MGT6128: Managerial Economics 2020-21 Introduction: Week 1 whole group tutorial
Module teaching staff Me (Professor Anthony Glass) A.J.Glass@sheffield.ac.uk Office hours during term time: Tuesday 10:00am-noon (UK time) Professor Don Webber D.J.Webber@sheffield.ac.uk Contact Don via email for his office hour(s)
What is managerial economics? Management economics is concerned with the application of economic principles and methodologies to business and management decision-making, in order to make the most effective use of anorganisation’sscarce resources
Two pillars of economics •Microeconomics: analyses the decisions of individual consumers, firms & industries related to buying, producing, & selling goods & services •Macroeconomics: focuses on the overall level of economic activity, inflation, unemployment etc. byanalysingaggregate economic behaviour
Module aims Primarily focused on microeconomics but with an appreciation of national policy setting and governmental strategies, the module aims to equip management students with the economic literacy and skills that will enable them to make optimal and economically efficient decisions based on an understanding of the factors of production, market forces and productivity
Module learning outcomes On successful completion of this module students will: •Appreciate the need to understand the nature of the market for different products & services; •Be able to apply economic theory to different business situations; •Understand basic concepts of microeconomics including supply, demand, price and income elasticities and alternative market structures; •Understand basic concepts of macroeconomics including trade, policy, the role of government and growth.
Module content and whole group activities: 1st half of module before Easter vacation •Introduction (week 1, live& interactivewhole group Blackboard Collaborate tutorial-AG) •Workings of competitive markets (week 1 recorded lecture-DW) •Consumers and demand (week 2, recorded lecture-DW) •Supply decisions in a perfectly competitive market (week 3, recorded lecture-DW) •Price and output decisions in imperfectly competitive markets (week 4, recorded lecture-DW) •Business growth and strategy (week 5, recorded lecture- DW)
Module content and whole group activities: 2nd half of module after Easter vacation •Regulation and public policy (week 6, recorded lecture-AG) •Macroeconomic environment 1 (week 7, recorded lecture- AG) •Macroeconomic environment 2 (week 8, recorded lecture- AG) •International trade (week 9, recorded lecture-AG) •Review of module material relating to the assessed report, assessment support and Q&A(week 9, live& interactive whole group Blackboard Collaborate tutorial-AG) •Multinational firms & strategy in a global environment (week 10, recorded lecture-AG) •Short review of the module and of a broad case study / analysis of a paper applying various components of the module (week 10, live & interactive whole group Blackboard Collaboratetutorial-AG)