Course Information Undergraduate prospectus

Introduction to Economics for Business

Course summary

Course code: ECON1006
Level: 4
Credits: 30
School: Business Faculty
Department: International Bus and Economics
Course Coordinator(s): Adotey Bing-Pappoe

Specification

Aims

To provide students with a basic grounding in the principles of economic theory and economic ideas and to introduce them to key debates in economics.

To ensure students understand and have essential factual knowledge of the key factors in the modern world economy, including management of national economics, supranational institutions, world trade and investment, growth and development and the nature of the business cycle.

To enable students to apply economic theory to the student of specific markets: in the first year of the Business Economics courses the focus is on the primary sector, analysing prices, market structure and pricing strategies in coffee, oil etc.

To enable students to understand the data and sources available for studying (a) international economic issues eg balance of payments; national economic structures and key economic indicators; and (b) specific sectors, markets and technologies.

To introduce students to the key elements of ‘textbook economics’ and alternative approaches. This will be done in part through the study of specific issues e.g.: What determines the price of a product? How do firms make a profit? What are the causes of the current recession? And in part by following a mainstream set of topics, while making students aware of the critical discussions of mainstream economic analysis.

Learning outcomes

1 Explore, describe and explain the reasons for a sector’s development in a specific country and globally.
2 Understand the economic structures of national economies and the components of national income and expenditure.
3 Understand the nature of the factor markets and goods markets through supply and demand models and a critical discussion of profit maximisation theories.
4 Interpret economic data relevant to business and understand the basis on which such data is compiled. Undertake simple mathematical calculations of use in understanding economic models and data. Understand the role and limitations of economic theory in analysing a range of policy issues of relevance to modern business.
5 Write clear essays and other forms of coursework which are substantiated by reference to readings, models, data and changing interpretations. Discuss current issues in the light of these and contribute to discussions.
6 Demonstrate the ability to relate learning in class to current real world economic developments and events.

Indicative content

Term 1 – Micro economics
The emergence of modern economics and the history of the firm
Demand and supply
Market structure and pricing strategies
Market failure

Term2 – Macro-economics
Economic growth, measurement and definition and debate
Business cycles and recession: consumption, investment and unemployment
Government objectives and intervention in the economy – fiscal and monetary policy
Globalisation – history, trade, investment flows and labour movement of labour,
Putting it all together: the industrial revolution in Britain – how it happened and its impact on society and economic ideas.

Teaching and learning activity

24 lectures and 24 tutorials.

Economic models and theories are introduced via real-world examples.
Individual presentations based on a current ‘Comment’ in the Financial Times of the student’s choosing will be a major part of each tutorial.
There are three lab sessions in the 2nd term to enable students to explore macro-economic data, especially concerning growth, human development and unemployment.

Assessment

Methods of SUMMATIVE Assessment: 2h Exam
Nature of FORMATIVE assessment supporting student learning: Tutorial tasks
Outcome(s) assessed by summative assessment (Please use the numbers above to refer to these): 1,2,3,5
Grading Mode numeric
Weighting % 50%
Pass Mark 40%
Word Length 3000
Outline Details: 4 questions on all aspects of the course

Methods of SUMMATIVE Assessment: Portfolio
Nature of FORMATIVE assessment supporting student learning: Tutorial tasks, in class discussion and presentations
Outcome(s) assessed by summative assessment (Please use the numbers above to refer to these): 1,2,3,4,5,6
Grading Mode numeric
Weighting % 50%
Pass Mark 40%
Word Length 3500
Outline Details: Class presentation of a relevant ‘Comment’ article from the FT; Incorporates research and reading on one market in the primary sector eg coffee, oil; Incorporates data investigation and reading on an aspect of the macro-economy eg unemployment, inequality, fdi.