Economics for Managers (MGMT 514)

2021 Fall
Sabancı Business School
Management(MGMT)
1.50
3
Ata Bertay ata.bertay@sabanciuniv.edu,
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English
Doctoral, Master
--
Formal lecture,Interactive lecture
Interactive,Discussion based learning
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CONTENT

This is the first part of a two-course module in economics. The purpose of the module is to familiarize students with the main economic concepts and the economic reasoning of an economist. In this part, the focus is on the market economy and on the decision making problem of the individual units, notably firms.

OBJECTIVE

This course introduces students to the principles of microeconomics and their applications to business-related problems. The focus is on the behavior of consumers, production units, the mechanics of supply and demand and the resulting equilibrium outcomes. The objective of the course is to teach the business students how to apply the key economic principles and methodologies to key management decisions within organizations. Students should be comfortable with basic statistics and calculus to follow the lectures.

LEARNING OUTCOMES

  • 1. Describe the key components of the consumer choice theory.
  • 2. Explain the fundamental ingredients of the theory of production.
  • 3. Explain the principles of demand and supply.
  • 4. Describe the different types of market structures and their implications on equilibrium price and quantity.
  • 5. Understand the fundamental concepts in game theory.

PROGRAMME OUTCOMES


1. Develop and deepen the current and advanced knowledge in the field with original thought and/or research and come up with innovative definitions based on Master's degree qualifications 2

2. Conceive the interdisciplinary interaction which the field is related with ; come up with original solutions by using knowledge requiring proficiency on analysis, synthesis and assessment of new and complex ideas. 3

3. Evaluate and use new information within the field in a systematic approach. 4

4. Develop an innovative knowledge, method, design and/or practice or adapt an already known knowledge, method, design and/or practice to another field; research, conceive, design, adapt and implement an original subject. 2

5. Critical analysis, synthesis and evaluation of new and complex ideas. 3

6. Gain advanced level skills in the use of research methods in the field of study. 3

7. Contribute the progression in the field by producing an innovative idea, skill, design and/or practice or by adapting an already known idea, skill, design, and/or practice to a different field independently. 3

8. Broaden the borders of the knowledge in the field by producing or interpreting an original work or publishing at least one scientific paper in the field in national and/or international refereed journals. 2

9. Demonstrate leadership in contexts requiring innovative and interdisciplinary problem solving. 2

10. Develop new ideas and methods in the field by using high level mental processes such as creative and critical thinking, problem solving and decision making. 3

11. Investigate and improve social connections and their conducting norms and manage the actions to change them when necessary. 3

12. Defend original views when exchanging ideas in the field with professionals and communicate effectively by showing competence in the field. 3

13. Ability to communicate and discuss orally, in written and visually with peers by using a foreign language at least at a level of European Language Portfolio C1 General Level. 4

14. Contribute to the transition of the community to an information society and its sustainability process by introducing scientific, technological, social or cultural improvements. 2

15. Demonstrate functional interaction by using strategic decision making processes in solving problems encountered in the field. 5

16. Contribute to the solution finding process regarding social, scientific, cultural and ethical problems in the field and support the development of these values. 3


1. Develop the ability to use critical, analytical, and reflective thinking and reasoning 5

2. Reflect on social and ethical responsibilities in his/her professional life. 4

3. Gain experience and confidence in the dissemination of project/research outputs 5

4. Work responsibly and creatively as an individual or as a member or leader of a team and in multidisciplinary environments. 5

5. Communicate effectively by oral, written, graphical and technological means and have competency in English. 5

6. Independently reach and acquire information, and develop appreciation of the need for continuously learning and updating. 5


1. Develop, interpret and use statistical analyses in decision making. 5


1. Demonstrate an understanding of main functional areas of management. 4

2. Develop the ability to integrate and apply business knowledge in novel situations. 5

3. Understand the global and local business context and incorporate cultural context and complexities into their managerial practice. 5


1. Identify and diagnose business problems and opportunities accurately and effectively across a wide range of business domains (accounting, financial management, operations, marketing, strategy, and organizational design), in global and local contexts. 4

2. Incorporate Cultural Context and Complexities in Their Managerial practice. 3

3. Assess the performance of an organization in a wide range of business domains, using a range of performance criteria 4

4. Take leadership in collaborating with others in situations characterized by differing interests, diverse perspectives and skills, in order to create working environments characterized by a sense of mission, shared values, and high levels of commitment and motivation. 3

5. Identify, select, and justify strategies and courses of action at the divisional, business, and corporate levels of analysis and to develop effective plans for the implementation of selected strategies across a wide range of business domains and levels. 4

ASSESSMENT METHODS and CRITERIA

  Percentage (%)
Final 50
Assignment 25
Participation 25

RECOMENDED or REQUIRED READINGS

Textbook

Microeconomics, by Pindyck and Rubinfeld, 8th Edition (2012). Pearson.