Economics and Management

Core Modules

Year 1

You will take the following modules in Economics:

• Principles of Economics

  Principles of Economics is a first-year undergraduate module in how the economy works. The module is suitable for students with or without A-Level economics or equivalent. We will cover the basic theories of macroeconomics (that of the economy as a whole) and microeconomics (the behaviour of individuals, firms and governments and the interactions between them).

  The module adopts the state-of-the-art CORE approach (Curriculum Open-access Resources in Economics) to teaching Principles of Economics. The approach has three pillars which we rely on throughout the module:

  • Formulate a problem that our society is facing now or has faced in the past;
  • Build a theory to explain and solve the problem;
  • Evaluate the usefulness of the theory by using data observations and more novel theories.
• Data Skills for Economists

  Data Skills for Economists is about understanding the data we encounter constantly in everyday life and the data that social science researchers create as they explore and analyse the world around us. We'll endeavour to understand such questions as:

  • Where does data come from and how can we harvest it?
  • What useful information does the data contain?
  • How can we create new data to generate useful insights?

  Computers equipped with statistical software are a big part of the answer to the third question (above) so, accordingly, you'll spend much of your time learning to analyse and display data using the R statistical software package (R is the industry standard).

  We'll develop an ethos of clear communication of numerical information that will be supported by our growing understanding of statistical concepts and our growing proficiency with computers.

  Simultaneously, we'll delve into the seamy underside of the tricksters who try to fool you with falsified data. Understanding their game can provide at least some degree of inoculation against their attacks.

• Mathematics for Economics

  The aims of the module are to cover the basic mathematical and quantitative tools used by economists every day. The module gives an emphasis to the mathematical tools, which are applicable to solving a wide range of economic problems. The first half of the module is devoted to linear algebra, specific functions of one and more variables used in economics, manipulating those functions and finding their minima and maxima. In addition, the first half of this module delivers the rules of integration and differentiation, which prepares the you to apply constrained and unconstrained optimisation techniques in their subsequent 2nd and 3rd year of studies. Constrained and unconstrained optimisation techniques are also discussed. The second half of the module is devoted to optimisation theory which in turn will use the concepts of vectors and matrices, drawn from linear algebra, and require the study of concave functions. The knowledge of matrices will help you solve systems of linear equations, which are used in both microeconomic and macroeconomic planning and forecasting.

• Employability 1

  This module will be composed of an introduction to Employability, library resources, team building, and CV making. Career services will provide a session on self-awareness and decision making and library services will present their relevant resources. Finally, the Economics department will organise some team building exercises.

• Academic Integrity

  This module will describe the key principles of academic integrity, focusing on university assignments. Plagiarism, collusion and commissioning will be described as activities that undermine academic integrity, and the possible consequences of engaging in such activities will be described. Activities, with feedback, will provide you with opportunities to reflect and develop your understanding of academic integrity principles.

   

You will take the following modules in Management:

• Fundamentals of Digital Enterprise

  In this module you will develop an understanding of information systems and how they have become the backbone of contemporary businesses. You will consider how they are used by business managers as a tool for achieving operational excellence, developing new products and services, improving decision making, and achieving competitive advantage. You will also examine the broader organisational, human and information technology dimensions of information systems and how they can be used to provide solutions to challenges and problems in the business environment.

• Professional Skills 

  In this module, you will develop an understanding of the external and internal environments of organisations and their relevance to help you develop self-awareness and knowledge and skills required to succeed at university, at work and in life generally. You will look at a range of academic and professional literatures, examine the skills and abilities relevant to applying for or working as a professional, and consider how to communicate with academic and business audiences in a clear and effective manner.

• Fundamentals of Accounting and Finance

  In this module you'll be introduced to the fundamental aspects of financial accounting, management accounting and finance. You'll further be introduced to the underlying framework and concepts of accounting and finance and their role in organisations and society.

