ECO5000 Economics for Managers
There are no prerequisites for this course. This course will require an ability to read graphs, charts and tables. There are no advanced mathematical requirements for this course.
This course will provide managers, potential managers and decision makers with sufficient economic understanding and analytical tools to effectively assist them in decision making in their workplace. These decisions relate to how organisations can best use scarce resources against the backdrop of the economic environment in which firms operate. Economics is a broad discipline, so in this course we will concentrate on topics that mainly affect managers and decision makers. Most of the topics will be discussed with numerous examples and case studies to show how to apply these in real world scenario. The course has a microeconomic component and a macroeconomic component. Both aspects of economics are presented in the prescribed textbook and book of in action. The microeconomics component examines the decision-making activities of individual consumers and firms as well as groups of consumers and firms called markets. The macroeconomics component of the course explains the behaviour and management of collections of markets known as an economy. Any business manager needs to have a sound understanding of the basic elements of macroeconomics: composition of national output, business cycles, economic growth, movements in prices and employment, a simple model of the economy, interest rates and exchange rates, monetary system and policy, fiscal policy and international trade.