EC131-15 Economics for Business
Introductory description
Students will be given the opportunity to study the essential fundamental concepts in micro and macroeconomics relevant to the study of business. You will develop analytical skills and apply analytical techniques to real world business problems.
Module aims
To equip students with an essential understanding of fundamental concepts in micro and macroeconomics, as relevant for the study of business; To develop a range of appropriate analytical skills, including descriptive, graphical and elementary mathematical methods; To develop in students the capacity to apply analytical techniques to real world problems, especially in the business context. The module broadly aims to get students to consider business behaviour from an economics point of view, understanding the micro and macro influences that determine strategic thinking.
Outline syllabus
This is an indicative module outline only to give an indication of the sort of topics that may be covered. Actual sessions held may differ.
The module will typically cover some of the following topics:
Introduction to competitive markets; demand, supply, equilibrium analysis; consumer behaviour in the market; the price mechanism; price elasticity of demand; income elasticity of demand; cross elasticity of demand; price elasticity of supply; economic approaches to business performance and strategy; Internal economics of firms. Costs, productivity and profitability in the short run; economies of scale, economic vulnerability; market structure, including perfect competition, monopolistic competition, monopoly and oligopoly; game theory and strategic thinking; the key macroeconomic variables and their measurement; short term and long term growth; exposure and the macroeconomy; how business can cope with changing and uncertain market and macroeconomic environments; aggregate demand and supply; Keynesian model; multiplier; circular flow of income, including injections and withdrawals; transmission mechanism; types of unemployment; causes of inflation; money markets; ISLM analysis.
Learning outcomes
By the end of the module, students should be able to:
- Subject knowledge and understanding Understand key concepts in Economics, such as national income determination, supply, demand and opportunity cost. Demonstrate knowledge of economic trends and key macroeconomic issues, especially in the context of how they affect businesses and how they might adapt to them.Apply key concepts to industry-related problems and issues.Abstract and simplify basic economic problems through the application of simple theoretical models.
- Cognitive SkillsAnalyse and formulate models for understanding and solving problems.Analyse competing models and hypotheses in a critical way.
- Subject-Specific/Professional SkillsSelect and apply appropriate economic models and techniques to particular problems especially those of a policy nature and those relating to business and industry.Produce concise and analytical reports relating to economic problems and issues.
Indicative reading list
Please see Talis Aspire link for most up to date list.
View reading list on Talis Aspire
Subject specific skills
Students will have the opportunity to develop skills in:
Analytical thinking and communication
Analytical reasoning
Critical thinking
Strategic thinking
Problem-solving
Abstraction
Policy evaluation
Analysis of incentives
Transferable skills
Students will have the opportunity to develop:
Research skills
Numeracy and quantitative skills
Written communication skills
Oral communication skills
Mathematical, statistical and data-based research skills
Study time
| Type | Required |
|---|---|
| Lectures | 20 sessions of 2 hours (27%) |
| Seminars | 8 sessions of 1 hour (5%) |
| Private study | 102 hours (68%) |
| Total | 150 hours |
Private study description
Private study will be required in order to prepare for seminars/classes, to review lecture notes, to prepare for forthcoming assessments, tests, and exams, and to undertake wider reading around the subject.
Costs
No further costs have been identified for this module.
You must pass all assessment components to pass the module.
Students can register for this module without taking any assessment.
Assessment group D1
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
| Test 1 | 10% | No | |
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Multiple Choice online test |
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| Test 2 | 10% | No | |
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Online multiple choice test |
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| Online Examination | 80% | No | |
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A paper which examines the course content and ensures learning outcomes are achieved. ~Platforms - AEP
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Feedback on assessment
The Department of Economics is committed to providing high quality and timely feedback to students on their assessed work, to enable them to review and continuously improve their work. We are dedicated to ensuring feedback is returned to students within 20 University working days of their assessment deadline. Feedback for assignments is returned either on a standardised assessment feedback cover sheet which gives information both by tick boxes and by free comments or via free text comments on tabula, together with the annotated assignment. For tests and problem sets, students receive solutions as an important form of feedback and their marked assignment, with a breakdown of marks and comments by question and sub-question. Students are informed how to access their feedback, either by collecting from the Undergraduate Office or via tabula. Module leaders often provide generic feedback for the cohort outlining what was done well, less well, and what was expected on the assignment and any other common themes. This feedback also includes a cumulative distribution function with summary statistics so students can review their performance in relation to the cohort. This feedback is in addition to the individual-specific feedback on assessment performance.
Post-requisite modules
If you pass this module, you can take:
- EC335-15 Managerial Economics
- EC335-12 Managerial Economics
- EC229-12 Economics of Strategy
- EC228-15 Political Economy: Theory and Applications
- EC229-15 Economics of Strategy
- EC204-30 Economics 2
- EC205-15 Development Economics (Macroeconomics)
Courses
This module is Core optional for:
- Year 1 of UGEA-RN21 Undergraduate German and Business Studies
- Year 1 of UIPA-L8N1 Undergraduate Global Sustainable Development and Business