ECONOMICS FOR BUSINESS

The course aims to introduce students to basic economic principles shaping business decisions, market dynamics, firm behavior, government intervention, and the global environment, fostering analytical skills applicable to legal and economic contexts.

An adequate knowledge of the English language, both oral and written.

1. KNOWLEDGE AND UNDERSTANDING: Students will acquire theoretical and practical knowledge necessary to understand how competitive and imperfect markets operate, the behavior of consumers and firms, and the interaction between government and the market. They will also grasp the fundamental concepts of business strategies, growth, pricing, and the impact of globalization and macroeconomic variables such as inflation and unemployment. 2. APPLYING KNOWLEDGE AND UNDERSTANDING: Students will learn to apply theoretical models to real-world business and market situations. They will be able to critically assess business strategies, pricing mechanisms, the effects of government interventions, and the macroeconomic factors affecting business activities. Through classroom debates and practical examples, students will develop the ability to use their economic understanding. Application of knowledge will be evaluated through exams and participation in discussions. 3. MAKING JUDGEMENTS: Students will be able to recognize and critically evaluate the key relationships in the economic system, interpreting how firms, consumers, and governments interact. They will develop the ability to analyze and interpret economic data related to competition, profit, cost structures, unemployment, and inflation. Students will also build interdisciplinary skills through teamwork and discussions, enhancing their capacity for critical thinking and independent judgement. Lectures will be structured to encourage discussion. 4. COMMUNICATIVE SKILLS: Students will develop the ability to clearly and effectively present and argue economic concepts and business cases, using appropriate technical language, diagrams, and simple quantitative tools. Communicative skills will be fostered through the requirement to present solutions to practical problems both orally and in writing. Written exams and classroom discussions on concrete cases will assess students’ abilities to articulate arguments and interpret models. 5. LEARNING SKILLS: Students will enhance their ability to independently and critically reconstruct the core concepts of economics and business theory. They will be prepared to engage in further studies with an autonomous and critical mindset. The course will encourage continuous learning and the development of analytical skills necessary to understand new economic and business challenges in a globalized environment.

The course introduces the basic principles of microeconomics and their application to business contexts. Topics include the functioning of competitive and imperfect markets, consumer behavior, firm decision- making, costs, revenues, and profit maximization strategies. It also explores alternative theories of the firm, business strategy (growth and pricing), the relationship between government and the market, globalization, and the impact of macroeconomic variables such as unemployment and inflation on business activities. Practical examples and case studies will support theoretical concepts.

Sloman, Garratt, Guest and Jones. Economics for Business 9th edition. Pearson. ISBN: 978-1-292-44011-8

Teaching will combine lectures with elements of active and collaborative learning. Lectures, supported by slides, will provide the conceptual and analytical foundations of the course, while guided discussions, short problem-based activities and teamwork will help students apply the main concepts to concrete economic and policy issues. These activities will also provide opportunities for formative feedback and critical engagement with the course materials.

The exam consists of a written test designed to assess students’ knowledge of economic principles and their application to business contexts. Students must demonstrate the ability to: - use appropriate technical language related to microeconomics, business strategy, and macroeconomics; - understand and explain the functioning of markets, the behavior of consumers and firms, the role of government in the economy, and the impact of globalisation and macroeconomic variables; - critically analyse the effects of agents’ decisions on market outcomes, the implications of business strategies, and the consequences of policy interventions. The written test is structured into 5 reasoned multiple-choice questions and 2 open-ended questions. The final grade is expressed in thirtieths. Evaluation is based on the cumulative score from all answers: - each correctly reasoned multiple-choice question awards 2 points (or 1 point for minimally sufficient answers; no points are awarded for incorrect, missing, or poorly justified answers); - each open-ended question is graded from 0 to 10 points, depending on the quality and depth of the response. Scoring in both sections takes into account the following criteria: - knowledge and understanding of microeconomic and macroeconomic concepts; - appropriate use of economic terminology; - ability to critically assess micro and macroeconomic scenarios and related policies; - ability to communicate ideas effectively, including the use of graphical tools where relevant.

Dissertation assigned upon grade 24 or above.