UCL School of Management

Module Fact Sheet

MSIN0075: Business Economics

Taught by
Level
Masters, level 7
Prerequisites
None
Eligibility
MSc Management and SoM PGT affiliate students only
Terms
Term 1
Delivery method
3-hour teaching block (X 10 weeks)
Assessment
70% unseen 2-hour examination; 30% coursework
Previous Module Code
MSING019

Course overview

Economics is the science of allocating scarce resources among competing social wants. Microeconomics describes how individuals and firms make informed tradeoffs between scarce alternatives in order to improve their well being. Macroeconomics, on the other hand, is the study of the economy as a whole in an attempt to explain aggregate trends. This course is focused on microeconomics. It provides a foundation for further studies in business economics.

Learning outcomes

By the end of this course, the student should be able to understand the main ideas of economic theory and be able to apply them to analyse real-world issues. While a mathematical approach is encouraged throughout, the main concepts are also illustrated graphically. Furthermore, emphasis is placed on the intuition behind the concepts to enable more profound understanding. Nevertheless, students in this course require some fluency in algebra.

Topics covered

  • Consumer Theory

  • Labour Supply

  • Game Theory

  • Auctions

  • Basic Financial Economics

  • The Efficient Market Hypothesis

  • Time permitting we will also cover: Discounting, Market Failure and Welfare Economics

Assessment summary

70% is achieved through examination; 30% is achieved through coursework.

Current students should refer to Moodle for specific details of the current year’s assessment.

Essential reading

Intermediate Microeconomics: A Modern Approach by Hal R Varian (any edition from the sixth onwards should be fine) 

I encourage you to read Varian it is a great book which explains things clearly. However, it is not mandatory for you to purchase it. The lectures should be ‘self-contained’ i.e. you can do well by just attending the lectures and engaging with the material.

Also, I encourage you to read the book ‘The Undercover Economist’ by Tim Harford. It is a popular book which is very well written. If you are feeling really keen you can read my book ‘Macroeconomics for Dummies’ by Manzur Rashid to see how economists think about modelling problems. Neither of these books will be examinable.   

If you have not used maths for a while please revise your school level maths before starting the course e.g. algebra, fractions, equation of a straight line etc.

Past versions of this module

MSING019 17/18

MSING019 16/17

Last updated Friday, 17 August 2018