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MN52057: Business economics

[Page last updated: 23 October 2023]

Academic Year: 2023/24
Owning Department/School: School of Management
Credits: 5 [equivalent to 10 CATS credits]
Notional Study Hours: 100
Level: Masters UG & PG (FHEQ level 7)
Period:
Semester 1
Assessment Summary: EXCB 100%
Assessment Detail:
  • Closed book examination (EXCB 100%)
Supplementary Assessment:
Like-for-like reassessment (where allowed by programme regulations)
Requisites:
Learning Outcomes: By the end of the unit you will be able to:
  • Recognise and explain fundamental knowledge of business economics
  • Identify key management challenges and issues
  • Apply models and theories to analyse problems in context
  • Evaluate business problems/opportunities in order to identify viable responses and/or solutions



Synopsis: Use microeconomics to develop an understanding of the markets in which firms operate. You will explore a range of microeconomic concepts, including some of the models and analytical tools used by economists. You will learn how these are helpful in making business decisions and how they help provide insights into the nature of the competitive environment.

Content: You will be introduced to business economics from first principles, with a particular focus on microeconomic theory of the firm and industry, and related analytical frameworks. Likely topics to be covered include: demand and supply; market equilibrium; production and costs; the structure of product markets; The five forces affecting industry profitability; the intensity of rivalry between firms; oligopoly price and non-price behaviour under conditions of competition and co-operation; barriers to entry and entry deterrence; and the impact of government competition policy on strategic options.

Course availability:

MN52057 is Compulsory on the following courses:

School of Management

MN52057 is Optional on the following courses:

School of Management

Notes:

  • This unit catalogue is applicable for the 2023/24 academic year only. Students continuing their studies into 2024/25 and beyond should not assume that this unit will be available in future years in the format displayed here for 2023/24.
  • Courses and units are subject to change in accordance with normal University procedures.
  • Availability of units will be subject to constraints such as staff availability, minimum and maximum group sizes, and timetabling factors as well as a student's ability to meet any pre-requisite rules.
  • Find out more about these and other important University terms and conditions here.