Effect of Business School Management LearningStudent’s nameInstitution
Essential Expectations of an Economics CurriculumThe hope of any economics curriculum designer is that at the end the student will have a distinctive combination of evaluation, analysis, and critique skills. Additionally, a curriculum is designed to bring about a combination of sensibilities that enable students to engage with the development of both political, economic, and historical processes. As such, the completion of an economics course should see the student learn how to appreciate the variety of problem-solving and decision-making skills needed for the improving the effectiveness of crucial development interventions and the ones needed for engaging the society’s institutions in particular. The student must also learn to recognize the intrinsic essence of social institutions to the identities, values, and meaning of people and how such people make sense of the things which happen to them and others. The economics curriculum is also aimed at ensuring students appreciate the manner in which social institutions determine the risk management. Risk management in economics school and in the world always involves mobility and survival of economic various entities. Therefore, the students appreciate conflict mediation, the transfer of ideas, and the delivery of strategies to deprived entities. A student must also learn how to articulate the important issues that surround the assessment of the efficacy of various projects. The coursework expects to produce a graduate who can demonstrate the different ways in which the research, development theory, and policy from a variety of sectorial and disciplinary perspectives can be integrated usefully and coherently. A person is taught how to incorporate various forms of evidence from primary, web-based, and secondary sources and articulate such ideas to a different group of listeners. The ultimate goal of any economics curriculum, therefore, is to reimage development for this century. More expectations at school include the student’s ability to struggle with abstract ideas, marshal concrete evidence from different origins, and use such ideas and evidences in concreting and complexing policy problems in a developing world. While most economic programs lack formal prerequisites, students are still expected to increase their levels of conversance with major issues and theories relating to matters of decision-making such as marginalism, opportunity cost, and efficient markets. Additionally, there is usually a high level of emphasis on the integration of various theoretical and methodological perspectives from across various bodies of knowledge including social, political, and actuarial sciences. Students trained in the economics discipline are also expected to attend classes on weekly basis and learn from each other to harness their diverse backgrounds. This feature is a key concept in most schools and is aimed at giving students the experience necessary to handle matters of diversity and international relations as a key eye-opener in the practical world. From the beginning, students need to be informed about the importance of maintaining respect for potentially radical and diverse views which may be voiced during the course. The practical application of skills depends on the confidence to attempt measures outside the bounds of conventional business operations. Some of the ideas that are considered controversial usually aid in the creativity process which, of nurtured, has potentially useful applications.Flawed Economics Principle CourseDoran & Business Expert Press (2012) point out the inability of the Economics Principles Course offered in most colleges to enhance economic literacy. There have been numerous calls for various colleges to improve their focus on economic literacy. For example, a 1950 report written to the American Economic Association recommended the reduction of the total number of content and objectives in the elementary course. The report also recommended that students needed training on ways to follow current news in a bid to enhance their interest in the field of economics. O’Sullivan et al., (2017) also points out that the encyclopaedia which currently makes up the large part of the course at the beginning of college-level economics fails in teaching students about how to think with regard to economic questions. Students end up memorizing a few diagrams, policy recommendations, and facts and after ten years they will be as illiterate in economics as the day they first joined college. Mallard, (2012) suggests that the most appropriate way to teach economics, especially microeconomics in the introductory classes is to expose students to a series of applications of a number of short-listed main ideas of the field. The major goal of the Principles of Economics course is to provide a viable foundation of economic knowledge which is required for subsequent coursework in economics. However, the explosion in economic knowledge has derailed the pursuit of the foundational goals in economic knowledge and instead caused the texts and syllabi to be fuller. Numerous topics have been added including topics such as public choice, game theory, environmental economics, new classical economics, growth, and monetarism. For all these topics, there are very few which get deleted in the end. The addition of topic and increased sophistication and complexity of the course increases the cost. Even at such high costs, most students are seen to leave the course with little knowledge of the fundamentals of economics. The typical course needs to focus more on the importance of acquiring knowledge by agents regarding the drivers of a rational decision-making exercise. As such, the macro-economic principles should be memorable, simple, and focussed on policy. Students would have higher levels of literacy if they began to understand issues such as what the real interest rates are and how they are determined. The current scenario is one where the instructors spend the large part of the class time lecturing and almost no time emphasizing on the acquisition of hand-on skills. This trend is consistent for the research, masters, doctoral, associate degree, and liberal arts institutions. The Principles course does not improve an individual’s economic literacy the people that take it as well as those who are scared away by the technical nature of the course. Major failures pointed out about the course result from the inability to enhance the students’ application of economics to their professional, personal, and public lives. When multiple topics get jammed into the course, students almost never master the basic aspects. These aspects are the building blocks for the addition of further knowledge on economics but their weakness devalues the student’s