ACE2012 : Consumer and Business Economics
- Offered for Year: 2021/22
- Module Leader(s): Dr Francisco Areal
- Lecturer: Dr Luca Panzone
- Owning School: Natural and Environmental Sciences
- Teaching Location: Newcastle City Campus
Semesters
| Semester 1 Credit Value: | 10 |
| Semester 2 Credit Value: | 10 |
| ECTS Credits: | 10.0 |
Aims
To enable students to understand how economic theory and numerical analysis can be used to aid marketing and management decision-making in businesses. The module builds upon introductory economics and examines applications in business economics at an intermediate level. The course is divided into two. The first semester considers consumer and behaviour economics and provides some empirical applications from a marketing perspective. The second considers focus on the economics of business strategy and covers models to understand firm business decisions. It will also provide empirical applications and introduce decision on different market structures. Throughout, concepts and applications are made relevant to real world examples.
Outline Of Syllabus
Indicative module content
Consumer Demand
* Consumer Demand Theory
* Principles of behaviour economics
* Demand Curve Estimation and Forecasting
* Welfare economics
Firm Supply and Market Structure
* Production and Cost Analysis
* Costs of doing business (Sunk costs & Transaction costs)
* Pricing Practices
* Risk management
* Market Structure: Monopolistic Competition and Oligopoly.
Teaching Methods
Teaching Activities
| Category | Activity | Number | Length | Student Hours | Comment |
|---|---|---|---|---|---|
| Structured Guided Learning | Lecture materials | 10 | 1:00 | 10:00 | Online material semester 1 |
| Structured Guided Learning | Lecture materials | 8 | 0:30 | 4:00 | Online material semester 2 |
| Guided Independent Study | Assessment preparation and completion | 1 | 35:00 | 35:00 | Online - Take home coursework; produce a report including quantitative analysis |
| Guided Independent Study | Assessment preparation and completion | 8 | 0:25 | 3:20 | Semester 2 - Online quizzes via Canvas (formative) |
| Scheduled Learning And Teaching Activities | Lecture | 9 | 1:00 | 9:00 | Present in Person Lectures (to run as SO where PiP is not permitted) |
| Guided Independent Study | Directed research and reading | 5 | 2:00 | 10:00 | Semester 2. Online-module lecturer will give students relevant reading for module topics |
| Structured Guided Learning | Structured research and reading activities | 20 | 1:00 | 20:00 | N/A |
| Guided Independent Study | Project work | 1 | 40:00 | 40:00 | Semester 1 |
| Scheduled Learning And Teaching Activities | Drop-in/surgery | 10 | 1:00 | 10:00 | Synchronous Lectures using Zoom |
| Guided Independent Study | Independent study | 1 | 10:00 | 10:00 | Semester 1 |
| Guided Independent Study | Independent study | 1 | 39:40 | 39:40 | Semester 2 |
| Scheduled Learning And Teaching Activities | Module talk | 5 | 1:00 | 5:00 | Semester 1 (Syncronous Online) |
| Scheduled Learning And Teaching Activities | Module talk | 4 | 1:00 | 4:00 | Synchronous Lectures using Zoom |
| Total | 200:00 |
Teaching Rationale And Relationship
The lectures build on, and extend economics in Stage 1. The aim is to improve awareness and understanding of marketing and managerial decision-making. In particular, the lectures provide an economic framework within which marketing and managerial decision-making is undertaken. Diagrammatical exposition is used to examine economic behaviours of the consumer and firm, and to examine how markets behave. Statistical regression analysis and numerical problem-solving methods are examined as important aids to decision-making. A key focus is on the interpretation of data analysis to aid decision-making, especially the ability to interpret and present results to non-specialists.
Online lectures provide a skeletal framework and students are expected to review and supplement lecture material from textbooks and material from Canvas. Independent study and formative essays consolidate learning and improve both generic and economics-specific writing and presentational skills.
Students will be able to apply the theory into practice through practical examples
Assessment Methods
The format of resits will be determined by the Board of Examiners
Other Assessment
| Description | Semester | When Set | Percentage | Comment |
|---|---|---|---|---|
| Written exercise | 1 | M | 50 | 1000 word report |
| Written exercise | 2 | M | 50 | 1000 Word essay |
Assessment Rationale And Relationship
Semester 1 written assessment will test student learning. In particular, assess the awareness, appreciation and capacity to employ findings, research methods and principles of consumer economics.
The Semester 2 will be entirely coursework based. The students will have one piece of assessment, that contribute 50% to the overall module mark. Students will have a to write a 1000 word reflection reflecting on newspaper article relevant to the material covered in class
Reading Lists
Timetable
- Timetable Website: www.ncl.ac.uk/timetable/
- ACE2012's Timetable