ECON49610: Economics for Global Business (EBS)

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• 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.

• 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.

Subject-specific Knowledge:

• 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.

Subject-specific Skills:

• 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.

Key Skills:

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

• 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.

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