ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | ECONOMICS FOR MANAGEMENT | ||
Code | ECON722 | ||
Coordinator |
Dr J Tena Horrillo Economics J.Tena-Horrillo@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2021-22 | Level 7 FHEQ | Second Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
12 |
12 |
24 | ||||
Timetable (if known) | |||||||
Private Study | 126 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Examination There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When): Second | 2 hours | 70 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Group Assignment There is a resit opportunity. Standard UoL penalty applies for late submission. This is an anonymous assessment. Assessment Schedule (When): Second | -1500 words | 30 |
Aims |
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To enhance students’ understanding of how economics illuminates consumer and firm behaviour and industry structure; To encourage students to use economic tools in their approach to other modules and to their future professional life; To help students to see the richness of possibilities arising from the use of economics in business and management research, both academic and practical. |
Learning Outcomes |
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(LO1) Appreciate the role of economics tools in business and management decisions; |
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(LO2) Be able to use basic economic concepts in their approach to other modules and to their professional work; |
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(LO3) Be able to recognise simple economic models presented using graphs or algebra; |
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(LO4) Be familiar with basic techniques of empirical work in economics; |
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(LO5) Be able to write a report researching the demand environment for a particular good or service. |
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(S1) Adaptability. Developed via the ability to adapt theoretical models to practical problems. |
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(S2) Problem solving skills. Developed via the ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument. |
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(S3) Numeracy. Real-world data used for coursework element. Empirical methods of demand estimation applied. |
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(S4) Commercial awareness. Real-world data used for coursework element. Lecture series refers to real-world business case studies. |
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(S5) Teamwork. Coursework element is team based. |
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(S6) Organisational skills. Students are expected to organise their own learning within the guidelines given. |
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(S7) Communication skills. Coursework assessment to be communicated in the form of a written report. |
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(S8) IT skills. Developed via coursework assessment to be completed using web based database and statistical analysis using an IT analysis package. |
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(S9) International awareness. Globalisation is considered during the lecture series and international data used. |
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(S10) Lifelong learning skills. The Lecture - Tutorial Workshop structure is based around the lecture – interrogation of learning cycle of learning. |
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(S11) Ethical awareness. Students will consider the principal-agent problem in managerial decision making as well as the potential problems of agendas in voting mechanisms although these are not addressed strictly as ethical issues they are complementary to learning in other modules. |
Teaching and Learning Strategies |
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Lectures x 12 hours Tutorials x 12 hours Self-directed learning x 126 hours |
Syllabus |
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Introduction to the module and ‘thinking Like an economist’; Demand and supply and market equilibrium; Elasticity; Supply decisions: costs, revenue and profit; Policy intervention and welfare I; Policy intervention and welfare II; Perfectly competitive markets; Monopoly; Imperfect competition: oligopoly and monopolistic markets; Asymmetric information; Political economy I; Political Economy II. |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |