Hong Kong Baptist University School of Business General Education Programme Business Category of Distribution Requirements Economics GDBU1016

Business Economics Nil 40 hours Units: 3 The course is designed to provide students basic knowledge in applying economics concepts in managing firms in the business environment. It introduces essential economics concepts associated with the functioning of firms and markets. Through the understanding of the production costs, consumer demand, and market structures, students are able to analyze and formulate the supply decision of a firm. The course will also cover various managerial objectives and corporate behavior in doing business. Students will learn about and understand the importance of competitive strategy and price strategy in business environment. 1. Allen, W. Bruce, Doherty, Neil, Weigelt, Keith and Mansfield, Edwin. (2005). Managerial Eocnomics: Theory, Applications and Cases (6th Ed). Norton. 2. Baye, Michael R. (2006). Managerial Economics and Business Strategy (6th Ed). McGraw-Hill. 3. Froeb, Luke M. and McCann, Brain T. (2008). Managerial Economics: A Problem Solving Approach. Thomson. 4. Keat, Paul G. and Young, Philip K.Y. (2009). Managerial Economics: Economic Tools for Todays Decision Makers (6th Ed). Prentice Hall. 5. McGuigan, James R., Moyer, R. Charles and Harris, Frederick H. deB. (2008). Managerial Economics: Applications, Strategy, and Tactics (11th Ed). Thomson. 6. Nellis, Joseph G. and Parker, David. (2006). Principles of Business Economics (2nd Ed). Prentice Hall. 7. Sloman, John and Hinde, Kevin. (2007). Economics for Business (4th Ed). Prentice Hall. 8. Wilkinson, Nick. (2005). Managerial Economics: A Problem-Solving Approach. Cambridge University Press Upon completion of this course, students should be able to: 1. Recognize the importance of economics concepts within the setting of a firm and markets 2. Explain how firm decision is made and apply firm decision making in various types of market 3. Recognize various types of firm objectives and analyze firm behavior 4. Describe the applications of competitive strategies and price strategies in a competitive business environment Level 1

Programme: Department: Course Code: Course Title: Prerequisites: Duration:

Course Description:

Texts & References: (* recommended textbook(s))

Learning Outcomes: (CILOs)

Learning Outcome addressed: 1 Lecture Guest speakers Case Study Role playing Student presentation Project Simulation game Exercises and problems Major Assessment Methods:
Case Study Role Playing Student Presentation Individual project/paper

Learning Outcome addressed: 1 Services Learning Internship 2 3 4

Field study Company visits

e-learning Independent study Others

Group project/paper

Simulation Game

Exercises & problems

Written examination Learning Outcome addressed Oral examination Company visits Service learning Internship Field Study

For each Major Assessment Method below, please indicate the specific pedagogical /assessment methods involved (by putting a in the relevant box(es) on the right-hand side). Class Participation/ Discussion (15 %) Assignment(s) (30 %) Test(s) (25%)

1-4 1-4 1-2 2-4

Examination (30%) Others (please specify) ____________ ( %) Course Web:

Course templates are available at BU eLearning (formerly called BU Moodle), programme website and Staff Area in School website (for staff only).

Hours I. II. Introduction to Economic Concepts Applicable in Business Environment The Functioning of Business Firms and Market a. How consumer demand is derived and its implication on firm revenue b. The relationship between production costs and market supply c. How price is determined in the business world d. Applications of government policies on business firm decisions The Setting of Price and Supply in Different Types of Business a. Firm level b. Industrial level The Role of Managerial Objectives in Firm Decision a. Sales Revenue Maximization b. Achieving Managerial Satisfaction c. Corporate Growth Competitive Strategy in the Business Environment a. Identifying and Positioning of Competitive Strategy b. Strategy Formulation and Implementation Firms Price Strategies and Their Applications a. Basic Price Strategies b. Price Discrimination c. Pricing for Multi-plant and Multi-product Firms d. Peak-load Pricing and Two-part Tariffs 2 10

Learning Outcome no. 1 1, 2

III. Course Content: IV.

10

1, 2

V.

3, 4

VI.

10

3, 4

Total Contribution to the Mission of the School:

40 hrs.

to cultivate academic curiosity, integrity and leadership potential to enhance all-rounded training to develop consciousness of values and social responsibility to disseminate contemporary knowledge to disseminate the research findings of faculty members in the School to develop awareness in public policy

Alignment with the Intended Learning Outcomes of the GE Programme

Learning Outcomes of GE Programme (PILOs): PILO1: Communicate effectively as speakers and writers in both English and Chinese PILO2: Access and manage complex information and problems using technologically appropriate means PILO3: Apply appropriate mathematical reasoning to address problems in everyday life PILO4: Acquire an active and healthy lifestyle PILO5: Use historical and cultural perspectives to gain insight into contemporary issues PILO6: Apply various value systems to decision-making in personal, professional, and social/political situations PILO7: Make connections among a variety of disciplines to gain insight into contemporary personal, professional, and community situations Please indicate alignment by checking the appropriate box Learning Outcomes PILO1 CILO1 CILO2 CILO3 CILO4 PILO2 PILO3 PILO4 PILO5 PILO6 PILO7

Learning Outcomes of the GE - Business Category (Cat-ILOs) Cat-ILO1: Explain key principles underlying business and management decisions Cat-ILO2: Apply business and management concepts and/or economic principles in analyzing business issues Cat-ILO3: Evaluate business, management, or economic activities using the principles Alignment with the Intended Learning Outcomes of the GE Business Category: CILO1 CILO2 CILO3 CILO4 Course Co-ordinator: Dr. Ng Ying Chu Learning Outcomes learned in the course Please indicate alignment by checking the appropriate box Cat-ILO1 Cat-ILO2 Cat-ILO3