The aim of this module is to introduce students to core economic principles and how these could be used in a business environment to understand economic behaviour and aid decision making, and to provide a coherent coverage of economic concepts and principles. Indicative topics covered by the module include the working of competitive markets, market price and output determination, decisions made by consumers on allocating their budget and by producers on price and output, and different types of market structures and the implication of each for social welfare, the working of the economic system, governments' macroeconomic objectives, unemployment, inflation, economic growth, international trade and financial systems and financial crises.
This module will cover a number of syllabus items set out in Subject CB2 – Business Economics published by the Institute and Faculty of Actuaries.
Total contact hours: 60
Private study hours: 90
Total study hours: 150
80% Examination, 20% Coursework
John Sloman, Dean Garratt, Jon Guest, Elizabeth Jones (2016) Economics for Business 7th Ed (Pearson)
Study notes published by the Actuarial Education Company for Subject CB2 support the above text.
See the library reading list for this module (Canterbury)
On successfully completing the module students will be able to:
1. demonstrate a knowledge of the underlying concepts and principles of economic theory;
2. demonstrate an understanding of relevant techniques and use these to solve problems in economics;
3. demonstrate an appreciation of recent developments and methodologies in economics and the links between economic theory and its practical application in business and to evaluate such methodologies.
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