Economics for Business 2 - CB795

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Module delivery information

Location Term Level1 Credits (ECTS)2 Current Convenor3 2020 to 2021
Medway
Autumn 5 15 (7.5) DR C Robinson checkmark-circle

Overview

This module will cover the core principles of macroeconomics; including the measurement of key macroeconomic variables and limitations to existing practices. Students will consider competing theories related to the macro economy in the short and long run and their overall consequences for the business environment. This will be underpinned by existing evidence on past and current levels of macroeconomic indicators in the UK, Europe and the rest of the world. Indicative topics are:
• The Macro economy – as a system: the circular flow (including injections and withdrawals), national income measurement, economic growth and international comparisons
• Macroeconomic variables: GDP, unemployment, inflation, money supply and balance of payments
• The open macro economy; including imports and exports; the role of exchange rates and trade theory.
• Macroeconomic theories: including the classical approach, the Keynesian demand management approach and monetarism
• Macroeconomic policies: demand versus supply side economic management

Details

This module appears in the following module collections.

Contact hours

Total contact hours: 33
Private study hours: 117
Total study hours: 150

Method of assessment

Main assessment methods:
MCQ Test (20%)
Essay, 2000 words (20%)
Examination, 2 hours (60%)

Reassessment method:
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

In addition, the module will draw on the open access resources available through http://www.core-econ.org .

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:
- Demonstrate knowledge of the core principles of macroeconomics and a critical understanding of their development, including an appreciation of competing theoretical perspectives.
- Evaluate the effect of the prevailing macroeconomic environment on business decisions, behaviour and performance and offer critical interpretation on how competing theories may interpret the outcomes differently.
- Interpret macroeconomic data by applying statistical techniques to develop well-structured lines of economic argument, offering critical comment on the arguments of others.
- Demonstrate knowledge and critical understanding of the economic global context facing businesses.

The intended generic learning outcomes.
On successfully completing the module students will be able to:
- Retrieve information from a variety of sources and undertake basic statistical analysis.
- Undertake independent and self-managed learning.
- Draw on social science concepts and theories in decision-making situations.
- Demonstrate ability to communicate information, ideas and solutions effectively.

Notes

  1. Credit level 5. Intermediate level module usually taken in Stage 2 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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