Business Economics (BS0029)

? Credit Points : 20 ? SCQF Level : 8 ? Acronym : MSE-2-BEC

The place of managerial economics in the making of business decisions; profit and other business objectives; forecasting; the optimal price, place, promotional and product mix; investment appraisal; integration, diversification and location decisions; the impact of the state's regional and other industrial policies on these decisions.

Entry Requirements

? Pre-requisites : Business Studies 1 (BS0001) OR (Industrial Management 1 (BS0002) plus Techniques of Management (ME0002)) NOTE: for Economics with Management Science programme EITHER Principles of Finance (BS0003) OR Business Economics is a mandatory course in year 2.

Subject Areas

Home subject area

Business Studies, (Management School and Economics, Schedule H)

Delivery Information

? Normal year taken : 2nd year

? Delivery Period : Semester 1 (Blocks 1-2)

? Contact Teaching Time : 2 hour(s) per week for 10 weeks

? Other Required Attendance : 1 hour(s) per week for 8 weeks

First Class Information

Date	Start	End	Room	Area	Additional Information
20/09/2007	12:10	13:00	Lecture Theatre A, David Hume Tower	Central

All of the following classes

Type	Day	Start	End	Area
Lecture	Monday	12:10	13:00	Central
Lecture	Thursday	12:10	13:00	Central

? Additional Class Information : Plus tutorials in Weeks 3-10. Please sign up using the Group Selection Tool on WebCT.

Summary of Intended Learning Outcomes

Knowledge and Understanding

After completing the course the student will

- appreciate the implications of differences in objectives between members of an organisation and between members of different organisations for management decision making and understand how to encourage managerial actions to be consistent with the aims of certain stakeholders;
- be familiar with the application of a wide range economic principles to decisions made by managers to enable them to maximise profits;
- understand the importance of taking into account rivals' reactions to a manager's decisions when he or she is planning strategies;
- be familiar with and able to evaluate certain government micro-economic policies, such as competition policies and regulatory policies, which will affect the results of, or impose constraints on, managerial decisions;
- be able to critically evaluate the effectiveness of different economic principles when applied to managerial decision making

Cognitive Skills

- be able to demonstrate that (s)he can work in a tutorial group to use economic principles to recommend decision to managers
- be able to demonstrate the application of relevant economic principles to certain decisions faced by mangers;
- be able to demonstrate the ability to evaluate certain opposing economics ideas, approaches, methods and theories;
- be able to demonstrate that (s)he can evaluate certain decisions that managers make in the light of economic principles and models

Key Skills

- be able to demonstrate an ability to use a small number of numerical problem solving techniques to solve certain specific problems which managers face as taught in lectures and practised in tutorials;
- be able to demonstrate an ability to assemble literature to synthesise and evaluate economic thinking or to discover some primary information about organisations so as to apply economic ideas to decisions they make