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MANAGERIAL ECONOMICS MBA – YEAR ONE 1. Introduction and Module Description I welcome you to the complex field of Managerial Economics. It is of paramount importance to note and appreciate that Managerial Economics is a social science. Like any other science, Managerial Economics involves a systematic attempt to discover regular patterns of behavior. These patterns are used to explain what is happening, to predict what might happen and to assist policymakers to devise or choose economic policies. Managerial Economics also provides useful information to the authorities who have to decide on policy with respect to many economic variables. By being a social science, economics studies the behaviour of human beings, both individually and as groups. Managerial Economics is an empirical science. This means that actual experiences are studied and measured. However, measurement is generally also so far less precise in managerial economics than in the natural sciences. The study of Managerial Economics is usually divided into two parts: Microeconomics and Macroeconomics. 2. Purpose The purpose of the Managerial Economics Module is to cover a full spectrum of economic issues with standard economic theories while emphasizing the institutional features of the South African economy and / or any other economies. The idea is to give students an introduction to Managerial Economics that they can relate to the world around. The emphasis is on application and relevance but rigour is not sacrificed. This increases the topicality and relevance of key concept and issues without interrupting the main threads of Managerial Economics. 3. Prescribed reading The prescribed texts for this module are: Janse van Rensburg,J, McConnell, C., Brue, S., (2015) Economics Second Southern African Edition Boston: McGraw Hill. Mohr, P and Associates (2015), Economics for South African Students, Fifth Edition: Van Schaik Publishers Schiller, B.R. (2013). The Economy Today. (13th Edition). Boston: Irwin McGraw-Hill. 4. Recommended reading 1 Begg, D., Fischer, S. and Dornbush, R. (2003). Economics (7th Edition). London: Irwin McGraw-Hill. Salvatore, D. (2008). International Economics. (9th Edition) Hoboken: J. Wiley & Sons. It is recommended that you obtain your own copy of the texts as the material from the module will be covered in relation to the texts. Additional / Supplementary Reading: It is to your advantage to read more widely than just the prescribed textbook in order to broaden your knowledge and understanding of Managerial Economics. Recommended reading lists are provided in each chapter of the module and are available from the Emerald online library facility, accessible via MANCOSA’s website. 5. Learning Outcomes. The broad aim of this module is that, you should be able to appreciate the main issues, concepts and tools of Managerial Economics. You should also be able to analyse the goods market and labour market by examining the decisions of households and firms and again you should be able to examine the three important sectors of the economy (i.e the monetary sector, the public sector and the foreign sector). Furthermore, you should appreciate big economic issues of the day, like economic growth, inflation, international trade, unemployment and environmental protection. In other words, you should look at the ‘‘Big Picture’’ and examine the economic issues which regularly make the news headlines. What causes economic growth? What is a recession? What can authorities do to stimulate the economy? What is inflation? Why is it a problem? What can we do about it? Why is unemployment so high? Can it be reduced? Are there any links between inflation and unemployment? 6. Syllabus and Curriculum The Managerial Economics module is divided into FIVE (5) main subsections, Part 1: Introduction to Managerial Economics, Part 2: Production, Market Structure and Factor Markets, Part 111: Macroeconomics, Part IV: International Economics and Part V: Sustainable Economics Introduction to the Managerial Economics Study Guide Managerial Economics Module Integrated Exit Level Outcomes & Assessment Criteria Part I: Introduction to Managerial Economics 1. Economic Problems and Decision Making 2 2. Understanding Market Forces: Demand and Supply Analysis 3. Elasticity Part II: Production, Market Structure and Factor Markets 4. Production and Optimisation Analysis 5. Market Structure and Competition 6. The Factor Markets: The Labour Market Part III: Macroeconomics 7. Economic Indicators 8. The Monetary Sector and the Government Sector 9. Macroeconomic Theory and Policy Part IV: International Economics 10. Economic Environment and Globalisation 11. International Trade /Foreign Sector 12. Exchange Rates Part V: Sustainable Economics 13. Economic Growth and Environmental Protection 7. Expectations – Role of the student Courses and modules in Managerial Economics are typically regarded as being among the most challenging of all those presented at universities, universities of technology, business schools or other tertiary institutions. If the role of the student is clearly defined, studying Managerial Economics can be fun, if proper studying methodologies are used. Managerial Economics is not a subject that you can study by simply reading the material or trying to memorise it. Such an approach is bound to fail. You have to try to understand it. Students who study economics come from widely varying backgrounds and Gary Player, the famous South African golfer, once remarked that “the more I practice, the luckier I get.” The same applies in Managerial Economics. You have to practice, that is, study actively. Always study with a pen or pencil, working through the arguments, drawing the graphs and summarizing the main points. 3 It is also the responsibility of you, as the student, to follow economic issues/news in the newspapers and on television and try to relate it to what you are learning. Managerial Economics is very practical. You will be surprised how much you can understand by combining the basic tools of economic analysis with some common sense. 8. Assessments 8.1 Assignment The student will be required to complete and submit an assignment. This assignment is assessed as part of your coursework and will constitute 50% of the final mark / grade. Therefore, it is important that you complete it. 8.2 Examination An examination will be written at the end of each semester. The assessment strategy will focus on application of theory to practice. Again this will also constitute another 50% of the final mark / grade. 8.3 Assessment Structure ASSESSMENT STRUCTURE Assignment 50% Examination 50% Total 100% A sub-minimum of 40% is required in each form of assessment 9. Support A course coordinator for the module will provide academic support to students via-email, the preferred method of communication on the email address is [email protected]. 10. Proposed Study Pacer Introduction to Managerial Economics Study Guide Week Part I: Introduction to Managerial Economics Week 1,2 and 3 4 1. 2. 3. Economic Problems and Decision Making Understanding Market Forces: Demand and Supply Analysis Elasticity Complete Activities, Thinkpoints and Reading activities Part II: 4. 5. 6. Production, Market Structure and Competition and Factor Markets: The Labour Market Production and Optimisation Analysis Market Structure and Competition The Factor Markets: The Labour Market Week 4,5 and 6 Complete Activities, Thinkpoints and Reading activities Part III: Macroeconomics 7. Economic Indicators for Assessing Performance 8. The Monetary Sector and the Government Sector 9. Macroeconomic Theory and Policy Week 7,8 and 9 Complete Activities, Thinkpoints and Reading activities Part IV: International Economics 10. Economic Environment and Globalisation 11. International Trade 12. Exchange Rates Week 10,11 and 12 Complete Activities, Thinkpoints and Reading activities Part V: Sustainable Economics 13. Economic Growth and Environmental Protection Week 13 Complete Activities, Thinkpoints and Reading activities 5