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: 48
Private study hours: 102
Total study hours: 150
Method of assessment
75% Examination, 25% Coursework
John Sloman, Dean Garratt, Jon Guest and Elizabeth Jones (2016), Economics for Business 7th Ed (Pearson)
The Actuarial Education Company Subject CB2 study notes support the above text.
See the library reading list for this module (Canterbury)
The intended subject specific learning outcomes. On successfully completing the module students will be able to:
1 show a systematic knowledge, understanding and critical awareness of economic theory
2 show a comprehensive understanding of the complex techniques applicable to solve problems in economics
3 appreciate recent developments and methodologies in economics and the links between economic theory and its practical application in business and to critically evaluate such methodologies
The intended generic learning outcomes. On successfully completing the module students will be able to:
1 demonstrate a logical mathematical approach to solving complex problems including cases where information/data is not complete
2 demonstrate skills in written communication to both technical and non-technical audiences
3 demonstrate skills in the use of relevant information technology
4 demonstrate skills in time management, organisation and studying so that tasks can be planned and implemented at a professional level
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Credit level 7. Undergraduate or postgraduate masters level module.
- 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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