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| Module Availability |
Autumn semester.
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| Assessment Pattern |
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Components of Assessment
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Method(s)
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Percentage weighting
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Class Tests
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Assignment 1: Open book multiple choice 33%
Assignment 2: Unseen test. 67%
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100%
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| Module Overview |
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| Prerequisites/Co-requisites |
None. |
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| Module Aims |
The aim of this module is to equip students with the basic knowledge of business economics and to examine the ways in which the economic theory may be applied to solve real business problems.
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| Learning Outcomes |
On successful completion of this module the students will be able to:
- understand basic principles of business economics;
- make predications about price changes using demand and supply models;
- appreciate and distinguish between different market structures;
- explain why macroeconomic issues such as business cycle, inflation, unemployment and balance of payments are important for business decision- making;
- identify and describe the economic tools available for the implementation of economic policies.
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| Module Content |
Business economics is the study of the decisions of consumers and businesses and their interaction of these decisions in markets, therefore, it plays an important part in the understanding of firms' behaviour and particularly in the understanding of the ways in which businesses operate. Business economics also provides useful tools for business decision-making.
The teaching and learning strategy is designed to:
- provide a framework of the existing knowledge and theories for the understanding of firms' behaviour;
- allow students to develop their own ideas and relate them to real business problems.
The teaching and learning methods include a lecture programme supported by structured reading.
Indicative Content
- Business objectives and organisations;
- Supply and Demand;
- Markets in goods and services;
- Markets for factors of production;
- Costs of production;
- Profit maximisation under perfect competition;
- Profit maximisation under imperfect competition;
- Market failure;
- Microeconomic policy;
- The macroeconomic environment
- Government policies and business operation;
- The international environment.
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| Methods of Teaching/Learning |
A weekly lecture programme will provide the main knowledge content of the module backed up by weekly tutorials. Support materials include computer packages and simulations. |
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| Selected Texts/Journals |
Recommended :
Hornby, Gammie & Wall, Business Economics, Longman
Nelliss & Parker, The Essence of Business Economics, Prentice Hall
Begg D., Fischer S and Dornbusch R, Foundations of Economics (2nd edition), McGraw Hill 2003
Further Reading :
Hirschey & Pappas, Fundamentals of Managerial Economics (4th Edition), Dryden Press. |
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| Last Updated |
27th June 2005
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