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Unit of study_
BUSS5001: Firms, Markets and Business Management
2023 unit information
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.
Unit details and rules
Managing faculty or University school:
Business School
| Code | BUSS5001 |
|---|---|
| Academic unit | Business School |
| Credit points | 6 |
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Prerequisites:
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None |
|---|---|
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Corequisites:
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None |
| Prohibitions:
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ECON5001 or ECON5002 or ECON5003 or ECOF5010 |
| Assumed knowledge:
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None |
At the completion of this unit, you should be able to:
- LO1. apply core microeconomic and macroeconomic concepts and principles to business situations in order to critically analyse them, make predictions and evaluate appropriate courses of action
- LO2. examine and evaluate the role of ethics and corporate social responsibility in business decision-making
- LO3. identify the main issues that a business scenario presents, to determine which economic model applies, and to draw conclusions or recommendations using the model
- LO4. identify the assumptions used in models and consider how the conclusions from the analysis might change if the assumptions did not apply
- LO5. understand the limitations of standard economic models, including how the cultural, social and political context affects predictions and conclusions.
Unit availability
This section lists the session, attendance modes and locations the unit is available in. There is a unit outline for each of the unit availabilities, which gives you information about the unit including assessment details and a schedule of weekly activities.
The outline is published 2 weeks before the first day of teaching. You can look at previous outlines for a guide to the details of a unit.
There are no availabilities for this year.
Modes of attendance (MoA)
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