20 credits at level HE4
The module aims are:
• To develop a basic knowledge and understanding of economic concepts and of the economic and financial environment within which businesses operate.
• To acquire an awareness of the internal and external constraints on the economic activity and behaviour of businesses – including political, social, legal, environmental, ethical and technological factors.
• To provide students with a good grasp of current economic developments and global politico-economic issues.
The first five weeks focus on introductory economic principles with special emphasis on:
• Central issues of economics: scarce resources and their allocation.
• Market demand and supply. Determination of equilibrium price and quantity.
• Concept of elasticity, elasticity of demand and supply.
• Business organisation and behaviour. Costs, revenue and profits.
• Market structure: perfect competition, monopoly, oligopoly and monopolistic competition.
The following weeks cover a number of topics specially selected for their relevance to the changing business/economic environment. The topics which are being currently analysed are:
• Merger and takeover activity.
• Multinationals and the impact of their activities on the UK and global economy.
• The European Union and the Single European Currency, the Euro.
• Transition Economies and European Union Enlargement.
•Problem solving exercises during tutorials in the first weeks, and some multiple-choice questions and a technical part of the examinations to evaluate broad understanding and knowledge of main economic concepts, relationships and wider economic environment.
•Student led seminars/discussions, a 2000 word essay assignment, and an essay-based part of the examination to assess the ability to apply economic understanding and reasoning to the analysis of business activity.
Two hour lecture and two hour tutorial/seminar per week.
In the first five weeks, as lectures focus on introductory economic principles, tutorials are mainly based on economic exercises and problems to help students acquire a good grasp of basic economic concepts and relationships.
Afterwards, as the focus of lectures shifts to the analysis of a number of distinct topics, carefully selected in view of their contemporary relevance to the business environment, tutorials take the form of student-led seminars/discussions strictly related to the topics covered in the lectures.
NB Where this module is offered online (via BoltOnline) lectures and seminars delivered by Elluminate.
Background Reading 50
Assignment preparation 70
Tutorial preparation 26
when you have successfully completed this module you will:
to demonstrate that you have achieved the learning outcome you will:
|1.||Demonstrate comprehension of the main economic concepts, relationships and working of the broader economy.||Show a broad understanding of economic concepts and of the functioning of the economy.|
|2.||Demonstrate basic understanding of the economic environment (market and financial environment, government policy and international trade) and its impact upon business activity and the economy as a whole.||Demonstrate knowledge of the business environment in its domestic, European and international components and relate to a business case study.|
|3.||Demonstrate basic analytical reasoning.||Show an ability to identify and explain key elements of economic analysis in a changing global environment.|
|4.||Show the ability to understand, generalise and relate concepts.||Relate concepts to a business case study.|
|5.||Describe and discuss economic data tables, diagrams, positive and negative relationships, basic economic models and empirical evidence.||Show familiarity with quantitative data analysis using a wide range of methods.|
|6.||Write business essays/ reports.||Apply analytical/synthetical skills and information processing skills to produce business economic essay.|
|7.||Demonstrate the use of learning resources.||Show the use of a range of learning resources.|
Your achievement of the learning outcomes for this module will be tested as follows:
|Description||Essay of 2500 words||3 part examination|
There are no prerequisites for this module.
You cannot take this module if you are taking or have taken:
Recommended textbooks on introductory economic principles include:
Begg, D, Fischer, S & Dornbusch, R (2008) Economics, 9th ed. London: McGraw-Hill.
Parkin, M, Powell, M & Matthews, K (2008) Economics, 8th ed. London: Pearson/Addison-Wesley.
Sloman, J (2006) Economics, 6th ed. Harlow: Financial Times/Prentice Hall.
Sloman, J (2007) Essentials of Economics, 4th ed. Harlow: Financial Times/Prentice Hall.
Recommended general textbook covering many of the module topics:
•Griffiths, A & Wall, S (2007) “Applied Economics”, Financial Times/Prentice Hall.
Other recommended reading includes articles from recent issues of:
Atkinson, GBJ, “Developments in Economics, An Annual Review”, Causeway Press.
Several website addresses are also provided, including those of the OECD, the EU, the UK Government and UK Parliament.
Finally, students are encouraged to refer to relevant economic/financial publications such as: The Economist, The Economic Review, The Financial Times, as well as to the economic/financial pages of broadsheet papers.
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