1. COURSE OUTLINE A APPLIED MICROECONOMICS (BUSINESS ECONOMICS) B ECONOMICS OF THE EUROPEAN UNION C CONTINUAL ASSESSMENT

2. APPLIED MICRO (BUSINESS ECONOMICS) MANAGERIAL ECONOMICS INDUSTRIAL ECONOMICS FINANCIAL MANAGEMENT

3. MANAGERIAL ECONOMICS - Operates within the context of the firm - Uses economic tools as an aid to the efficiency of the firm e.g. notions of efficiency, cost and profits demand concepts and forecasting pricing policies investment

4. INDUSTRIAL ECONOMICS Operates in the context of industry and the general economy Studies more general patterns of organisation Theories of firm behaviour - classical, managerial and behavioural The growth of firms - vertical integration, diversification and mergers Industrial concentration and competition Government intervention e.g. privatisation

5. FINANCIAL MANAGEMENT Offshoot of Managerial Economics Assessing environment for investment Investment appraisal Sources of finance - short - medium - long

6. ECONOMIC EFFICIENCY Important concept in Managerial Economics FACTOR USE - ensures the lowest possible cost for any level of output (linear programming sometimes used in this regard) COST - ensures that the optimum level of output is obtained (a) short run (b) long run

7. EFFICIENCY (Con) X INEFFICIENCY -relates to attitudinal factors affecting output e.g. management and industrial relations TECHNOLOGICAL -relates to capital investment in the most cost effective plant and machinery SOCIAL -e.g. external economies of scale – especially important in public utilities - environmental and social priorities

8. ALLOCATIVE EFFICIENCY Concerned with meeting society preference for goods in an optimum manner Link with opportunity cost curve Transactions Costs and Efficiency