literacy levels. Alternatives for The Principles of Economics CoursePhaneuf & Requate (2017) offers a method for refocussing the course that is geared towards the achievement of economic literacy. Hence, the literature proposes a single term course which has the potential to improve the levels of economic literacy of students undertaking a single economics course. The aim of the proposed changes is to equip learners with knowledge and skills for work in business, economics, and other majors which need a firm background in economics. Changing the Focus of Principles of EconomicsMost courses in economics have a number of standards which constitute the building blocks. These standards usually contain the operational description of economics literacy. They are often divided into a number of topics such as allocation of goods, economic behaviour, scarcity and choice, markets, macroeconomics, or the relationship between the government and the economic institutions. Various standards include at the very least a number of statements that define the core of knowledge on economics and descriptions that explain the things that students are supposed to do with such knowledge. The literature presented by Phaneuf & Requate (2017) shows just how some of these standards explain basic economic ideas. Regarding scarcity, most standard agree that the productive resources are not abundant. As such, people may not acquire all the goods and services that they want. They have to choose some of the goods and give up others. In such a case, students are required to demonstrate their understanding of the concept by explaining such issues as the costs of things that a community avoids in preference for using tax revenue to give a professional sports team a rent-free stadium. Economic BehaviorThe second matter concerns five common standards which often define the rationale for economic behaviour and hence address the concerns of Phaneuf & Requate (2017). For a person to make a decision effectively, the standards assume that one must make a comparison of the extra costs of alternatives with the additional advantages. Most of the choices that students are expected to make in the real world involve doing a little more of something and at the same time doing a little less of another thing. There are very few decisions in which a person is expected to select an entire item and forego another. Decision-making lessons also assume that people tend to respond predictably to both negative and positive incentives. Additionally, standards about decision-making lessons emphasize on the voluntary exchange and how it occurs only when the parties taking part expect to get fair gains. The voluntary exchange condition is true for the trading activities between individuals, organizations, and countries. In case various regions, nations, or individuals specialize in the things that they can produce at minimal cost and then engage in trade with others, both the consumption and production increase. Moreover, the price levels are used as indicators of various signals that make sense to buyers and sellers. However, the changes in demand or supply causes adjustments in the market prices and various incentives are affected as well. The demonstration of a mastery of the notion of economic behaviour standards by students may be done by expecting students to come up with an explanation for seemingly complex economic concepts. For example, students may be required to explain why the allowance of firms to exchange pollution rights may lower the economic cost of minimizing pollution or why it is more sensible to have a number of firms specializing in the reduction of pollution and why the pollution rights give incentives to businesses to seek cleaner technology in their production processes. Allocation of Goods and ServicesThe standards touching on the allocation of goods and services dictate that a variety of methods may be used for the allocation of various goods and services. The individuals who act solely or collectively through governmental institutions have to choose the specific methods which they use in the allocation of the goods and services at their disposal. The standards also emphasize that a market’s existence results from the interaction of a buyer and a seller. Therefore, the interaction of the buyer and seller is the main determinant of market prices and also causes the allocation of scarce goods and the scarce resources. With regard to the allocation standards, students are expected to show that they have mastered allocation issues through description of benefits and costs of mechanisms in the market for an issue such as the prioritization of candidates for donor organs or a similar scenario. Literacy of StudentsStudents may be considered as literate if they can make use of standards set for various goals in economics courses to describe the benefits and costs, elaborate events, and make solid arguments. If a course targets literacy, it must be more focussed on the basic concepts as opposed to the trend evidenced from the areas of focus of modern day texts and courses. The learning resources which are released by limiting the number of issues should be exploited to enhance the understanding of the important ideas. BudgetingA number of topics and lessons need to be eliminated from the traditional Principles course. The major constraint on knowledge acquisition is the student’s ability to learn the content and not the ability of the instructor to cover it. The typical description of economists of their courses is based on the material which they cover. However, Husted & Melvin (2017) argues that the most important things in a course is what a person learns and not what they cover. The choice of a broad coverage by an instructor causes the students to have a high level of familiarity with very many concepts but they cannot apply the majority of these concepts including the basic ones. Principles instructors may set higher goals than the coverage and mastery of the standards but they should also assure that students thoroughly master the standards before they proceed. Again, it is important to realize that the most important achievement for the course is that students successfully apply the things they learn in the school environment and later after they complete their studies. Therefore, the improvement of economic literacy would require that the course focusses on concepts which students may use throughout their whole lives. These concepts include the identification of the opportunity cost of a proposed public-spending. As such, the course must be seen to instil the art of practice of these concepts until the concepts become a way of thinking for the students. The Principles coursework needs to drop some of the traditional topics so that some of the available resources can be released