• People and Organisations

  In this module, you will develop a solid grounding in key concepts relevant to a critical understanding of how organisations function, and why this matters to both employees and prospective managers. Themes such as organisational design, the social and psychological contract, conflict, power, diversity and equality, emotional labour, space and place, and the impact of internal and external forces on organisations, will be looked at through the lens of competing organisational theories such as the classical perspective, Institutional Theory, Systems Theory, and Contingency Theory. You will learn to demonstrate their understanding of, use, discuss, and evaluate these theories making use of a range of tools such as, contemporary case studies, class discussion, class presentations, and simulation exercises.

Year 2

You will take the following modules in Economics:

• Microeconomics

  In this module you will develop an understanding of the models of individual optimisation and their applications. You will look at the key determinants of an individual’s behaviour in a variety of circumstances and the behaviour of firms in different market environments, such as perfect competition, monopoly and oligopoly. You will consider how changing circumstances and new information influences the actions of the economic agents concerned, and examine the properties of competitive markets and the need for government intervention to correct market failures.

• Macroeconomics

  In this module you will develop an understanding of macroeconomics and macroeconomic policy-making. You will look at a variety of contemporary and historical macroeconomic events, and the differences between the short, medium and long run. You will consider why some countries are rich and some are poor, why different economies grow at different rates, and what determines economic growth and prosperity. You will examine the role of monetary and fiscal policy, its impact on the economy and its limitations. You will also analyse how taxation, budget deficits, and public debt affect the economy.

• Employability 2

  Career services will provide a session on how to be ready to apply for an internship at the end of the second year. Students will prepare for a psychometric test and will undertake a series of a mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.

You will take the following modules in Management:

• Data Visualisation and Analytics

  This module aims to cultivate a reflective and pragmatic comprehension essential for preparing, analysing, and presenting data through visuals in the context of a rapidly evolving job market, heavily influenced by the exponential growth of AI solutions. You will be introduced to the principles of data handling, emphasising efficient and effective practices to uncover insights, with a strong focus on visual storytelling and the development of compelling narratives. You will acquire a thorough understanding of data visualisation and analytics, encompassing advanced concepts, methodologies, techniques, and cutting-edge tools and will gain substantial hands-on experience in manipulating raw data to create insightful visual data narratives, tailored to address the dynamic challenges and opportunities presented by AI-driven markets.

• Collaboration and Communication in Business

  This module builds on the knowledge and skills developed in your first year Professional Skills module, to prepare you for the graduate workplace. You will evaluate business functions and processes in an interdisciplinary context and develop effective communication skills for business, demonstrate collaborative leadership of self and others and learn to be able to work effectively in a team.

• The Global Economy

  In this module, you will explore the growth and development of the international or global economy during the twentieth century –that is from the late nineteenth century to the present. You will gain insights into the growth and development of the global economy during the twentieth century and examine the forces shaping the global economy and the institutions to which it has given rise, from the World Trade Organisation to the multinational enterprise. You will be introduced to relevant theoretical perspectives (economic, historical, management, geopolitical) and attention is given to the role of Foreign Direct Investment as a driving force in the integration of developing countries into the globalisation process.

• Responsible Business and Management

  In this module you will review and analyse business responses to sustainability grand challenges. You will appraise the impact on business strategy, practises and operations and will apply gained knowledge to recommendations for responsible business and management practices. The first part of the module looks at environmental challenges (centred on climate change, making links to biodiversity, conservation, resource depletion, pollution, waste) whereas the second part looks at social challenges (centred on inequality, making links to poverty, marginalisation, justice)- in the final part the links between environmental and social grand challenges and the business world are examined.

Year 3

You will take the following modules in Economics:

• Employability 3

  This third-year course will deepen the elements covered previously in Employability 1 and 2. Career services will provide a session on how to be ready for employment at the end of the year. Students will prepare for a psychometric test and undertake a series of mock interviews in order to improve their interview technique. Finally, students will attend at least one Econ@Work talk to be aware of professional life and challenges.

