This, Economics for Strategic Managers, module develops participants’ ways of thinking about economics and the economy. The course considers the strengths and limitations of the economics paradigm and its interactions with other areas of management knowledge. This helps develop from, an earlier stage in the participants Master’s journey, a strategic mindset, critical thinking, critical reflection on their own practice and its impact on the wider world. Given the centrality of economics in the development of business thinking it also develops the participants’ business knowledge and ability to communicate in a more rigorous way.
Module author: Dr. Brendan K O’Rourke.
Introduction & Overview
Economics as a social science and as a business discipline. Principles and fundamental concepts of economics such as scarcity, choice, opportunity cost, enterprise and value-added. Economics as a way of thinking and its role in enterprise strategy.
Microeconomics for strategy
The market system in action: Supply and Demand analysis. Cost behaviour. Overview of Market structures and strategic interaction. Market failures. Government intervention.
Macroeconomics for strategy
Scanning, managing of, and managing in, the overall economy. Aggregate Supply & Demand.
Government and the economy. Fiscal policy. Money and monetary policy.
Learning in this module requires individual engagement and group interaction. Learners get much choice in the content they pursue in fulfilling the module aim and learning outcomes. Face to face teaching or online sessions will provide content that facilitates learning together while other resources are available for each learner or groups of learners to work on the module in a more self-directed way. To allow appropriate learning to take place in class any one run of the module should not exceed more than 30 members.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Other Assessment(s) | 100 |