Module FINN44010: Economics for Global Business (EBS)

Department: Finance

FINN44010: Economics for Global Business (EBS)

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To develop students' understanding of the external context in which organisations operate.
• To enable students to acquire and demonstrate knowledge and understanding of those elements of economic analysis that are relevant for managing in the global economy.
• To develop skills in the application of economic analysis in business decision making and planning.
• To develop a critical understanding of key economic aspects of the global business environment and the impact of changes in that environment at national and international levels.

Content

• Microeconomics relevant to decision making in the global business environment. This includes developing understanding of:
• demand and supply functions and their impact on market prices and on firms' objectives;
• market structures, competition policy and regulations and their impact on the competitive behaviour of firms.
• Macroeconomics relevant to decision making in the global business environment. This includes developing understanding of:
• the impact of fiscal and monetary policy on economic growth as well as on income distribution and environmental and social objectives;
• the impact of international trade and multinational activity on economies and firms economic and social performance.

Learning Outcomes

• Upon successful completion of the module, the students will:
• Have an advanced knowledge and critical understanding of: the underlying fundamentals of the market system; the importance of, and interaction between demand, costs and prices at the level of the firm and the market; the inter-relationship between the competitive environment and business decisions; the macro-economic environment, at national and global level; the internationalisation of firms and multinational activity.
• Be able to appreciate the highly complex nature of the economic system within which business operates.
• Have developed a critical understanding of the importance of corporate and social responsibility, including the sustainability of economic activity, both at micro and macroeconomic level.

• Upon successful completion of the module, the students will:
• Be able to apply their economic understanding in management decisions in the global context;
• Have practised problem solving and analytical skills in relation to managing in the global environment.

• Written communication
• Planning, organising and time management
• Problem solving and analysis
• Analytical and critical thinking
• Using initiative
• Computer literacy

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Learning outcomes will be met through workshops involving a mix of lectures, groupwork, case studies and discussion, supported by guided reading.
• The formative assessment is via regular, computer-aided multiple-choice self- assessment exercises. This encourages students to study and revise regularly and enables them to gain frequent updates on their learning progress.
• The summative assessment of the module, by written assignment, will test students acquisition and articulation of knowledge and their ability to apply what they have learned in the business context.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Electronically-enabled multiple-choice self-assessment exercises.

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University