Economics for Business 1 - CB365

Location Term Level Credits (ECTS) Current Convenor 2019-20
Medway Spring
View Timetable
4 15 (7.5)

Pre-requisites

None

Restrictions

None

2019-20

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.
• 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

This module appears in:


Contact hours

Formal contact hours comprise a one hour lecture and a one seminar per week


  • Lectures: 11 hours
  • Seminars: 10 hours
  • Private Study: 25 hours
  • Preparation for Seminars: 24 hours
  • Preparation for in- class tests: 40 hours
  • Preparation for Examination: 40 hours


  • Total hours 150 hours

    Method of assessment

    Examination – 2 hour unseen 60%
    MCQ test – definitions (in-course) 20%
    MCQ test – data analysis 20%

    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.

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