ACE1006 : Introductory Business Economics
- Offered for Year: 2022/23
- Available to incoming Study Abroad and Exchange students
- Module Leader(s): Dr Carmen Hubbard
- Owning School: Natural and Environmental Sciences
- Teaching Location: Newcastle City Campus
Semesters
| Semester 1 Credit Value: | 10 |
| ECTS Credits: | 5.0 |
Aims
To cover selected principles of economics from a business perspective and to show how economics can be used to understand business problems and aspects of the business environment. This is an introductory module designed for first year undergraduates without ANY prior knowledge of economics.
Outline Of Syllabus
Economics definition and key concepts; business economics.
The working of competitive markets: business in a competitive market; demand and supply, price and output determination; elasticity of demand and supply; Government intervention in competitive markets.
Background to demand: marginal utility theory and demand and the firm.
Background to supply: cost and production; short vs long-run.
Revenue and profit maximisation.
Market Structures: Perfect competition, monopoly, monopolistic competition.
Business in an international environment: globalisation (key concepts).
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Scheduled Learning And Teaching Activities | Lecture | 6 | 1:00 | 6:00 | Present in Person (PiP) and online lectures |
| Guided Independent Study | Assessment preparation and completion | 1 | 10:00 | 10:00 | Online assessment: MCQs and practical exercises using MyEcon Lab. |
| Guided Independent Study | Assessment preparation and completion | 1 | 20:00 | 20:00 | Online assessment: MCQs and practical exercises using MyEcon Lab |
| Structured Guided Learning | Lecture materials | 5 | 1:00 | 5:00 | Online via Canvas - A combination of short recordings of lecture material in the form of PP slides |
| Guided Independent Study | Directed research and reading | 36 | 1:00 | 36:00 | Lecturer will give students relevant reading for module topics throughout the semester |
| Scheduled Learning And Teaching Activities | Workshops | 4 | 1:00 | 4:00 | 2hours synchronous plus 2 hours Present in Person |
| Scheduled Learning And Teaching Activities | Drop-in/surgery | 1 | 1:00 | 1:00 | Discussion session with lecturer |
| Guided Independent Study | Independent study | 1 | 18:00 | 18:00 | preparation for workshops |
| Total | 100:00 |
Teaching Rationale And Relationship
Present in Person lectures, backed up with workshops and freely-available web-based material (e.g. Financial Times) convey the underlying principles. These methods should enable students to gain an understanding of how economics, in theory and in practice, relates to business activity. They should also enable students to apply major economic principles to the analysis of the behaviour of firms and consumers, and to understand economic arguments. Students will be able to use the My Econlab software to practice and consolidate their learning.
Assessment Methods
The format of resits will be determined by the Board of Examiners
Exams
| Description | Length | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|---|
| Digital Examination | 120 | 1 | A | 100 | MCQ in person exam |
Formative Assessments
| Description | Semester | When Set | Comment |
|---|---|---|---|
| Computer assessment | 1 | M | Online assessment: MCQs and practical exercises via MyEconLab |
Assessment Rationale And Relationship
One-hour online test using MyEconLab, gives the students the opportunity to rehearse and get feedback on topics covered so far in the module. Format - multiple choice questions and practical exercises which will test the students' conceptual understanding, analysis and interpretation of information, and problem-solving skills. (Formative)
Two-hour, end-of-semester assessment assesses student's ability to demonstrate a thorough understanding and application of fundamental concepts and principles covered in the module. Format: multiple-choice questions and practical exercises drawn from all topics covered during the semester. The end of Semester exam will run as an in person MCQ digital exam.
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACE1006's Timetable