Economics for Business 1 - BUSN3650

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2022 to 2023
Medway
Spring Term 4 15 (7.5) Zarak Mirza checkmark-circle

Overview

This module will cover the key concepts of microeconomics and theories related to the individual, firm and industry in the short and long run, underpinned by existing evidence on past and current economic trends in the UK, Europe and the rest of the world.

Indicative topics are:

Key microeconomic concepts such as opportunity cost and equity versus efficiency

Supply and demand; elasticity

Cost and revenues

Profit maximisation under different market structures

Input markets; labour and capital

Details

Contact hours

Total contact hours: 24

Private study hours: 126

Total study hours: 150

Method of assessment

Main assessment methods:
On-Line Moodle Test 1 (20%)

On-Line Moodle Test 2 (20%)

Examination, 2 Hour (60%)

Reassessment methods :

Reassessment Instrument: 100% exam

Indicative reading

Lipsey, R. and Chrystal, A. (2015) Economics. 13th ed. Oxford: OUP
Mankiw, N. G., Taylor, M.P. and Ashwin, A. (2013) Business Economics. Andover: Cengage Learning
Mulhearn, C. and Vane, H. R. (2015) Economics for Business. 3rd ed. New York: Palgrave Macmillan
Sloman, J., Garrett, D., Guest, J. and Jones, E. (2016) Economics for Business. 7th ed. Harlow: Pearson

See the library reading list for this module (Medway)

Learning outcomes

The intended subject specific learning outcomes.
On successfully completing the module students will be able to:
8.1 Demonstrate knowledge of the underlying concepts, competing theories and basic principles of microeconomics.
8.2 Understand the effect of economic forces on business decisions, behaviour and performance.
8.3 Present and evaluate economic data and develop well-structured lines of economic argument, offering critical comment on the arguments of others.
8.4 Demonstrate a knowledge of the importance of microeconomics in understanding current business issues in the UK, Europe and internationally.

The intended generic learning outcomes.
On successfully completing the module students will be able to:

9.1 Retrieve information from a variety of sources.
9.2 Undertake independent and self-managed learning.
9.3 Draw on social science concepts and theories in decision-making situations.
9.4 Communicate accurately and reliably both orally and in writing and apply other interpersonal skills.

Notes

  1. Credit level 4. Certificate level module usually taken in the first stage of an undergraduate degree.
  2. ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
  3. The named convenor is the convenor for the current academic session.
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