You will take the following modules in Management:

• Business and Management Impact Project I

  This module connects you with the learning over the course of your studies and real-world business challenges that require critical thinking, analysis, and strategic solutions and you will be exploring the development of impactful business and management research. You will explore a series of business and management topics and the process of identifying a business problem and the collection and analysis of relevant data and finding appropriate solutions, leading you to develop a business, managerial and/or societal impact plan suggesting a couse of action. This will be done through a mix of Royal Holloway and/or external faculty lectures as well as guest speaker and industry talks, and project supervision sessions

Optional Modules

There are a number of optional course modules available during your degree studies. The following is a selection of optional course modules that are likely to be available. Please note that although the College will keep changes to a minimum, new modules may be offered or existing modules may be withdrawn, for example, in response to a change in staff. Applicants will be informed if any significant changes need to be made.

Year 1

• All modules are core

Year 2

• All modules are core

Year 3

Optional modules in Economics may include:

• Industrial Economics 1

  In this module you will develop an understanding of the methods and models applied by economists in the analysis of firms and industries. You will learn how to manipulate these models and analytically solve problems relating to industrial economics. You will consider the applications of the models to important policy areas, exploring topics such as collusion, mergers, product differentiation and asymmetric information. You will also also examine the limitations of the theory.

• Financial Economics 1

  The module aims to introduce the student to what factors affect corporate financial decisions. Particular emphasis is given to the concepts of Net Present Value and Risk. The learning outcomes include: Understand what the goals of a firm are; Understand how investments are valued (Internal rate of returns) in order to help with good financial planning); Understand the concepts of risk, agency costs and how they feed into financial decision making; Understand the process of price formation in financial markets; Understand venture capital and different types of debt finance and debt valuation, including leverage.

Optional modules in Management may include:

• Strategic Finance

  In this module you will develop an understanding of the 'time value of money'. You will look at the main principles of finance theory and how these can be applied to commercial problems. You will consider the relationship between risk and return, and examine the valuation of equities, bonds and options and the relative merits of different approaches to choosing and valuing securities. You will evaluate the consequences of a proposed takeover or merger from the perspective of capital markets and assess the relevance of information efficiency.

• Consumer Behaviour

  In this module you will develop an understanding of the nature of consumer behaviour, its relevance to the marketing environment, and impact on society. You will look at the internal and external factors which underpin consumer behaviour theories, and consider the impact of marketing strategies on these. You will also examine the the nature of consumption, markets, and culture, and evaluate the complexity of consumer behaviour.

• International Financial Accounting

  In this module you will develop an understanding of various aspects of the international financial accounting environment. You will look at the regulatory background to the composition of reporting documents, considering influences on national financial reporting and international differences in financial reporting systems. You will examine approaches to the classification of financial reporting systems, and initatives designed to achieve international harmonisation and standardisation of accounting practices. You will also evaluate communication issues in accounting and analyse the impact of international accountability.

• Emerging Markets

  In this module you will develop an understanding of the emerging markets, commercial realities, and national cultures within the context of the global economy. You will look at the strategic issues and dilemmas that managers face in their efforts to expand into emerging markets, and consider the commercial realities and national cultures of these. You will look at specific cases studies, including the economies of Brazil, Russia, India, China, Turkey and South Africa.

• Asia Pacific Business

  In this module you will develop an understanding of multinational business in the Asia Pacific, their worldwide operations, and their impact on Europe. You will look at the contemporary economic, political, and cultural contexts of the Asia Pacific nations, and consider the diversity of the business environments and business practices in the region. You will examine the factors that lay behind the rapid growth of the region in the last five decades, and use empirical evidence to analyse the operation, performance and impact of multinational enterprises originating from there.

• European Business

   In this module you will develop an understanding of how institutions, policies and processes have shaped the European Union and the European business environment. You will look at the key institutions, policies and processes involved in the widening and deepening of the union, and theories which explain its development. You will consider the national, regional and global influences on European business and examine the complex relationships between the EU and its major trading partners. You will also critically evaluate the challenges facing European countries, policymakers and businesses.

• Accountability and Sustainability

  In this module you will develop an understanding of the concept of accountability in the context of the relationships between corporate organisations and their stakeholders. You will look at the main theoretical approaches used to explain corporate reporting practice, including agency theory, signalling theory, stakeholder theory, legitimacy theory and institutional theory. You will examine a selection of International Financial Reporting Standards dealing with complex issues involving the identification, recognition and measurement of assets, liabilities, equity, income and expenses. You will also consider the nature of subjective judgements involved in financial, social and environmental accounting and reporting.

