Principles of Economics, Business and Management (MNG101)

This is an introductory course of basic micro- and macroeconomic concepts, as well as of fundamentals of management theory. Topics include supply and demand theories, market structures/ factors, the determinants of business strategy and various aspects business organization. The course will have a focus on international economics and global business behavior. It will stress on preparing students for a successful career, using economic and business concepts in a market oriented society. It shall also serve as a foundation upon which students can build advanced studies in economics.

The objective of Principles of Economics for Business and Management syllabus is to provide students with a basic understanding of how the economy as a whole works. The participants shall be exposed to basic economic concepts, in order to gain a framework for viewing and interpreting the economic and business world around them. This course acts as prerequisite for the Microeconomic and Macroeconomic courses.

• Define and explain how basic concepts of microeconomics (such as elasticity, scarcity or choice) can be used to explain the behavior of individuals, household or firms.
• Represent supply and demand, in graphical form, including the downward/upward slope of the curves and what shifts/moves along the curves.
• To understand the importance of market structures, on the question of the stability and failure of markets.
• Describe and explain how basic macroeconomic policies (such as fiscal or monetary) can be used to analyze the economy.
• Explain basic management, business, and marketing principles to be able to continue studies on a higher level.
• To understand the role of PESTLE factors on the SWOT of corporations, in the domestic and the international business environment.
• Define management, describe the kinds of managers found in organizations, identify and explain the four basic management functions, describe the fundamental management skills.
• Justify the importance of history and theory to managers, and explain the evolution of management thought through the classical, behavioral, and quantitative perspectives.
• Identify and discuss key contemporary management perspectives represented by the systems and contingency perspectives, and identify the major challenges and opportunities faced by managers  today.