Module overview
Aims and Objectives
Learning Outcomes
Learning Outcomes
Having successfully completed this module you will be able to:
- Explain how profit maximising firms make short run and long run production choices
- Define different market structures and explain how the distinguishing features of each market structure affect the behaviour of individual firms and market equilibrium
- Analyse the interdependence of firms in imperfectly competitive markets and use game theory to characterise firms’ strategies
- Describe the various measures and components of national income
- Analyse how specialisation and international trade can benefit countries and firms
- Define and calculate elasticities of supply and demand and explain the implications of varying elasticities for the workings of markets
- Analyse the effectiveness of supply-side policies pursued by governments
- Explain what is meant by globalisation and how it affects business;
- Discuss how the government may use monetary policy and fiscal policy to manage a country’s economy
- Analyse different pricing strategies that can be adopted by firms
- Describe and apply utility theory to economic and financial problems
- Describe the reasons for government intervention in the market and critically analyse the implications of this intervention for market efficiency and social equity
- Analyse how the determinants of money demand and money supply affect interest rates
- Discuss the role of a firm’s growth strategy on its profitability and survival
- Describe and discuss the major factors affecting the rate of inflation, the level of interest rates, the exchange rate, the level of unemployment, and the rate of economic growth in the economy of an industrialised country
- Describe the scope of economics and the various types of markets;
- Discuss the role of exchange rates in the economy and the various constituents of the balance of payments
- Describe and discuss the structure of the public sector finances of an industrialised economy
- Identify the determinants of demand and supply in competitive markets
- State and describe the key macroeconomic variables that governments seek to control;
- Discuss the interaction between supply and demand and the determination of equilibrium prices
Syllabus
Learning and Teaching
Teaching and learning methods
| Type | Hours |
|---|---|
| Independent Study | 102 |
| Teaching | 48 |
| Total study time | 150 |
Resources & Reading list
Textbooks
Bade, R. and Parkin, M. (2015). Foundations of economics. Pearson.
N.G. Mankiw and M.P. Taylor (2008). Macroeconomics. Worth.
Perman, R. and Scouller, J (1999). Business economics. Oxford University Press.
Begg, D. K. H., Fischer, S., and Dornbusch, R. (2008). Economics. McGraw-Hill.
Begg, D. K. H. and Ward, D. (2013). Economics for business. McGraw-Hill.
Sloman, J., Garratt, D., Guest, J., and Jones, E (2016). Economics for Business. Pearson.
Sloman, J. and Garratt, D. (2010). Essentials of economics. FT Prentice Hall.
H. R. Varian (2006). Intermediate Microeconomics: A Modern Approach. Norton.
J. Perloff (2008). Microeconomics -Theory and Applications with Calculus. Pearson.
Mankiw, N. G. and Taylor, M. P. (2014). Economics. Cengage.
Krugman, P. and Wells, R. (2013). Economics. Macmillan.
Sloman, J. (2014.). Economics. Pearson.
Jones, C.I. (2014). Macroeconomic. Pearson.
M. Parkin, M. Powell, and K. Matthews (2007). Economics. Pearson Education.
Sloman, J., Garratt, D., and Guest, J. (2018). Economics. Pearson.
Assessment
Summative
This is how we’ll formally assess what you have learned in this module.
| Method | Percentage contribution |
|---|---|
| Exam | 80% |
| Class Test | 10% |
| Class Test | 10% |
Referral
This is how we’ll assess you if you don’t meet the criteria to pass this module.
| Method | Percentage contribution |
|---|---|
| Exam | 100% |
Repeat Information
Repeat type: Internal & External