Economics

• BSc (Hons) Economics & Finance – Compulsory
• BSc (Hons) Finance & Investment – Compulsory
• BA (Hons) Accounting & Finance – Compulsory
• BA (Hons) Business Studies with Finance – Compulsory
• BA (Hons) Business Management with Finance  – Compulsory
• The Association of Chartered Certified Accountants – Compulsory.

To develop a thorough understanding of economic principles:

• To develop an ability to apply microeconomic concepts to contemporary business and financial issues/problems
• To develop  the analytic ability to understand key economic environmental issues
  
• To give a grounding in the key areas of macroeconomics including its tools and concepts
  
• To develop an ability to apply macroeconomic concepts to contemporary issues/problems.

On completion of this module students should be able to:

Subject specific:

• Describe how markets work
• Apply theories of the firm to relevant business situations
• Appraise the role and importance of the government’s microeconomic policy
• Demonstrate an understanding of tools and subjects of micro and macro economic policy and the ability to apply relevant models and techniques
• Evaluate major macroeconomic controversies;
• Explain macroeconomic interrelationships and their relevance for economic policy making
• Reflect on international economic issues
• Assess questions related to the national economy in a global context.

Cognitive:

• Demonstrate critical and analytical thinking, and to recognise where the particular skills or  ideas learned on the course may be relevant to solving a new problem
• Demonstrate an ability to locate, extract and analyse data from multiple sources, including the acknowledgement and referencing of sources
• Develop abilities to manage own learning
• Demonstrate inter-personal skills, including oral as well as written presentation skills.

Microeconomics:

• Basic concepts - economic problem, opportunity cost and externalities
• Economic systems/paradigms/methodologies
• Markets - demand and supply, equilibrium price, elasticity and market problems
• Theory of preferences, constraints and choice
• Costs in short, long and very long
• Theories of the firm - perfect competition, monopoly, oligopoly, price leadership etc
• Risk and insurance
• Labour market
• Micro economic policy and the role of the government.

Macroeconomics:

• National accounting
• Circular flow model of the economy
• Macroeconomic analysis of unemployment, inflation and growth
• Goods and financial markets (ISLM)
• Inflation, activity and money growth
• Saving, capital accumulation and output
• Financial markets and expectations
• Open economy, exchange rates and external trade
• Policy in the context of macroeconomic issues.

The module will use a mix of teaching and learning approaches, including those detailed below.

Students are expected to plan their own study time. Assessment hours are indicative of the time to be allocated to revision and formal assessment.

Indicative Reading:

Begg, D., Fischer, S. &  Dornbusch, R.;  Economics; McGraw-Hill.
Begg, D. & Ward, D.; Economics for Business; McGraw-Hill.
Blanchard, O.; Macroeconomics; Prentice Hall.
Burda, M. & Wyplosz, C.; Macroeconomics - A European Text; Oxford University Press.
Lipsey, R. G. & Crystal, K. A.  Economics, Oxford University Press.
Parkin, M.; Economics; Addison-Wesley.
Sloman, J., Economics, Prentice Hall.
Ward, D. & Begg, D.; Economics. Student Workbook; McGraw-Hill.

Coursework (40%): group work (with individual component) of up to 4000 words which will require students to research, analyse and appraise some aspects of the subject in either micro- or macro-economics.

Examination (60%): two hours closed-book exam; calculators allowed.

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