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Unit of Study

Firms, Markets and Business Management
UoS Code BUSS5001
Credit points 6
Offered Semester 1 and Semester 2
Prerequisites None
Prohibitions ECON5001 or ECON5002 or ECON5003 or ECOF5010
Assumed Knowledge
Additional Information
Lectures 1x 1.5hr lecture and 1x 1.5hr seminar per week
Assessment case analyses (50%), class participation (15%), final exam (35%)
Description This unit provides students with the tools to understand the impact of economic, socio-cultural, institutional, and technological factors on businesses\\\' operations. Such considerations are crucial for understanding how businesses make decisions and interact in the marketplace. The first part of the unit provides an introduction to macroeconomic and microeconomic analysis and applications. In macroeconomics we consider determination of the aggregate level of economic activity (GDP and inflation), the economic effects of government policies, and the link between interest rates and exchange rates and the level of economic activity. In microeconomics we look at economic decision-making by individuals and firms and the determination of prices in different kinds of markets. The next part of the unit investigates wages, as well as the social, cultural, political, and technological environments in which firms operate. It examines theories, models and conceptual tools that help us understand and make decisions in relation to these factors. The unit is complemented by developing an understanding of the complexity of professional behaviour and ethical decision making.