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Principles of Economics, Business and Management (MNG101)

Course description

This is an introductory course of basic micro- and macroeconomic concepts, as well as of fundamentals of management theory. Topics include supply and demand theories, market structures/ factors, the determinants of business strategy and various aspects business organization. The course will have a focus on international economics and global business behavior. It will stress on preparing students for a successful career, using economic and business concepts in a market oriented society. It shall also serve as a foundation upon which students can build advanced studies in economics.

Course aim

The objective of Principles of Economics for Business and Management syllabus is to provide students with a basic understanding of how the economy as a whole works. The participants shall be exposed to basic economic concepts, in order to gain a framework for viewing and interpreting the economic and business world around them.

Learning outcomes

  • Define and explain how basic concepts of microeconomics (such as elasticity, scarcity or choice) can be used to explain the behaviour of individuals, household or firms.
  • Represent supply and demand, in graphical form, including the downward/upward slope of the curves and what shifts/moves along the curves.
  • To understand the importance of market structures, on the question of the stability and failure of markets.
  • Describe and explain how basic macroeconomic policies (such as fiscal or monetary) can be used to analyse the economy as a whole.
  • Explain basic management, business and marketing principles to be able to continue studies on a higher level.
  • To understand the role of PESTLE factors on the SWOT of corporations, in the domestic and the international business environment.  
Syllabus
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