Economic principles are the foundation for many areas of importance to managers – for accounting, finance, marketing, strategy and negotiation.
In this subject, we learn about the principles of opportunity cost, of diminishing marginal returns, of understanding interdependence between players in the market and how to structure our strategic responses within these markets.
We develop an understanding of the implications of asymmetric information and how this affects the decisions a manager makes on a day-today basis.
We also look at the bigger picture in the economy, developing frameworks for understanding the impact of interest rates and exchange rate changes, the link between inflation and unemployment, and why business cycles occur.