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Module

ACE1006 : Introductory Business Economics

  • Offered for Year: 2021/22
  • 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 ActivitiesLecture61:006:00Present in Person (including one hour module talk)
Guided Independent StudyAssessment preparation and completion110:0010:00Online assessment: MCQs and practical exercises using MyEcon Lab.
Guided Independent StudyAssessment preparation and completion120:0020:00Online assessment: MCQs and practical exercises using MyEcon Lab
Structured Guided LearningLecture materials51:005:00Online via Canvas - A combination of short recordings of lecture material in the form of PP slides
Guided Independent StudyDirected research and reading361:0036:00Lecturer will give students relevant reading for module topics throughout the semester
Scheduled Learning And Teaching ActivitiesWorkshops41:004:002hours synchronous plus 2 hours Present in Person
Scheduled Learning And Teaching ActivitiesDrop-in/surgery11:001:00Discussion session with lecturer
Guided Independent StudyIndependent study118:0018:00preparation for workshops
Total100:00
Teaching Rationale And Relationship

Online 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

Other Assessment
Description Semester When Set Percentage Comment
Computer assessment1M20Online assessment: MCQs and practical exercises via MyEconLab
Computer assessment1M80Online 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. Weighted 20% of the final mark to reflect the suggested preparation time by the student.
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. Both tests will be set up on My EconLab in accordance with the assessment framework guidelines, e.g., a minimum of 24 hour window, with a timer set to restrict the amount of time a student can spend on their test attempt. A student can begin the test at any point during the availability window, but has a limited amount of time once they begin, and must complete the exam in a single sitting. For any technical issues MyEconLab does also allow students to resume the test from where they left off.

Reading Lists

Timetable