Introduction to Economics
| Code | School | Level | Credits | Semesters |
| BUSI1107 | Nottingham University Business School | 1 | 20 | Autumn Malaysia |
- Code
- BUSI1107
- School
- Nottingham University Business School
- Level
- 1
- Credits
- 20
- Semesters
- Autumn Malaysia
Summary
This module introduces students to microeconomics and macroeconomics.
This module introduces students to the microeconomic theory of the market and the firm. Topics covered include: Market Demand; Supply and Equilibrium; Firm Production and Costs; Market Structure; Perfect Competition; Monopolistic Competition; Oligopoly and Monopoly.
This module introduces participants to the nature and scope of the macroeconomic policy agenda, and develops the analytical frameworks necessary for the evaluation of policy instruments. The module enables participants to understand the economic arguments that under-lie different views and to evaluate relevant arguments.
Target Students
Compulsory for qualifying year BSc (Hons) Business Economics and Finance and BSc (Hons) Business Economics and Management students. CANNOT be taken if taking/taken microeconomics or macroeconomics modules from the School of Economics.
Classes
- One 1-hour tutorial each week for 6 weeks
- Two 2-hour lectures each week for 10 weeks
Assessment
- 30% Coursework 1: Microeconomics individual coursework; 1500 words
- 70% Exam (2-hour): One 2-hour exam
Assessed by end of autumn semester
Educational Aims
To introduce students to key microeconomic tools and concepts in order to prepare them for Level 2 economic modules. It also aims to provide participants with an understanding of the nature and scope of macroeconomic policy and the economic theories upon which it is based.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.
Economic policy at the macroeconomic level with an understanding of analytical methods and model-based argument and of different methodological approaches and their strengths and limitations.
Intellectual skills
This module develops:
- Conceptual and critical thinking, analysis, synthesis and evaluation.
Professional practical skills
This module develops:
- The ability to apply economic models to economic problems and phenomena.
Knowledge and understanding (Industrial Economics)
This module develops a knowledge and understanding of:
- Understanding of distinctive economic theories, interpretations and modelling approaches, and their competent use
- The applications of economics to design, guide and interpret commercial, economic, social and environmental policy
- Economic principles and tools addressing the microeconomic issues of decision and choice
- Economic principles and tools addressing the microeconomic issues of the production and exchange of goods
- Economic principles and tools addressing the microeconomic issues of the pricing and use of inputs
- Economic principles and tools addressing the microeconomic issue of economic welfare
- Economic principles and tools addressing the macroeconomic issue of employment
- Economic principles and tools addressing the macroeconomic issue of national income
- Economic principles and tools addressing the macroeconomic issue of the balance of payments
- Economic principles and tools addressing the macroeconomic issue of the distribution of income
- Economic principles and tools addressing the macroeconomic issue of economic growth
- Economic principles and tools addressing the macroeconomic issue of financial and business cycles
- Economic principles and tools addressing the macroeconomic issue of the role of money creation, banking and the financial system in the economy
- Have the ability to discuss and analyse government policy and to evaluate the performance of the UK and other economies, past and present.
Conveners
- Dr Wye Leong Roy Khong