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  • ZUG2043 – Entrepreneurial economics

ZUG2043 - Entrepreneurial economics

15 Credits

Synopsis

The role of the entrepreneur mainly involves starting and sustaining new ventures and businesses; thus, knowledge on how the economy functions is therefore very essential. The module introduces the student to essentials of micro- and macroeconomics. The main aim of this module is to help students understand the economic environment where entrepreneurs operate and the role entrepreneurs play within this same environment.

The module is presented in two main parts: The first part introduces the student to microeconomics principles and tools required by firms, individuals and households in their decision-making processes. The second part introduces the student to macroeconomic issues including aggregate economic indicators and policies that are of interest to firms, individuals, households, and governments.

Undergraduate – Module

Refer to the specific census and withdrawal dates for the semester(s)/term(s) in which this module is offered.

Offered

  • First Semester 2019, 2021 and 2023

Outcomes

  • Describe and explain what is economics and how it is related to the entrepreneurial world. Sketch basic economic principles such as demand, supply and elasticity
  • Analyse how an entrepreneur can achieve profit maximisation in a perfectly competitive market and how entrepreneurs determine prices and output in imperfect competitive market
  • Describe and explain what is macroeconomics and national income accounting and economic performance
  • Discuss the importance of the labour market, the problem of unemployment and sketch aggregate supply and demand curves
  • Explain the concepts money, prices and inflation and how does it impact entrepreneurs and international trade.
  • Summarise the importance of economic growth in the short and long run, culminating in development and presentation of a feasible Business Plan

Assessment

  • Within semester / term assessment: 50%
  • Examination: 50%

Workload requirements

Minimum total expected workload to achieve the learning outcomes for this module is 150 hours typically comprising a mixture of scheduled learning activities and independent study. Independent study may include associated readings, assessment and preparation for scheduled activities. The module requires on average three/four hours of scheduled activities per week. Scheduled activities may include a combination of teacher directed learning, peer directed learning and online engagement.

Prohibitions

None

Prerequisites

Introduction to entrepreneurial business