• Current Issues in the Global Workplace

  In this module, you will develop an up-to-date understanding of the new developments in the organisation of work within a global context. The new trends in workplace relations and the future of work will be examined. You will be introduced to the debates on emerging issues in global labour market and the economic, political, institutional, and technological factors that shape the new patterns of work. It will also look at economic policies, labour market regulations, socio-economic conditions and technological change that have affected work organisations on a global scale. New employment practices adopted by established and emerging multinational firms will be compared and assessed through case studies. "

• International Human Resource Management

  In this module you will develop an understanding of the implications of changes in the global organisation of firms and the international workforce for human resource management policy choices. You will look at the differences in business and human resource systems between the UK, the USA, Germany and Japan, and examine the approaches to, and strategies for, human resource management in international business activities. You will consider the problems of transferring human resource management practices from one country to another, and the role of multinational companies as agents of knowledge. You will also evaluate the role of transnational organisations in regulating human resource policies and practices in firms.

• Wellbeing at Work

  In this module, you will gain an overview of contemporary subjects and issues in the field of work and well-being. You will examine how employment practices can influence employee well-being and draws on key concepts in the field to provide students with a critical and detailed analysis of the subject. You will be equipped with a theoretical and practical understanding of how to manage and improve well-being at work. Main topics include stress at work, technology and well-being, emotions at work, work-life balance and performance and well-being.

• Business in International Comparative Perspective

  In this module you will develop an understanding of the key determinants of economic performance and the success of individual firms, industries and national economies. You will look at the achievements of the world's advanced economies, considering the character of their institutions and businesses, and examine the historical origins of differences in national institutions and corporate capabilities.

• Strategic Brand Management

  In this module, you will develop critical understandings of branding that will hold relevance both inside and outside the domain of marketing practice. You will appreciate that understanding the nature of brands and branding is critical for understanding not just the marketing environment, but also the nature of the consumer society that we live in. You are expected to be open to new ideas, self-motivated, willing to read extensively and contribute widely to class discussion and who are curious about the nature of contemporary consumption, markets and culture.

• Global Marketing

  In this module you will develop an understanding of the scope and nature of marketing planning, practice and theory in a global context. You will look at the evolution of the global market and consider current topical debates surrounding globalisation. You will examine the complexities of marketing operations and strategies in diverse geographical markets and evaluate the suitability of marketing strategies in addressing the contemporary global business environment.

• Strategic Management Accounting

  In this module you will develop an understanding of financial management control strategy. You will look at the dependencies and relationships between business models and operating architecture, capital structure, and off-balance sheet financing. You will consider the context of managing accounting in a changing environment, and evaluate the impact of mergers and acquisitions on businesses. You will examine strategic control tools and techniques such as responsibility accounting and transfer pricing, and assess the relationship between product markets, internal organisation cost structures and capital market expectations.

• Advertising and Promotion in the Digital Age

   In this module you will develop an understanding of contemporary marketing communication management within an international context. You will look at how promotional campaigns are constructed by advertising agencies, and consider the complementarity and inter-dependence of discrete marketing activities within a strategic perspective by creating an outline promotional campaign. You will examine the complexity and salience of ethical issues in marketing and advertising, especially with respect to the wider social influence, and deconstruct promotional communications in terms of their likely intended segmentation and positioning rationale.

• Clusters, Small Business and Entrepreneurship

  In this module you will develop an understanding of how small companies can become internationally competitive. You will look at the theories of clusters, and apply them to the analysis of small and medium enterprises operating in different contexts. You will consider vertical and horizontal collaborative strategies, and their impact on firms' capabilities, resources, and performance. You will examine the relationships between small companies and multinationals, and the mechanisms through which small companies are linked to the global economy. You will also compare different clusters and assess the competitive advantages and disadvantages they generate for companies.

