This module aims to provide students with a critical understanding of microeconomics. It examines how market systems operate and how economic variables interact to influence and determine business decisions. Economic variables that play a role are the prices and output of firms and sectors, the expenditures of consumers and households, wage rates, different types of competition, and more complicated market dynamics. This module forms part of the curriculum of Semester 1 of the FT MBA. As such, it provides (along with others) key knowledge and understanding of one of the core functional areas and activities of advanced management practice.
A Critically evaluate how markets function.
B Identify and critically assess how key factors influence the demand and supply of products and services.
C Demonstrate the ability to understand and interpret economic indices and statistics and how they influence managerial decision-making.
D Evaluate and explain the performance of a market under different competition paradigms.
E Apply economic reasoning to policy issues by analyzing the roles played by different stakeholders and policy makers in the dynamics of a market.
The module will be delivered through a combination of lectures (four hours per week) with a range of case studies and exercises designed to enable students to contextualise the theoretical content and apply it to managerial practice.