Economics for Business 1 - BUSN3650
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
VLE Test 1 (20%)
VLE Test 2 (20%)
Examination, 2 Hour (60%)
Reassessment methods
Reassessment Instrument: 100% examination
Indicative reading
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:
1. Demonstrate knowledge of the underlying concepts, competing theories and basic principles of microeconomics.
2. Understand the effect of economic forces on business decisions, behaviour and performance.
3. Present and evaluate economic data and develop well-structured lines of economic argument, offering critical comment on the arguments of others.
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:
1. Retrieve information from a variety of sources.
2. Undertake independent and self-managed learning.
3. Draw on social science concepts and theories in decision-making situations.
4. Communicate effectively to a variety of audiences and/or using a variety of methods
Notes
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Credit level 4. Certificate level module usually taken in the first stage of an undergraduate degree.
- ECTS credits are recognised throughout the EU and allow you to transfer credit easily from one university to another.
- The named convenor is the convenor for the current academic session.
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