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 THEORY OF THE FIRM
Code ECON254
Coordinator Dr B Murakozy
Economics
Balazs.Murakozy@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 5 FHEQ First 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

6

      24

6

6

54
Timetable (if known)              
Private Study 96
TOTAL HOURS 150

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 2: Synoptic Assessment Essay Question Assessment Type: Unseen Written Examination Duration: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Stan  2 hours    70       
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: On-line assignments Assessment Type: Practical Assessment Duration/Size: 6 online assessments, 10 questions each Weighting: 30% Reassessment Opportunity: Yes Penalty for Late   6 online assessments    30       

Aims

To equip students with the knowledge and skills necessary to understand and evaluate the internal and external factors that influence the strategic decisions made by business organisations. The module will support the analysis of the operation of business organisations within national and international markets.


Learning Outcomes

(LO1) Apply the tools and concepts of microeconomics to analyse the behaviour of firms

(LO2) Explain how market structure influences the behaviour of firms and the levels of profit they can achieve

(LO3) Explain and evaluate the growth strategies used by firms

(LO4) Explain and evaluate alternative theories of firm behaviour

(LO5) Explain the influence of internal organisation on firm behaviour and performance.

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) communication skills

(S5) IT skills

(S6) international awareness

(S7) Ethical awareness


Teaching and Learning Strategies

Teaching Method 1 – Online Asynchronous Learning Materials
Description: Short videos (12weeks x 4 x 20 Minute presentations) and questions approximately 2hrs per week. Total: 12 x 2 hours
Unscheduled Directed Student Hours: 24
Attendance Recorded: No

Teaching Method 2 – Group Study
Description: Questions to be discussed in small groups. 6x 1 hour
Scheduled Directed Student Hours: 6
Attendance Recorded: No
Notes: Learners can compare answers and improve their approaches.

Teaching Method 3 – Webinars
Description - 6 x 1 hour
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method 4: Seminars
Description: 6 x 1 hour
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Teaching Method 5: Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance Recorded: No

Self-Directed Learning Hours - 96
Description: Thes e independent learning hours are aimed at supporting the directed student learning. The module leader will provide guidance in the form of suggested readings and topics to examine with the expectation that students are well prepared to contribute to the workshop activities and to understand the content of lectures. Self-Directed Learning will include research activity, developing academic writing skills, and wider reading to support the module.

Costs Information:
There are no specific costs attached to this module.

There are the following non-modular requirements:
GCSE level maths will be an advantage

This module is a pre-requisite for the following modules:
ACFI320
ECON228
ECON307
ECON325
ECON354

Skills/Other Attributes Mapping

Skills / attributes: Ethical awareness
How this is developed: Lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: international awareness
How this is devel oped: Lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: IT skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: communication skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable):

Skills / attributes: Commercial awareness
How this is developed: Lectures and workshops
Mode of assessment (if applicable)

Skills / attributes: Numeracy
How this is developed: Lectures and workshops
Mode of assessment (if applicable):

Skills / attributes: Problem solving skills
How this is developed: Lectures and workshops
Mode of assessment (if applicable):


Syllabus

 

Introduction
The nature of the market system and the firm
Transactioncosts and the reasons firms exist
The internal organisation of the firm
Demand and consumer behaviour
Influences on demandand sales
The characteristics approach to demand and implications for product development, market segmentation and advertising
Cost concepts for decision making
Productivity and competitiveness
Profit maximization
Strategic implications of cost conditions
Competition, firm behaviour and industry dynamics
Strategic competition among the few
Strategic entry deterrence
The structure-conduct-performance model
Pricing strategies
Advertising and product differentiation
Corporate governance and managerial theories of the firm Growth strategies
Overseas investment and the multinational corporation


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.