BSc Management / Course details

This course offers a solid understating of key economic theories useful to running a modern firm and is both analytical and applied. The course studies theories of inflation, business cycles, financial cycles, financial crises, the monetary system, the IS-LM model, the Mundell Fleming model, theories of exchange rates and trade theories and their applications to business. The course also discusses  demand and supply forecasting, models of imperfect competition; non-cooperative game theory; advanced pricing strategies; advanced business strategies; economics of information, risk analysis and decision under uncertainty, asymmetric information and signalling; moral hazard and incentives;  introductory auction design; and investment analysis.

Throughout, the course will rely on rich recent economic and firm data to support analyses. All analyses are empirically based. 

BMAN24431 has pre-requisites of: BMAN10001. Only available to students on: Mgt/Mgt Specialism; IMABS; IM and ITMB.

Pre-requisite course units have to be passed by 40% or above at the first attempt unless a higher percentage is indicated within this course outline.

This course aims to provide a working knowledge of economic techniques relevant for managing a modern firm. The course demonstrates how a solid knowledge of topics such as demand estimation / forecasting, empirical investment analysis, pricing strategies; non-cooperative game theory; strategic behaviour; advance business strategies, oligopoly markets; economics of information, signalling; moral hazard and incentives; inter-temporal decisions under uncertainty;  auctions and market design help improve corporate decisions.
Gaining insights from modern macro: This course provides a coherent understanding of macroeconomic factors and their impact on business activities and firm performance. By bridging theory and practice through a rich mix of academic concepts and real case materials, it equips students with the skills to systematically analyze economic news and use it to optimize corporate decision-making.

Notably, equip students with an ability to use Excel (or R - optional) to analyse data in business decision making, use economic theories to make sense of economic data and news, and use their understanding to improve on business decisions and master data-driven business decision making.

Methods of delivery: Lectures and seminars

• Lecture hours: 33 (3 hours per week- two-hours lecture (Wednesdays) and one hour applied lecture (Mondays))
• Seminar hours: 8 (1 hour every week for 8 weeks, starting from week 2)
• 5 hours optional extra revision sessions for students needing help with economics.
• 20 hours supporting whiteboard videos for students needing help with economics.
• Weekly blog discussing recent topics relating to the course (asynchronous). 
• Private study: 159

Total study hours: 200 hours split between lectures, classes, self-study and preparation for classes, coursework and examinations.

Informal Contact Methods
TBA

• Understand economic theory and apply economic principles to develop optimal business strategies for real-world scenarios
• Understand different theories of the firm, models of imperfect competition pricing strategies, and advanced business strategies
• Understand how to use data to assess business decisions, estimate future demand and supply and analyse investment projects.
• Understand decision making under uncertainty; explain the impact of imperfect information and methods to deal with it; and analyse principal-agent problems in the firm
• Analyse and explain short-run fluctuations in an economy using the AD-AS, IS-LM and Mundell-Fleming models.
• Understand how the monetary system works
• Understand the causes and costs of inflation.
• Understand modern theories of business cycles and use them to inform corporate decisions.
• Understand financial crises and credit cycles, and their impact on the firm.   

• Develop a rich understanding of key economic models, their role in economic and business analysis, and the skills to assess them using data.
• Understand how the economic system works, how major economies interact, and how aggregate economic trends affect firm performance
• Understand the financial sector, its impact on the economy, and its influence on firm performance.
   

• Ability to use software (e.g., Excel, R) and generative AI tools for exploratory data analysis, hypothesis development and decision making.
• Ability to draw on economic and firm data to make managerial decisions.

• Gain a deep understanding of software such as Excel to manipulate firm data and use real time data for making business decisions. (Optional: Students can benefit from the materials on the programming language R). 
• Skills to combine background knowledge, theory and data to improve decision making.

Formative Assessment:

12 short weekly mock MCQ tests

Summative Assessment:

1. Mid-term online multiple choice test (20%)

2: End of term online multiple choice test (20%)

3: Economic Analysis Project (60%)
 

•    Informal advice and discussion during a lecture, seminar, workshop or lab.
•    Online exercises and quizzes delivered through the Blackboard course space.
•    Responses to student emails and questions from a member of staff including feedback provided to a group via an online discussion forum.
•    Specific course related feedback sessions.
•    Written and/or verbal comments on assessed or non-assessed coursework.
•    Written and/or verbal comments after students have given a group or individual presentation.
•    Generic feedback posted on Blackboard regarding overall examination performance.

• Baye, M.R., (2022) Managerial Economics & Business Strategy, 10th Edition, Irwin McGraw-Hill, 
• Olivier, B., Amighini, A. and Francesco, G., 2021. Macroeconomics. A European Perspective.
• Mankiw, G: Macroeconomics (10th edition), Palgrave Macmillan
• Weekly case studies (students are required to study the cases before coming to the lecture).

Pre-requisites: BMAN10001 Economics Principles: Microeconomics

Dependent course units: BMAN31181Economic Analysis II: Corporate Development, Growth & Strategy
Programme Restrictions: BSc Management and Management (Specialisms), BSc International Management, Core: BSc ITMB (Strategy & Economics)

BMAN24431 is available to study abroad and exchange students admitted through the University of Manchester’s International Programmes Office

For Academic Year 2025/6

Updated: March 2025

Approved by: March UG Committee