and enable students to master the standards. Majority of the dropped topics could be forwarded to Principles Two coursework. One of the major features that needs to be dropped is the cost curves. The understanding of cost curves by students does not in any way contribute to what constitutes economic literacy. Cost curves help students to predict the exact output levels for firms that set or take the prices. They also have the capacity to decide whether there are any economic profits earned and also make the decision for firms to enter or exit an industry. However, the cost of mastering these cost curves exceeds the benefits. Most of the students have little post-college chances to use marginal analysis using cost curves. Instead of learning such cost curves, students are better equipped if they study marginal costs and marginal benefits in similar problems as those which they will dace later in life. Students need to learn the ways through which agents enter beneficial industries and quit the unprofitable ones and they can easily learn that without studying and mastering the cost curves. Another recommendation is that graphs should e limited. Graphs provide an effective way for students who understand them quickly to represent the functional relationship between various economic variables. However, there are still students in most economics classes who do not catch on to graphs quickly. The mastery of graphs becomes a compulsory aspect and is a requirement for passing various college-level tests. However, students who have not mastered the graphs in the past do not apply them in the future and the same goes for a substantial section of the students who understand graphs well. The way to learn graphs for most students is to memorize them and forget them soon after the course is over. A common understanding of economics courses is that students need to memorize the multiple graphs or obtain relevant data from exams from the past to predict which graphs to memorize. This understanding is usually common for students in their first two semesters of college and could prevail throughout the course. However, tutors have the ability to develop methods of teaching that minimize on the use of graphs.Another redundant and seemingly tiresome concept taught in college is the behaviour of industries without perfect competition. These include the comparisons between the monopolistic and oligopoly competition which needs to be eliminated for favour of focussing on price-seeking and price-taking behaviours. Students are also more knowledgeable if they have sufficient understanding of the ways in which competition enhances welfare as well as how agents seek payments. For example, a student is not deemed more literate just because they can say if a fast-food industry is an oligopoly or more like a monopolistic competition. Such details may not be as useful as knowledge about the drivers of price and cost because even of a person knows that certain firms are duopolies, the data is inapplicable in any form of decision-making process and it probably does not take an expert in economics to make such a deduction. The relevance of business education in real lifeBusiness education is broadly acknowledged as a real and effective pivot for the growth of skilled or professional manpower in all the facets of commercial, managerial and industrial areas. Osuala (2004) asserted that the introduction of business studies emphasizes the need for equipping the youth or learners with experience that furnish them with saleable competencies and skills. Business activities influence people’s daily lives as they travel, work, spend, save, play and invest. Business affects incomes, opportunities, and jobs for personal development and also has an important effect on the quality of life, the standard of living and on the surrounding or environment where people live.Business education involves not only studying the individuals, organizations, and communities but also involves assessing and evaluating their problems and needs, in addition to generating solutions. The subject helps in building a strong background for the learners who have ambitions of furthering their training and study in specialized fields such as marketing, management, accounting, entrepreneurship, communication technology among other fields. Again, it helps in providing practical skills for the learners who have the desire of moving straight into their places of work. Generally, business education endows the learners with a new and practical context for the other subjects they have learned such as science, mathematics, languages, social studies and technology. It helps the learners in recognizing the relevance and applicability of these subjects whenever they are used in the business world. Business education demonstrates how various subjects of study can coalesce in an industrious and productive activity. It gives an increased comprehension of mutual reliance through business approach, as individuals become increasingly reliant on others. Being also a dynamic field, business education is a significant tool for building and cultivating skills to deal with change.Business education helps the learners in the following ways:Business education teaches learners self-reliance and the ability to manage projects and other resources.Business studies is a type of studies which is devised or designed to instill in learners knowledge, business spirit, skills and acumen required to succeed in the field of work and to be self-reliant. Igboke (2000) looked business education as a changing field of education which is geared towards equipping the adults and youths for and also about business. He further stated that learning for business is training for a job in business when it is planned to equip adults and youths for real practice in the field of business.Skill is viewed as the capacity to perform a task expertly, Abanyam (2014). It is the mean dexterity and ability which if used on a given task like a business, the outcome will be proportionate to the set objective and hence brings about enhanced economic status. A learner who acquires enough skills and knacks in business operations during the training process stands a high chance of establishing an occupation he/she likes and even able to employ many other individuals afterward. Such an individual is regarded as self-reliant and self-sufficient in the area where he/she domiciles.Self-reliance can be defined as the economic and social ability of a person, household or a society to meet important needs (including food, water, shelter, protection, health, education, and safety) in a sustainable way and with decorum. Ogbonna (2012) hypothesized that self-reliance means the dependence on an individual’s own judgments, resources, and abilities or being independent. Hence, it refers to