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EC131: Economics for Business

  • Elizabeth Jones

    Module Leader
15 CATS - Department of Economics
Spring Module

Principal Aims

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.

Syllabus

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.

Context

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 Core Module
UEOS - Year 1
Optional Module
N20F - Year 1
Pre or Co-requisites
None
Pre-requisite for
EC229
Restrictions
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

Assessment Method
2 hour exam (100%)
Exam Timing
May/June

Exam Rubric

NOTE: New exam rubric in 19/20 – Past papers may follow a different format

Time Allowed: 2 Hours

Answer ALL TEN questions in Section A (30 marks total), BOTH questions in Section B (30 marks total) and ONE question in Section C (40 marks). Answer section A using the SECTION A ANSWER SHEET attached, answer Section B in one booklet and Section C in another booklet.

Approved pocket calculators are allowed.

Read carefully the instructions on the answer book provided and make sure that the particulars required are entered on each answer book. If you answer more questions than are required and do not indicate which answers should be ignored, we will mark the requisite number of answers in the order in which they appear in the answer book(s): answers beyond that number will not be considered.

Previous exam papers can be found in the University’s past papers archive. Please note that previous exam papers may not have operated under the same exam rubric or assessment weightings as those for the current academic year. The content of past papers may also be different.

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