Units of Assessment

Weighting Towards Module Mark (%)

 

Closed Book Examination (2 hours)

75

CW In-Class Test (45 minutes)

25

Qualifying Condition(s) 

A weighted aggregated mark of 40% is required to pass the 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.

·        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.

 ·        Understand the operation of markets and the behaviour of consumers and producers.

·        Explain why macroeconomic issues such as business cycle, inflation, unemployment and balance of payments are important for business decision- makings.

·        Identify and describe the role of a government in a market economy.

·        What is Economics?

 ·        Microeconomics

 -        Demand

 -        Supply

 -        Elasticity

 -        Costs, Supply and Perfect Competition

 -        Imperfect competition

 -        Input markets: Labour

 -        Other Input Markets and Income Distribution

 ·        Macroeconomics

 -        Governing the market

 -        The income and output 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

 -        European Integration

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 three-hour lecture programme designed to provide a framework of knowledge.  Lectures will be supported by use of the university’s Electronic Voting System, directed reading, on-line learning resources associated with the chosen textbook and optional 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 – Recommended Purchase

 Begg, D., (2009). Foundations of Economics, (4th Edition), McGraw-Hill, London .

 Recommended Reading

 Adams, S., & Periton, P., (2009).  Fundamentals of Business Economics (Paper C04). Oxford, London : CIMA Publishing.

  Slowman, J., (2007).  Economics and the Business Environment. (2nd Edition).  Pearson Education.

  Background Reading

 The Economist

  Financial Times