Understanding the economic environment is essential for the successful management of virtually any business activity ranging from placement to production and marketing decisions. Indeed, making decisions is what management is all about. However, making the right decision is the biggest challenge managers face. Markets are fickle and competition can be intense, leaving managers faced with a wide variety of information and choices that need to be acted upon. Managerial Economics can help with structuring these difficult decisions by giving you the tools you need. Managerial Economics provides a conceptual framework for understanding the economic forces at work in firms and markets and supplies models and tools for improving managerial decision-making.
This course aims to make you familiar with the language and methods of economic analysis while emphasising issues of practical relevance in business management. Not only will you learn how supply and demand effect prices, or the fundamentals of differentiation in a firm’s strategy, but you will also learn how game theory and developing decision-trees can improve your decision-making processes, at a strategic level within the organisation.
. Study load: 68 hours (7 weeks)
… Contact time: 30 hours
.. .Credits: 3 ECTS
…Instructor: Lukasz Swiatczak – Lecturer of Managerial Economics