the ability to depend on oneself in undertaking a given task. To be self-reliant, learners need to acquire particular skills which can equip them and enable them to stand on their own in the society. Some of such skills are marketing skills, accounting skills, communication technology skills and information skills.Accounting is one of the major areas of business education which equips learners with requisite dexterity, attitude, and knowledge which is relevant in doing financial computations in any job. Accounting skills range from reporting skills, record keeping skills to financial management that are necessary for promoting efficient and successful financial management in any kind of business activity (Eze, Ezenwafor & Igberaharha, 2016). Accounting skills learned in business education entails the ability to understand and interpret financial statements, prepare reconciliation statements, prepare cash and bank reports, understand various deductions and payroll, compute depreciation, ability to evade unplanned expenditures and the ability to record various business transactions.Business education has changed the education system to a system that aims at preparing or grooming manpower with an objective of filling the ever increasing vacuum caused by unemployment. It is disturbing and shocking to learn that graduate unemployment is experienced in almost all the countries around the world. However, it is not possible to name an academic discipline which is not represented adequately in the increasing society of unemployed graduates who are employable. Therefore, preparing graduates and all the other learners for the competitive environment of work has become the main objective of business education. Entrepreneurship education and skill acquisition are regarded as indispensable towards sustainable growth of the nations and self-reliance. Persuasive and effective oral and written communication skillsCommunication skills are essential for success in any field. It enables the learners to develop the ability to shape or tailor their messages to various types of people and audiences. For instance, courses in business communication and marketing help in creating effective campaigns which target specific customers, while corporate communication helps in designing effective and successful business presentation, guide group meetings and also in writing internal business documents for workers guidance. Communication acquired in business education is relevant and can be applied in the other areas of life such as:Leadership Good leadership in any field needs effective communication with all the members of the organization such as the managers, employees, investors, and customers. Each group of these people may need a different style of communication and leadership. Leaders should, therefore, adapt depending on the people they are leading or communicating with at different times. Therefore, communication proficiency is an essential aspect of leaders’ set of experience and skills.Communication is an essential skill for individuals entering the job marketThe International Journal of Business Communication did and published a research where 354 directors were requested to rank and grade incompetencies when employing fresh college students. The research findings suggested that effective communication abilities are the most desirable and attractive qualities in a new employee. Unfortunately, it was found to be the first incompetency in the list among the graduates, followed by dearth of self –motivation and problem-solving skills, Weldy & Icenogle (1997).Effective communicators make much moneyAccording to the research which was done in the year 1988 by Curtis and submitted at the Annual Meeting of the Speech Communication Association, it was found that communication skills are the most cherished skills in the current job market. The research surveyed 1000 managers and arrived at this conclusion. The findings suggested that the most valuable skill individuals can invest within themselves is sound communication. If individuals can communicate more effectively, then they can surely land jobs which can enable them earn the highest amount of money, Moreale (2000).Good communicators possess greater self-esteemAccording to an editorial titled “Self-Esteem and Effective Communication Skills” which was aired by Live Strong, it was found that individuals who are great communicators tend to be majorly extroverted. The study stated a 2001 research which was published by the Journal of Research in Personality which says that extroverted individuals tend to possess greater self-esteem. Extraversion always makes it simpler for individuals to approach foreigners and strangers, speak in large gatherings and also appear friendly. This makes the other people perceive extroverts positively which boost their self-esteem further. Individuals suffering from low self-esteem are always anxious about relating to strange people and also uncomfortable in gathering or group settings, Thompson (2017).Effective communication helps in building a thriving family unitA study done by Pearson and Sessler in the year 1991 called Family communication and health: Maintaining marital satisfaction and quality of life, presented at the International Communication Association stated that communication is linked to the family satisfaction. Disclosing, supporting, negotiating, communicating needs, positively distorting and showing the understanding of members of the family are some of the communicative aspects which are essential in developing a family unit which is happy and healthy, Pearson & Sessler (1991).Time ManagementTime management mostly focuses on the relationship between it and the productivity on the work. Stack (2005) indicates that job satisfaction and work success can be measured by productivity or output. The two methods which can be used to increase productivity include; finding ways of working faster at the job that people always do and by getting rid of activities which waste time. A good meaning of “wasted time” is the time that is spent in achieving no output or in achieving an output which is of low value. As Benjamin Franklin once said “time is money”; it makes a great sense and meaning in business. Therefore, time management which the learners are taught in business education helps them in several ways in real life experiences. Some of the benefits of time management include:Stress level reductionThe main benefit of time management is reduction of the stress level. If one follows time management appropriately, he/she can get better output or results. Stress always leads to ruining of the job schedule and a troubled or messed up work schedule/program can never produce the best results. The outcome will undoubtedly come but nobody can claim that the result will be worst or the best.
