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Introduction to Economics


Introduction to Economics

For Immediate Business Application

In addition to raising peoples capability to make sense of their own problems in the market place, this module will also enable them to more effectively analyse decision-making outside of their core area of responsibility and think & behave in a more strategic manner across the business.   Furthermore it provides the key tools to think about and make sense of market trends, competitor activity, and critically the links between marketing, sales and profitability.  The programme  delivers a structured introduction to the basic concepts of economics that are most relevant and can be applied immediately.  It will be divided into four sections:
 
  • How prices are decided: Demand & Supply.
  • Understanding how and why people are willing to pay more or less for products,  why some products cost more less than others & how we can affect prices and quantities sold.
  • Market Imperfections: Social Cost & Externalities.
  • The hidden consequences and costs of economic activity that are paid by society as a whole, what can be done about it and how it connects to entrepreneurialism.
  • Theory of the Firm: Monopolies, Oligopolies and the Nature of Competition.
  • Some markets are characterised by large numbers of small firms and competition is intense (e.g. recruitment), others are dominated by a few large players (e.g. banking), whilst others are dominated by only one or two very large firms (e.g. energy).
  • Inflation, Unemployment & Growth.
  • How and why do we get inflation and unemployment, how are they connected and what can be done about them?
Whilst each section is easily a book in itself, all can be covered, so that participants can both understand the concepts and be able to apply them to their everyday life and decision-making, in a short time.  We make use of case studies and interactive examples to ensure knowledge transfer, in a way that can be applied in the real world.

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