Economic Principles

Code

BUSI1097

School

Business

Level

1

Credits

20

Semesters

Full Year UK

Summary

This module introduces students to the microeconomic theory of the market, firm and consumer and to the nature and scope of the macroeconomic policy agenda, developing the analytical frameworks necessary for the evaluation of policy instruments. The module enables participants to understand the economic arguments that underlie different views and to evaluate relevant arguments.

Topics include: market demand, supply and equilibrium; firm production and costs; market structure (perfect competition, oligopoly, monopoly); consumer theory; market failure; asymmetric information; externalities; aggregate demand; money and interest rates; aggregate supply; unemployment and inflation; balance of payments and exchange rates.

This module provides students with the opportunity to apply for CIMA accreditation in the CIMA paper: Fundamentals of Business Economics. It also provides the FAM students with the foundations to build upon in quantitative and econometric modules which provides them with the opportunity to apply for additional CIMA accreditation.

Target Students

Part I BSc Hons Financial Mathematics and Qualifying Year Business School students on the BSc Finance, Accounting and Management variants and BSc Accountancy programme.

Classes

• One 1-hour seminar each week for 20 weeks
• One 1-hour seminar each week for 2 weeks
• One 2-hour lecture each week for 20 weeks

Weekly 2h lecture engagement sessions over 20 weeks. Weekly 30min to 1h asynchronous materials or activities (e.g. recordings). 2 x 1h seminar, one per semester

Assessment

• 50% Group Coursework 1: 2000 words (Autumn)
• 50% Group Coursework 2: 2000 words (Spring)

Assessed in both autumn & spring semest

Educational Aims

Learning Outcomes

Knowledge and Understanding: 
This module develops a knowledge and understanding of:
•   The development, access and operation of markets for resources, goods and services.
•   A coherent core of economic principles, including the microeconomics of decision and choice, production and exchange and the macroeconomics of employment, national income, the balance of payments, exchange rates, inflation, growth and money.
•   Economic policy with an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
•   Ability to apply core economic theory and economic reasoning to applied topics.

Intellectual skills: 
This module develops:
•    The ability to analyse and evaluate a range of business data, sources of information and appropriate methodologies, which includes the need for strong digital literacy, and to use that research for evidence-based decision-making.
•    Conceptual and critical thinking, analysis, synthesis and evaluation.

Professional practical skills: 
This module develops:
•    Numeracy and quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
•    The ability to apply economic models to economic problems and phenomena.
•    The ability to understand the operation of the macroeconomy.

Transferable (key) skills: 
This module develops:
•   Communication and listening including the ability to produce clear, structured business communications in a variety of media.
•   Self-management and a readiness to accept responsibility and flexibility, to be resilient, self-starting and appropriately assertive, to plan, organise and manage time.

Conveners

• Ms Alison Sinclair