|Module Title||RURAL BUSINESS DEVELOPMENT AND ECONOMICS|
|Co-ordinator||Mr Iain McDougall|
|Semester||Intended for use in future years|
|Next year offered||N/A|
|Next semester offered||N/A|
|Assessment||Assignment||Case studies Outcomes assessed:||70%|
|Exam||1.5 Hours Outcomes assessed:||30%|
Evaluate price theory and its application and assess competition in theory and practice
a) Explain the market mechanism.
b) Understand cost concepts.
c) Evaluate price theory and its application.
d) Assess competition in theory and practice.
Principles: supply, demand and elasticity; opportunity costs, equal marginal, comparative advantage, economies of size.
Costs: fixed, variable, time scale and marginal costs.
Relationships: output, costs and revenue; complementary, supplementary and competitive relationships.
Markets in action: monopoly, oligopoly and perfect competition.
Discuss how government measures both aid and control business.
a) Understand the operation of the price system as a method of allocating resources.
b) Identify the reasons for market failure.
c) Explain how government measures both aid and control business.
d) Identify the main regulatory bodies within both the UK and the European Union and investigate how they influence the
operation and activities
Public goods: private and public goods; private and public provision; free riding.
Externalities: private property rights and externalities; taxes and external costs; subsidies and external benefits.
Market intervention: regulation and deregulation; public ownership and competition policy.
Assess the role of social and community process in business activity
a) Assess the impact of technology and technological change for business.
b) Assess the role of social and community process in business activity.
c) Examine the significance of the environment, and its protection, for business decisions.
d) Evaluate the impact of the political process on business decisions.
Technology: developing technology, work patterns and changes in production and operations.
Social and community process: social welfare, impact on employment, health and housing.
Political process: political parties; pressure groups and lobbying; contrasting political cultures.