Economic Principles
| Code | School | Level | Credits | Semesters |
| BUSI1115 | Nottingham University Business School China | 1 | 20 | Full year China |
- Code
- BUSI1115
- School
- Nottingham University Business School China
- Level
- 1
- Credits
- 20
- Semesters
- Full year China
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.
Target Students
Compulsory for FAM Qualifying Year students.
Classes
- One 1-hour tutorial each week for 6 weeks
- One 2-hour lecture each week for 11 weeks
- One 2-hour lecture each week for 11 weeks
200 hours in total Contact hours = 50 hours Independent study = 70 hours Coursework preparation = 48 hours Revision = 32 hours
Assessment
- 30% Coursework 1: 750 word individual coursework (Semester 1)
- 30% Coursework 2: 1500 words group coursework (Semester 2)
- 40% Exam (1-hour): One 1-hour exam (MCQ) (Semester 2)
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 and policy.Learning Outcomes
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.
- Numeracy and quantitative skills to manipulate data, evaluate, estimate and model business problems, functions and phenomena.
- The ability to apply business models to business 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 James Farrell