Module Information

Module Identifier
ABM3120
Module Title
Business Economics
Academic Year
2022/2023
Co-ordinator
Semester
Summer
Also available in
Reading List
Other Staff

Course Delivery

 

Assessment

Assessment Type Assessment length / details Proportion
Semester Assessment Assessed Case Study Group Presentation  Group presentation 15 Minutes  20%
Semester Assessment Written essay 2,000 words  Written essay 2000 Words  20%
Semester Exam 3 Hours   Written exam  End of semester exam  60%
Supplementary Assessment Assessed Case Study Presentation  15 Minutes  15%
Supplementary Assessment Written essay 2,000 words  2000 Words  35%
Supplementary Exam 3 Hours   Written exam  50%

Learning Outcomes

On successful completion of this module students should be able to:

* Apply economic models to examine current economic issues and evaluate policy options for addressing these issues

* Understand, critically evaluate and apply basic economic concepts to solving managerial problems such as pricing and output

* Demonstrate the implications of market structure for pricing and output decisions, welfare and efficiency

* Analyse the macroeconomic policy objectives and ways in which governments use macroeconomic policy instruments to accomplish macroeconomic policy objectives

* Demonstrate a critical awareness of the importance for business decision-making of the economic environment and the wider business environment, and how this can be influenced by government policy at the local, national or international levels

Brief description

This module examines microeconomics and macroeconomics principles, concepts and methods of analysis. The module analyses the microeconomic behaviour of individuals, households, firms, and their interactions. The module also covers the macroeconomic behaviour of economic aggregates, including gross domestic product, consumption, investment, inflation, unemployment and the balance of payments. There is emphasis on role of government policy and regulation at the microeconomic and macroeconomic levels

Content

  • The business and economic environment.
  • The macroeconomic environment: output, expenditure, inflation and unemployment, growth, fiscal and monetary policy, supply-side policies
  • The microeconomic environment: production, costs, demand, revenue and profit maximization
  • Pricing strategies: demand, supply, price and output determination, and elasticity of demand and supply
  • Firms, markets and pricing; welfare and efficiency consequences of perfect competition and monopoly
  • Government intervention in the market, taxation and subsidy, competition policy, environmental policy, regulation and supervision
  • The global trading environment, national economic policies, wider economic groupings such as the European Union
  • Multinational enterprise, and impact of globalization on business organizations and activities

Module Skills

Skills Type Skills details
Application of Number Analysis of economic data, company reports and other numerical data
Communication Develop communications skills including discussion and listening skills. Improve literacy skills by reading and writing reports and essays
Improving own Learning and Performance Devise and apply realistic self-learning strategies, review and monitor overall performance, be aware of time management techniques
Information Technology Use a range of commonly used software packages. Present information and data. Use email /internet appropriately and effectively
Personal Development and Career planning Students will be able to apply the skills acquired in this module to enhance their career opportunities. They will also be aware of the importance of organizing and managing sources of knowledge
Problem solving Identify problems. Identify factors which might influence potential solutions. Develop creative thinking approaches to problem solving. Evaluate advantages and disadvantages of potential solutions. Construct a rational proposal in response to problem
Research skills Carry out research into current economic problems as they apply to business. Identify relevant source material and journal articles for assignments
Subject Specific Skills Students will be aware of the importance of economic concepts, organizing and managing sources of knowledge and keeping up to date with the latest developments in economic ideas and events
Team work Understand the concept of group dynamics, contribute effectively and participate in group discussions and group presentation

Notes

This module is at CQFW Level 7