Business Economics Professional
Course
In Bude
Description
-
Type
Course
-
Location
Bude
-
Start date
Different dates available
Business Economics Professional Course
What is economics about? Economics is the problem of using the available resources as efficiently as possible so as to achieve the maximum fulfilment of society's unlimited demand for goods and services. The ultimate purpose of economic endeavour is to satisfy human wants for goods and services.
The problem is that whereas wants are virtually without limit, the resources - natural resources, labour and capital (machinery) - available at any one time to produce goods and services are limited in supply. Resources are scarce. This fact of scarcity means that we must always be making choices about what to produce, how to produce it and for whom.
Decisions must be made so that these scarce resources are allocated optimally or efficiently to their end use. This implies they could not be used more beneficially elsewhere. This is the criterion economists use to judge many economic phenomenon and is the focus of our study of the economic approaches to organisations.
Facilities
Location
Start date
Start date
Reviews
Subjects
- Supply
- IT
- Business Economics
- Economics
Course programme
Syllabus
Unit 1: Perspectives on the Economic Approaches to Organisation
- Introduction
- Objectives
- The economic problem
- The basic concepts
- Markets and organisations
- Information
- Summary
- References
- Further reading
Unit 2: Co-ordination through the Market Mechanism
- Introduction
- Objectives
- Determinants of demand
- Determinants of supply
- Theory of demand
- Theory of production
- Microeconomic theory
- Market failure
- Summary
- References
- Further reading
Unit 3: Organisational Co-ordination
- Introduction
- Objectives
- The firm
- Organisational co-ordination
- Organisational configurations
- Review activity
- Summary
- References
- Further reading
Unit 4: Information and Co-ordination Mechanisms
- Introduction
- Objectives
- Co-ordination and information
- Uncertainty and contracting
- Informational asymmetry
- Adverse selection and moral hazard
- Value of information
- Summary
- References
- Further reading
Unit 5: Game Theory
- Introduction
- Objectives
- Methodological backdrop
- One- and two-shot games
- Auctions
- The prisoner's dilemma: single stage
- Repeated games in the prisoner's dilemma
- Review activity
- Summary
- References
- Further reading
Unit 6: Agency Theory
- Introduction
- Objectives
- A firm's relationships
- Positive theory of agency
- Entrepreneurial firms and team production
- The firm as a nexus of contracts
- Theory of principal and agent
- The agency contract
- Second-best efficient contract
- Modifications to the principal-agent model
- Summary
- References
- Further reading
Unit 7: Transaction Cost Economics
- Introduction
- Objectives
- Markets and organisations
- An example of transaction cost economics
- Transaction costs
- Critical dimensions of transactions
- Fundamental transformation and the hold-up problem
- Organisational structures
- Complex hierarchies
- Markets and hierarchies: is that all?
- Hybrid forms of co-ordination
- Summary
- References
- Further reading
For a more detailed syllabus on this course, click here
Study HoursThis is only an approximate figure and is dependant upon how much time you can dedicate to your studies and how well you grasp the learning concepts in the course material. Furthermore, at the end of each lesson there is a question paper that needs to be completed and returned to your tutor. You should allow at least 1 - 2 hours of study to complete each question paper.
The approximate amount of time required to complete the course is: 126 hrs.
Business Economics Professional