• Business Data Analytics

  In this module you will develop an understanding of the main managerial and technological principles which underlie business and analytics. You will look at the impact of business data analytics on product and service innovation, and examine the main challenges and risk related to business data analytics activities within organisations. You will learn how to carry out a variety of business data analytics techniques, and consider the impact of legislation, regulation and ethical codes of practice on business data analytics programmes and the organisations running them.

• Digital Innovation Management

  In this module you will develop an understanding of the main technological and managerial principles behind digital innovation. You will look at the revolutionary impact of digital technology on product and service innovation, and examine the main challenges and risks related to digital innovation initiatives within organisations. You will consider how the latest digital technologies can be used to lead innovation initiatives and analyse the implications of the external socio-economic and regulatory context for digital innovation within organisations.

• Business Process Applications

  In this module you will develop an understanding of the principles and concepts of Enterprise Resource Planning (ERP). You will look at how firms use ERP systems for strategic effectiveness and consider the key strategic issues facing managers seeking to deploy and exploit such systems. You will examine the challenges facing those responsible for the selection, implementation and management of ERP projects, and gain practical experience using SAP software and other enterprise-level applications.

• Social Media, Networks and Business

  In this module you will develop an understanding of social networks and social media platforms from multiple perspectives. You will look at the growth of social media and the connectedness of the networked society, considering recent advances in network science, social psychology, and marketing. You will examine the role of social networking technologies in enabling business innovation and societal change, and critically assess positive and negative impacts of these technologies.

• Small Business Management and Growth
• Entrepreneurship: Theory and History

  In this module you will develop an understanding of how enterprises have evolved and how the position of entrepreneurs has changed over the centuries under different regimes of state formation, institutional change and moral discipline. You will look at how political regimes have either facilitated or hindered entrepreneurship and examine the importance of temporal, geographical and structural issues in entrepreneurship history.

• Corporate Entrepreneurship

  In this module you will develop an understanding of the Corporate Entrepreneurship (CE) process in large established organisations. In particular, the role and importance of the following theories and concepts will be critically evaluated: entrepreneurial traits; organisation structure; entrepreneurial leadership; entrepreneurial strategy and management; corporate venturing; and creativity. Your l will benefit from action and situated learning, and emphasis is given to increasing students’ entrepreneurial attitudes and skills through self-reflection techniques and diagnostics.

• Innovation, Strategy and the Corporation

  In this module you will develop an understanding of business innovation in the context of new ventures and corporations. You will look at how changes in technology, markets, and society are affecting how new business models, products and services emerge. You will consider innovation as a source of competitive advantage and examine the management of innovation, critically evaluating associated risks and uncertainty. You will also analyse past experiences and how they can be used to exploit future opportunities through innovation.

• Organisations and Accountability

  In this module you will develop an understanding of contemporary issues in the theory and practice of accounting for sustainability. You will look at key issues in the growing ara of sustainability accounting including notions of accountability in the context of sustainability, cultural and religious perspectives on sustainability accounting, elements of sustainability reporting, and the role of accounting in embedding sustainability in decision making.

• Corporate Governance

  In this module you will develop an understanding of a number of diverse international and theoretical positions on corporate governance. You will look at the concepts of control, accountability and transparency within the context of corporate governance, and consider the role of regulation and its comparative national context. You will examine new trends in emerging market business groups and multinationals and analyse prevailing debates on insider- versus outsider-controlled corporate governance regimes.

• Responsible Entrepreneurship and Innovation

  In this module you will develop an understanding of responsibility in the context of entrepreneurship. You will look at the entrepreneurial process and consider the inherent ambivalence of both new ideas and their unintended consequences. You will examine the concepts of social entrepreneurship, sustainable entrepreneurship, and minority entrepreneurship, and evaluate how new organisations emerge, grow, and approach responsibility challenges.

• Marketing, People and the Planet

  In this module you will develop an understanding of the scope and nature of marketing ethics. You will look at the complexity and interconnectedness of moral dilemmas in marketing practice and consider potential responses by stakeholders, such as consumers, businesses and governmental actors, to ethical marketing issues.