieved by a combination of attendance at lectures, active participation in seminars, reading a range of academic texts and by seriously attempting the exercises detailed below. Further work you are expected to complete will be assigned during lectures and seminars during the module.

The VLE contains multiple choice tests for each week of the module. I strongly recommend that you use these questions (and answers) throughout the module to check how well you have learned the material. If necessary, more questions to check your learning are available from the Lipsey and Chrystal (2011) companion website detailed in the reading list.

Ideally you will read the required reading before the relevant lecture. If not before the lecture, you must undertake the required reading before the relevant seminar. By reading, we don’t mean skimming through the texts once. Rather you should work carefully through the specified reading until you feel that you understand the material: draw out for yourself and manipulate diagrams, work through the exercises, carefully read the case studies and attempt the case study questions. Do try all of the exercises suggested, check your answers, and if you have some mistakes try them again until you are consistently getting them right. Only way to learn economics is to do it. If you are having difficulty understanding a particular topic, try another textbook. If you are still having problems contact your seminar tutor.

As noted above, for most of the module, the seminar topic lags the lecture topic by one week. In the week by week content below, the self-directed study is listed against the week the lecture covers that topic. You should do it before your seminar the following week. For example, the self-directed study listed for week 4 should be done before your seminar in week 5.

You should be aware that not all of the material you are expected to learn will be covered in lectures or seminars. Whilst they will cover much of the material of the course, there are topics that will be left for you to study in your own time.

Week 1 Introduction (2 lectures, no seminar)

Content

• The economic problem
• Opportunity cost
• Production possibility frontiers

Reading

* Gillespie (2016) Chapters 1 and 2

^† Lipsey and Chrystal (2011) Chapter 1 pp5-19, Chapter 2 (on how economists work and well worth reading) pp20-35.

Griffiths and Wall (2011) Chapter 1 pp4 – 5.

Self-directed study

1. Read the module guide – all of it.

2. Case Study (p38-40) on green growth
3. Put into Practice questions on p24 and p41-43 (check your answers on companion website)
4. Week 1 multiple choice questions on the VLE

 

Week 2: Supply, Demand and Market equilibrium (2 lectures, one seminar)

Content

• Demand curves and conditions of demand
• Supply curves and conditions of supply
• Equilibrium and price determination
• Applications of supply and demand model

Reading

* Gillespie (2016) Chapter 3 on demand, Chapter 5 (107-115 only) on supply, and Chapter 6 (pp124-133 only) on equilibrium

^† Lipsey and Chrystal (2011) Chapter 3 (pp36-57)

Griffiths and Wall (2011) Chapter 1 (pp5 - 38)

Self-directed study

1. Put into practice questions on pp65-66, 122 and 145-147 (check your answers on companion website)
2. Case study (pp140-143) on food and oil prices
3. Griffiths and Wall (2011) Case study 1.6 (the drug war) – available through library as an ebook
4. Week 2 multiple choice questions on the VLE

 

Week 3:  Welfare and elasticities (2 lectures, one seminar)

Content

• Consumer and producer surplus
• Maximum and minimum prices
• Price elasticity of demand (PED)
• Other elasticities

Reading

i) maximum and minimum prices

* Gillespie (2016) pp182-184

ii) consumer and producer surplus

* Gillespie (2016) pp149-154

^† Lipsey and Chrystal (2011) pp147-148

Griffiths and Wall (2011) p62 and p102

ii) elasticities

* Gillespie (2016) Chapter 4 and Chapter 5 pp115-120^† Lipsey and Chrystal (2011) p58-70

Griffiths and Wall (2011) Chapter 2 pp39-48, pp55-60 and pp96-98.

 

Self-directed study

1. Put into practice questions on pp102-104 (check your answers on companion website)
2. Case study on alcohol and elasticity (Gillespie pp98-101)
3. Week 3 multiple choice questions on the VLE

 

Week 4:  Firm costs and profit maximisation (2 lectures, one seminar)

Content

• Short run production and costs
  • Diminishing marginal returns
  • Total, average and marginal product
  • Fixed and variable costs
• Long run production and costs
  • Long run average cost
  • Economies of scale
• Short and long run shutdown points
• Profit maximisation and MC=MR

 

Reading

* Gillespie (2011) Chapters 9 and 10

^† Lipsey and Chrystal (2011) Chapter 6 pp109-129

Griffiths and Wall (2011) pp 72 – 96 and pp113-124

 

Self-directed study

1. Put into practice questions pp221-222, 230 and pp248-249  (check your answers on companion website)
2. Week 4 multiple choice questions on the VLE

 

Week 5 Market Structures (2 lectures, one seminar)

Content

• Perfect competition
  • Firm and industry supply and demands
  • Short and long run equilibria
  • Productive and allocative efficiency
• Monopoly
  • Price and output decisions
  • Classical case against monopoly
  • Natural monopoly
• Oligopoly
  • Kinked demand curve model
  • Game theory – prisoners’ dilemma

 

Reading

i) perfect competition

* Gillespie Chapter 11

^† Lipsey and Chrystal Chapter 7 pp131-153

Griffiths and Wall (2011) Chapter 6 (pages 162-172)

ii) monopoly

* Gillespie (2011) Chapter 12

^† Lipsey and Chrystal (2011) pp154-175

Griffiths and Wall (2011) Chapter 6 pp173-180

iii) oligopoly

* Gillespie (2011) Chapter 13

^† Lipsey and Chrystal (2011) Chapter 9 pp178-181 and pp185-200

Griffiths and Wall (2011) pp184-201

 

Self-directed study

1. Put into practice questions in Chapters 9, 10 and 11 (check your answers on companion website)
2. Case study on retail banking in the UK (pp277-278)

3. Week 5 multiple choice questions on the VLE

 

Week 6 Market failures and the role of government (2 lectures, one seminar)

Content

• Market power and regulation
• Externalities
• Imperfect information
• Public goods

Reading

* Gillespie (2016) Chapter 7 (pp154-173 only) and Chapter 8

^† Lipsey and Chrystal (2011) Chapter 13 pp 270-300 and Chapter 14 pp301-327

Griffiths and Wall (2011) Chapter 8 pp 226-256

 

Self-directed study

1. Chapter 7 and 8 (pp 133 and 151-2) review questions (p130).
2. Week 6 multiple choice questions on the VLE.

 

Week 7 – Employability Conference (no classes)

Prepare draft answer to the Applied Economics task in the final assignment.

Week 8: Introduction to macroeconomics (2 lectures, one seminar)

Content

• Introduction to macroeconomics
• Circular flow of income

Reading

* Gillespie (2011) Chapter 16

Self-directed study

1. Case study on the future (Gillespie pp347-349)
2. Week 8 multiple choice questions on the VLE.

 

Week 9 Key macroeconomics variables (2 lectures, one seminar)

Content

• Output, consumption, investment
• Inflation
• Unemployment
• Balance of payments

Reading

*Gillespie (2011) Chapters 18, 20, 21 and 25

Self-directed study

• Case Study on the ONS Measuring Well-being Programme (Gillespie pp387)
• Prepare end of module assessment

 

Week 10: Macroeconomic policy (2 lectures, one seminar)

Content

• Government policies to influence
• Output, consumption, investment
• Inflation
• Unemployment
• Balance of payments
• Review of the module

 

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