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 E Hengel
Economics
Erin.Hengel@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2019-20 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

 10

         34
Timetable (if known) 120 mins X 1 totaling 24
  		120 mins X 1 totaling 10
  		         
Private Study 116
TOTAL HOURS 150

Assessment
EXAM Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
Assessment 1: Mid-term test Assessment Type: Written Exam Duration: 1 hour Weighting: 30 % Reassessment Opportunity: No reassessment opportunity; the reason is detailed below - The final e  1 hour    30       
Assessment 2: Written Unseen Examination Assessment Type: Written Exam Duration: 2 hours Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty appl  2 hours    70       
CONTINUOUS Duration Timing
(Semester)		 % of
final
mark		 Resit/resubmission
opportunity		 Penalty for late
submission		 Notes
             

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 1 - Lecture
Description: Lectures will give an introduction to each topic and provide a framework within which students can organise their private study, including reading and preparation for seminars. Key ideas, debates and empirical evidence will be presented and students will be encouraged to interact and debate key questions.
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes
Notes: 12 x 2 hours

Teaching Method 2 - Seminar
Description: Students will discuss structured questions and case studies based on seminar workshops.
Scheduled Directed Student Hours: 10
Attendance Recorded: Yes
Notes: 5 x 2 hours

Self-Directed Learning Hours: 116
Description: Private study will encompass reading through lecture notes, completed assigned readings, tutorial preparation, revision for the mid-term and final exam.

Skills/Other Attributes Mapping

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 and Mid-term test

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

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

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.