Whole-year module 

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. 

·               To equip students with the basic knowledge of business economics 
·               To examine the ways in which the economic theory may be applied to solve real business problems

On successful completion of this module the students will be able to: 
·             Be aware of basic principles of business economics. (K,C) 
·             Understand the operation of markets and the behaviour of consumers and producers. (K,C) 
·             Explain why macroeconomic issues such as business cycle, inflation, unemployment and balance of payments are important for business decision- makings. (K,C) 
·             Identify and describe the role of a government in a market economy. (K,C) 
·             Apply these economic theories to a range of "real world" problems with particular reference to business. (P,T)
Assessment Criteria
In order to achieve the threshold standard for the award of credits for this module, the student must meet the following criteria related to the learning outcomes described above: 
·             demonstrate an understanding of different theories of business economics 
·             show an ability to use relevant economic theories to solve real problems 
·             demonstrate evidence of relevant background reading
To pass this module the student will demonstrate a familiarity with Business Economics, but whose attempts to organise, present and examine the material in a critical and constructive manner are only partially successful.  The student displays some understanding of the relevant issues and some familiarity with the relevant literature and techniques. 

·             What is Business Economics?
·             Understanding demand and supply 
·             Costs, supply and perfect competition 
·             Market structure and imperfect information 
·             Input markets and income distribution 
·             Governing the market 
·             the income and output of nations 
·             Short-run fluctuations in income and output 
·             Interest rates, money and inflation 
·             Aggregate supply, inflation and unemployment 
·             Exchange rates and the balance of payments 
·             The global economy 

The teaching and learning strategy is designed to provide a framework of the existing knowledge and theories for the understanding of firms’ behaviour, and allow students to develop their own ideas and relate them to real business problems. 
The teaching and learning methods include a two-hour lecture programme designed to provide a framework of knowledge.  Lectures will be supported by on-line learning resources associated with the chosen textbook and surgeries. 
The assessment strategy is designed to provide an opportunity for students to demonstrate they have acquired basic economic principles and analytical skills. 

Essential Reading 
Begg, D.S. (2006) Foundations of Economics.  3^rd edn.  London : McGraw-Hill. 
Recommended Reading
Begg, D., Fisher, S. and Dornbusch R. (2002) Economics.  7^th edn.  London : McGraw-Hill Education-Europe. 
Parkin, M. (2004) Economics.  7^th edn.  Harlow : Addison-Wesley. 
Sloman, J. and Sutcliffe, M. (2001) Economics for Business.  2^nd edn.  London: FT Prentice Hall Europe .
Background Reading 
Dobson, S. and Palfreman, S. (1999) Introduction to Economics.  Oxford: Oxford Press. 
Douma, S. and Schreuder, H. (2002) Economic Approaches to Organizations.  3^rd edn.  London : Prentice Hall. 
FitzRoy, F.R. and Acs, Z.J. (1998) Management And Economics Of Organization.  London: Prentice Hall Europe . 
Griffiths , A. and Wall, S. (1997) Applied Economics.  8^th edn.  Harlow : Addison-Wesley Longman Ltd.
Journals
The Economist 
Financial Times