Economic Principles : Microeconomics

BMAN10001 Economic Principles : Microeconomics 10 Semester 1 Undergraduate Level 4 Mohammad Salehnejad Unit coordinator 1 FHEQ level (Framework for Higher Education Qualifications) ' First part HE study/Bachelors ' European Credit Transfer & Accumulation System Rating : 5.0 This course is designed to help students understand and apply fundamental economic concepts to real-world scenarios. Students will explore topics such as scarcity and opportunity cost, supply and demand, market theory, elasticity, and indifference curve analysis. They will also examine production and cost theory, firm decision-making processes, and various models of market structure, including competition, monopoly, and oligopoly. The course also covers game theory and business strategy, the economics of the internet and core e-business strategies, as well as market failure, externalities, and government intervention.  This course is designed to help students understand and apply fundamental economic concepts to real-world scenarios. Students will explore topics such as scarcity and opportunity cost, supply and demand, market theory, elasticity, and indifference curve analysis. They will also examine production and cost theory, firm decision-making processes, and various models of market structure, including competition, monopoly, and oligopoly. The course also covers game theory and business strategy, the economics of the internet and core e-business strategies, as well as market failure, externalities, and government intervention.  This course introduces modern economic theories to help students understand the firm, market and economy. It equips students with tools to analyse consumer and firm behaviour and alternative market structures and their effect on firm performance. The course reviews recent trends in macroeconomic data to explain the influence of aggregate variables (e.g., GDP growth and inflation) and government policy on business activities. The course uses a rich mix of theory and practice, with an emphasis on applying economic theory to real business decisions to help students understand a wide variety of business situations from economics to finance, which will prepare them for the future job markets. The ability to analyse complex business situations, design relevant business strategies, and make sound and evidence-based decisions will provide students with a critical advantage in the job market. In tutorials students will also have the chance to engage in group discussions, build confidence and enhance their presentation skills.  <ul><li>Explain how the interaction of supply and demand forces determines prices.</li><li>Analyse firm production, cost, and strategic decisions within various market structures (perfect competition, monopoly, imperfect competition), applying theories of the firm to derive managerial lessons.</li><li>Explain key macroeconomic models to assess the broader economic environment and inform business decision-making.</li><li>Explain the measurement, determination, and cyclical fluctuations (business cycles) of national income.  </li><li>Explain the functioning of the monetary system and its connection to inflation.</li></ul> <ul><li>Apply economic theories, including behavioural economics, to evaluate and predict consumer behaviour and understand market competition. dynamics.</li><li>Evaluate key strategic decisions made by firms concerning production levels, market entry, and pricing strategies.</li><li>Analyse the impact of market competition, dynamics, and government policies on business strategies and performance.</li></ul> <ul><li>Apply economic models to interpret historical data and economic trends.</li><li>Design advanced pricing and business models, and apply them to make strategic pricing decisions.</li><li>Determine optimal production levels by analysing costs, revenues, and operational constraints.</li></ul> <ul><li style="text-align:justify;">Interpret economic graphs and estimate relevant economic and financial quantities/measures.</li><li style="text-align:justify;">Apply exploratory tools and techniques to analyse data effectively.</li><li style="text-align:justify;">Synthesise insights from economic theory and data analysis to formulate actionable managerial lessons.</li></ul> The course uses a rich mix of theory and practice, with an emphasis on applying economic theory to real business decisions to help students understand a wide variety of business situations from economics to finance, which will prepare them for the future job markets. Other The ability to analyse complex business situations, design relevant business strategies, and make sound and evidence-based decisions will provide our students with a critical advantage in the job market. In tutorials students will also have the chance to engage in group discussions, build confidence and enhance their presentation skills. Syllabus includes the modern theory of the market, elasticity; production and cost theory, models of perfect completion, monopoly and imperfect competition; introductory game theory and business strategy; introduction to macroeconomic concepts, national Income and its measurement, business cycles, the monetary system and inflation.  Methods of delivery: Lecture/seminars /computer aided learning  Lecture hours: 20 (2 hours per week over 10 weeks) plus 2 hours overall course revisionsSeminar hours: 5 (1 hour per fortnight)10 hours optional surgery sessions for students studying economics for the first time  20 hours of pre-recorded whiteboard-style videos designed specifically to support students encountering economics for the first time.Course activities include weekly blogs discussing recent business cases relevant to the topics covered, in-class case studies and quizzes, and weekly think-pair-share exercises during lectures and tutorials. 0 Other 100% Formative:10 optional short weekly mock MCQ testsSummative:8 weekly randomised MCQ test (15%)Final randomised MCQ test (85%) Generic feedback posted on Canvas regarding overall examination performance. Only available to students on: Mgt/Mgt (Specialism); IMABS; IM and ITMB.Only available to students on: Mgt/Mgt (Specialism); IM and ITMB. N Online TextbookThe required textbook for the subject is:Parkin, M., PowelI, M.l and K. Matthews, Economics (2022), 11th, Addison Wesley,Weekly case studies and lecture slides (posted on Canvas - students are asked to read the cases before the lectures).We will also cover sections from the following textbooks (though no need to purchase them):Stevenson, B. and Wolfers, J., 2020. Principles of microeconomics. Worth Publishers.Varian, H. (2014) Intermediate Microeconomics: A Modern Approach, 9th ed., W. W. Norton, or later editions. Lectures 20 Seminars 5 0 75 Pre-requisites: None Co-requisites: None Dependent course units: Dependent course units: BMAN24431 Economic Analysis I: Firm, Market and the Economy, BMAN31881 Economic Analysis II: Corporate Development, Growth & Strategy, and BMAN31952 Digital Economy: Platforms, AI & the Business. Programme Restrictions: Only available to students on: Mgt/Mgt (Specialism), IM and ITMB.