To equip students with an essential understanding of fundamental concepts in micro and macroeconomics, as relevant for the study of business; To develop a range of appropriate analytical skills, including descriptive, graphical and elementary mathematical methods; To develop in students the capacity to apply analytical techniques to real world problems, especially in the business context.
Principal Learning Outcomes
By the end of the module the student should be able to understand key concepts in Economics, such as national income determination, supply, demand and opportunity cost; demonstrate knowledge of economic trends, institutions and policies, especially in the context of business and industry-related problems and issues; abstract and simplify basic economic problems through the application of simple theoretical models.
The module will typically cover the following topics:
Economic approaches to business performance and strategy; Internal economics of firms. Costs, productivity and profitability in the short run; Firms and consumers in the market place. Demand. Price elasticity for the firm and the market. Income elasticity; Equilibrium in markets. Equilibrium and disequilibrium; Perfect competition in markets; Exposure and the macroeconomy: Trends in national and international economic environments. The impact on the firm's costs, revenues and profits; The circular flow of income and aggregate demand of consumers and firms; Coping with exposure. A consideration of how business can cope with changing and uncertain market and macroeconomic environments; Overseas trade, aggregate demand and capital flows; Nominal exchange rates; Public regulation of markets and the macroeconomy; Introduction to imperfect markets.
- Core Module
- N20E - Year 2, N403 - Year 2, N1RC - Year 2, N1RA - Year 2, N1RB - Year 2, N1RD - Year 2, N20B - Year 1, N400 - Year 1
- Optional Module
- N20F - Year 1
- Pre or Co-requisites
- Pre-requisite for
- For 1st year WBS students only
- Part-year Availability for Visiting Students
- Available in the Spring and Summer term only or full year (1x 2 hour exam 12 CATS)
- Assessment Method
- 2 hour exam (100%)
- Exam Timing