FP090-30 Foundations of Economics
Introductory description
This module explores the key principles of micro and macro economics, and how global economic developments influence business environments, highlighting the interconnectedness of national economies. Students will be introduced to foundational principles of micro and macro economics. The topics of international trade and development economics also provide a broad understanding of the global context in which businesses operate. Designed for students with an international outlook, the module prepares learners for degree-level courses in Economics, Management, International Management, and related areas. By the end of the module, students will be able to explain key principles of micro and macro economics, and how global economic trends affect domestic business contexts, apply core concepts of international trade and engage critically with issues in economic development.
Module aims
This module highlights the interconnectedness of national economies and the importance of understanding how global developments influence domestic economic and business environments. With a focus on the business context across different countries, the module introduces key concepts micro and macro economics, and international trade and development economics. Designed for students with a global outlook and international aspirations, it provides a strong foundation for a range of degree-level courses, including Economics, Management and International Management.
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.
- Introduction to economics: The economic problem - Economic systems - Demand and Supply - Market Failure (externalities and public goods) and Government Intervention
- Macroeconomic Performance: Macroeconomic objectives and Indicators of macroeconomic performance - Circular
flow and Business cycle models - Economic Growth: GDP and AD/AS - the Harrod-Domar model of economic growth - Inflation - Unemployment - Development economics: Countries at different stages of development - Relationship between growth and
development - Indicators of economic development - International trade: Reasons for trade including the theory of absolute and comparative advantage -
Trade barriers; tariffs and quotas - Accounting for trade: International accounts (BOP) - Alternative exchange rate systems
- Economics of globalisation: Characteristics and consequences of globalisation - role of international financial institutions (IMF and World Bank)
Learning outcomes
By the end of the module, students should be able to:
- Interpret the principal features of the global economy and environment in which businesses operate
- Apply the basic principles of economic analysis to economic issues
- Use economic diagrams and tables to explain economic ideas
- Analyse and evaluate economic case studies
- Identify and interpret sources and economic data to make judgements about current global economic events and trends
Indicative reading list
Reading lists can be found in Talis
Specific reading list for the module
Interdisciplinary
Links to economics and finance
International
All students are international, representing a wide range of cultural, linguistic, and educational backgrounds. They bring diverse experiences and perspectives, enriching discussion and supporting the development of intercultural awareness. Examples for analysis and evaluation are drawn from a variety of countries, ensuring that teaching and learning are embedded in an international context.
Subject specific skills
Application of basic principles of microeconomic and macroeconomic analysis with application to global economic case studies. Interpretation, analysis and evaluation of economic events and trends. Ready for undergraduate study.
Transferable skills
Development of analytical and evaluative skills to improve critical thinking
Study time
| Type | Required |
|---|---|
| Lectures | 5 sessions of 1 hour (2%) |
| Seminars | 25 sessions of 4 hours (33%) |
| Online learning (independent) | 20 sessions of 1 hour (7%) |
| Private study | 115 hours (38%) |
| Assessment | 60 hours (20%) |
| Total | 300 hours |
Private study description
Set readings in preparation for lectures and seminars. Weekly set tasks and appointments with staff. Revision for formative and summative assessments. Flipped learning including pre-recorded videos
Costs
No further costs have been identified for this module.
You must pass all assessment components to pass the module.
Assessment group A
| Weighting | Study time | Eligible for self-certification | |
|---|---|---|---|
Assessment component |
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| Multiple choice test | 20% | 12 hours | No |
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The focus of this assessment is on knowledge, application and analysis of economic concepts. |
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Reassessment component is the same |
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Assessment component |
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| Short answer question test | 30% | 18 hours | No |
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The focus of this assessment is on knowledge, application and analysis of economic concepts. |
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Reassessment component is the same |
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Assessment component |
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| Written report | 50% | 30 hours | Yes (extension) |
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This summative assessment is a report with research covering current global economic issues. |
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Reassessment component is the same |
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Feedback on assessment
Feedback via Tabula
There is currently no information about the courses for which this module is core or optional.