Gain self-confidenceSelf-confidence does a significant duty in the life of human beings and self-confident individuals always live better lives as compared to their counterparts who suffer from timidity or low self-confidence. The feeling regularly comes when one plans his/her work correctly and take proper decisions on time for better results. With self-confidence, one is able to do almost anything and self-trust can lead people to another level.Financial soundnessThe success results in financial soundness with itself. Individuals always become financially stable when they plan their lives properly and also maintain and follow a timetable of their professional and personal life. The lifetime learning enhances the empowerment of people with the know-how. They can always do research and find whatever information they need. The interpretation of the information and sharing gives the individuals the opportunity to have network connectivity.Become healthyBeing healthy is a good thing for human beings and it can always be realized by a suitable maintenance. To live a healthy life, time management is helpful since an individual will have to adopt a schedule in his/her life; this will enable him/her save and have time for exercise and other works that are health related. Once individuals have decided to manage their time, they should discipline themselves and practice self-improvement with fitness/health as the major factor.
Time management helps one to challenge his/her productivityThe capacity of everyone is the same and it is only the habits which differentiate their outcomes. The individuals who get 100 percent are not robots but also human beings; what brings about the difference is that they pursue their dreams passionately. One can prioritize while also planning the job execution order. Productivity is always a challenge to face since it’s a process that put individuals on their heels. It is a race that must be won by everyone. Concisely, it’s something great to adopt but always requires the capacity to cope up or handle the pressure it presents.Business education helps in understanding organizational behavior and structureOrganizational behavior studies the impact and the influence that organizational structure, individuals, and groups have regarding the behavior in an organization or institution with the aim of using such knowledge in enhancing the effectiveness of the organization, Robins, Judge and Sanghi (2006). In the world of business nowadays, organizational behavior is a vital tool for effective management of teams and it helps in understanding and predicting the behavior of individuals in an organization. It examines how institutions can be accurately structured and how external events affect organizations. An organizational study is one of the most important features in management sciences since it enables the management to study and learn from a phenomenon which has been successful somewhere. Learning organizational behavior is very useful and relevant in real life situations. Some of the significance of organizational behavior includes;
a. Organizational behavior helps in understanding employees and the organization in a better wayStudying organizational behavior helps individuals understand the organization and the employees in a better way. This enhances the relationship between the employees and the organization hence creating a suitable working environment/condition in an institution. Organizational behavior helps in finding out the factors causing different behaviors and also helps one to apply various strategies to manage the serious behavior that can cause damage to the organization.b. Organizational behavior helps in effective use of human resourcesIf the head of an organization or a manager have the skills of organizational behavior, he/she can apply human resource management skills in the needed area. This reduces the chances of incurring losses and at the same time increases the chances of making profits and promoting sustainable development of an organization. c. Organizational behavior helps in enhancing labor/industrial relationsThe knowledge of organizational behavior helps in comprehending the root-causes of different issues, predict their future solving mechanisms and also manage their negative consequences. Since the leaders know about the negative and positive consequences of various behaviors, it allows them uphold friendly relationships with the workers hence creating peace in the institution or organization.
d. It helps in motivating employeesStudying organizational behavior helps business owners in motivating their employees hence facilitating organizational performance. Since the employees are different from one another, organizational behavior helps the managers in applying suitable skills and motivational tools in line with the individual nature of the employees. Business education offers learners with a wide range of field for specializationBusiness studies degree prepares the learners for different and dynamic managerial and expert purposes. The education emphasizes operating in a dynamic international environment. The degree course in business education offers the learners with the chance of specializing in the fields that respond best to the requirements of the job market and their specific interests. The students doing degree courses in business education can always take advantage of the other courses provided by the School of Management. By choosing programs in administrative sciences such as political science, the students can develop appropriate study course for themselves. Some of the options in master’s studies include; Specialization in Insurance and Risk Management, Specialization in Leadership in Service Economy, Specialization in Accounting, Specialization in Economics, Specialization in Business Management, Specialization in Marketing and Specialization in Business Law and Tax Law.
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