Economic Principles
| Code | School | Level | Credits | Semesters |
| BUSI1106 | Nottingham University Business School | 1 | 20 | Full Year Malaysia |
- Code
- BUSI1106
- School
- Nottingham University Business School
- Level
- 1
- Credits
- 20
- Semesters
- Full Year Malaysia
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
Compulsory for first year BSc (Hons) Finance, Accounting and Management students.CANNOT be taken if taking/taken BUSI1107 Introduction to Economics or BUSI1105 Business Economics.CANNOT be taken if taking/taken microeconomicsor macroeconomics modules from the School of Economics.
Classes
- One 1-hour tutorial each week for 4 weeks
- One 2-hour lecture each week for 21 weeks
Assessment
- 25% Coursework 1: Microeconomics individual coursework; 1200 words
- 25% Coursework 2: Macroeconomics group coursework; 2000 words
- 50% Exam 1 (1-hour-30-minute): One 1.5-hour final examination
Assessed in both autumn & spring semest
Educational Aims
The module aims to introduce participants to key economic tools, concepts, and their application and to provide participants with an understanding of the nature and scope of economic policy and the economic theories upon which it is based. The emphasis is on analytical tools.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.
- Articulating and effectively explaining information.
Conveners
- Dr Sok Gee Chan
- Dr Tan Chee Meng