Module Information
Course Delivery
Assessment
| Assessment Type | Assessment length / details | Proportion |
|---|---|---|
| Semester Assessment | Report / Case Study 4000 Words | 80% |
| Semester Assessment | Report 2000 Words | 20% |
| Supplementary Assessment | Report / Case Study 4000 Words | 80% |
| Supplementary Assessment | Report 2000 Words | 20% |
Learning Outcomes
On successful completion of this module students should be able to:
Apply economic models to examine current economic issues and evaluate policy options for addressing these issues.
Analyse and critically evaluate and apply basic economic concepts to solving managerial problems such as pricing and output.
Demonstrate the implications of market structure for pricing and output decisions, welfare and efficiency.
Analyse the macroeconomic policy objectives and ways in which governments use macroeconomic policy instruments to accomplish macroeconomic policy objectives.
Demonstrate a critical awareness of the importance for business decision-making of the economic environment and the wider business environment, and how this can be influenced by government policy at the local, national or international levels.
Brief description
This module examines microeconomics and macroeconomics principles, concepts and methods of analysis. The module analyses the microeconomic behaviour of individuals, households, firms, and their interactions. The module also covers the macroeconomic behaviour of economic aggregates, including gross domestic product, consumption, investment, inflation, unemployment and the balance of payments. There is emphasis on role of government policy and regulation at the microeconomic and macroeconomic levels.
Content
The macroeconomic environment: output, expenditure, inflation and unemployment, growth, fiscal and monetary policy, supply-side policies
The microeconomic environment: production, costs, demand, revenue and profit maximization
Pricing strategies: demand, supply, price and output determination, and elasticity of demand and supply
Firms, markets and pricing; welfare and efficiency consequences of perfect competition and monopoly
Government intervention in the market, taxation and subsidy, competition policy, environmental policy, regulation and supervision
The global trading environment, national economic policies, wider economic groupings such as the European Union
Multinational enterprise, and impact of globalization on business organizations and activities
Application of economic theory to given business scenarios
Module Skills
| Skills Type | Skills details |
|---|---|
| Adaptability and resilience | The students are required to adapt their strategies and approaches to providing an economic solution to the identified problem or issue and to show strong leadership skills to provide an effective solution to the issues identified. Students must show critical reflective skills and adapt and improve solutions and the quality of the reports on an ongoing basis. |
| Co-ordinating with others | Students will need to show their ability to work as a team especially in the early stages of the project and in providing a solution to the issues highlighted. |
| Creative Problem Solving | Identify problems. Identify factors which might influence potential solutions. Develop creative thinking approaches to problem solving. Evaluate advantages and disadvantages of potential solutions. Construct a rational proposal in response to problem. |
| Critical and analytical thinking | The module demands the participants to apply analytical skills to reason and understand the challenging nature of international economics. By introducing a variety of theoretical as well as empirical topics, the module enables students to develop creative thinking approaches to economic theory. These skills will have to be applied in seminar discussions, preparation of the coursework and timed assessments. |
| Digital capability | Students are expected to use a range of MS Office products and deliver the report results using spreadsheets or other electronic analysis tools. Maintain links with supervisors via email and VLE |
| Professional communication | Must provide a high quality report and deliver a sound and well developed presentation of the key issues relating to the project |
| Real world sense | Economic analysis undertaken on real world financial problems with solution requiring realistic responses. |
| Subject Specific Skills | Must show executive level leadership and management skills in the execution of the economic analysis reports. |
Notes
This module is at CQFW Level 7