This course will take you through the theories of economics, and look at the factors affecting economics and business decision making. The subject material contains analysis at both the microeconomic level (individual households and firms) and the macroeconomic level (the ‘rise and fall’ of the whole economy). Once you are introduced to the basic concepts of economics, you will learn how to develop a framework of your own, to inform managerial decision making.
Have you had your coffee yet today? Did you perhaps go to a different coffee place and notice a difference in price? You might have put that down to the business owner charging a different amount (which of course plays a part), but there is a much larger system of supply and demand, limited resources and unlimited human demand which have played a part in how much cash you parted with for your caffeine hit.
Humans want it all and we generally want it now. But the world doesn’t work like that - with a limited number of resources and an unlimited amount of human demand, we need a system to place a value on goods and services. This subject will introduce you to a range of economic concepts, concentrating on those most relevant to managers including factors that will affect business decision-making.
This course will take you through the theories of economics, and look at the factors affecting economics and business decision making. The subject material contains analysis at both the microeconomic level (individual households and firms) and the macroeconomic level (the ‘rise and fall’ of the whole economy). Once you are introduced to the basic concepts of economics, you will learn how to develop a framework of your own, to inform managerial decision making.
