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 MANAGEMENT ECONOMICS
Code ECON234
Coordinator Dr V Andreoni
Economics
Valeria.Andreoni@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2023-24 Level 5 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 24

 6

         30
Timetable (if known)              
Private Study 120
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 50% Reassessment Opportunity: Yes, in line with UoL policies Penalty for Late Submission: Standard UoL penalt  2    50       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 2: Report Analysis Assessment Type: Coursework Size: 1000 words Weighting: 50% Reassessment Opportunity: Yes, in line with UoL policies Penalty for Late Submission: Standard UoL penalt  0    50       

Aims

This module introduces students to the economic approaches to the study of organisations.   It also shows how economics can be applied to strategic management, mergers and acquisitions, and corporate governance.

Learning Outcomes

(LO1) Students will be able to understand how organisations achieve co-ordination.

(LO2) Students will be able to understand informational problems for markets and organisations .

(LO3) Students will be able to understand goals and decision-making within the firm using behavioural theories.

(LO4) Students will be able to understand agency relations between owners, managers and employees.

(LO5) Students will be able to understand the effects of transactions costs on choosing between markets and organisations and organisational forms.

(LO6) Students will be able to understand the contribution of economics to strategicmanagement, mergers and acquisitions, agency problems of corporate governance.

(LO7) Students will be able to understand the resource-based view of the firm.

(LO8) Students will be able to understand the factors that lead industries to vertically integrate or require locational proximity to suppliers.

(LO9) Students will be able to understand how companies trade externally and internationally through international trade and cross-border transactions when vertical integration within the same company is less necessary.

(LO10) Students will be able to understand the ethical considerations of incentives and, in particular, how they can lead people to game performance pay schemes.

(LO11) Students will be able to understand how efficiency wages can induce ethical behaviour such as honesty in employees.

(LO12) Students will be able to understand the ethical consequences of moral hazard in healthcare markets, and how they can lead to market failure.

(S1) Problem solving skills

(S2) Numeracy

(S3) Commercial awareness

(S4) Communication skills

(S5) IT skills

(S6) Ethical awareness

Teaching and Learning Strategies

Teaching Method: Lecture
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes

Teaching Method: Seminar
Description: The seminar and student-led study group programme will provide structured practice in core analytical and problem-solving methods applicable to each topic, strengthen student intuition regarding the nature of particular issues covered in the course and their methods of analysis and solutions. They will also provide a forum where students can clarify areas of partial understanding with the tutor and their peers and allow students to discuss possible extensions of the basic analysis presented in class.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Learning Hours: 120
Description: In addition to scheduled directed learning, tutorial and student-led study group hours, students will be expected to self-study and complete fortnightly problem sets largely on their own.

Skills/Other Attributes Map ping

Skills / attributes: Ethical awareness
How this is developed: 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): Examination

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

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

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

Syllabus
 

How organisations achieve co-ordination
Informational problems for Markets and Organisations
Insights from Game Theory
Behavioural Theory of the Firm
Agency Theory
Overspill
Transaction Costs
Economic Contributions to Strategy
Mergers and Acquisitions; Corporate Governance

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