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Module

NES1102 : Introductory Business Economics

  • Offered for Year: 2023/24
  • Module Leader(s): Dr Carmen Hubbard
  • Owning School: Natural and Environmental Sciences
  • Teaching Location: Newcastle City Campus
Semesters

Your programme is made up of credits, the total differs on programme to programme.

Semester 1 Credit Value: 10
ECTS Credits: 5.0
European Credit Transfer System

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.

Teaching Methods

Teaching Activities
Category Activity Number Length Student Hours Comment
Scheduled Learning And Teaching ActivitiesLecture111:0011:00Present in Person (PiP)
Guided Independent StudyAssessment preparation and completion120:0020:00Online assessment: MCQs and practical exercises using the software MyLabEconomics of Pearson
Structured Guided LearningLecture materials31:003:00A combination of short recordings of lecture material in the form of PP slides available on Canvas.
Guided Independent StudyAssessment preparation and completion110:0010:00Online assessment: MCQs and practical exercises using the software MyLabEconomics Pearson
Guided Independent StudyDirected research and reading401:0040:00Lecturer will give students relevant reading for module topics throughout the semester
Scheduled Learning And Teaching ActivitiesWorkshops51:005:00Workshops will provide an opportunity for students to practice their analytical skills and undertake formative assessment exercises (PiP)
Scheduled Learning And Teaching ActivitiesDrop-in/surgery11:001:00Discussion session with lecturer
Guided Independent StudyIndependent study110:0010:00preparation for workshops
Total100:00
Teaching Rationale And Relationship

Present in Person lectures, backed up with workshops, homework and freely-available web-based material (e.g. Financial Times, The Economist) 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 software MyLabEconomics of Pearson to practice and consolidate their learning. The software is also used for examination.

Assessment Methods

The format of resits will be determined by the Board of Examiners

Exams
Description Length Semester When Set Percentage Comment
Digital Examination601M20MCQ in person test using MyLabEconomics via Canvas. Digital In-class test - mid term
Digital Examination1201A80MCQ in person, exam using MyLabEconomics via Canvas.
Formative Assessments

Formative Assessment is an assessment which develops your skills in being assessed, allows for you to receive feedback, and prepares you for being assessed. However, it does not count to your final mark.

Description Semester When Set Comment
Prob solv exercises1MAnalytical skills and solving problems (practical exercises) workshops. Formative assessment workshops where students develop and practise their analytical and problem solving skills.
Assessment Rationale And Relationship

The formative assessment provides an opportunity for students to practise their analytical and problem solving skills in a guided workshop environment. One-hour online digital test using MyLabEconomics will take place sometime in November (mid-term) EconLab, hence giving es the students the opportunity to rehearse and get feedback on topics covered so far in the module.

It also allows students to experience the exam format in preparation for the exam in January. Format similar to exam - multiple choice questions and practical exercises which will test the students' conceptual understanding, analysis and interpretation of information, and problem-solving skills. (Formative) This assessment is organised by the Module leader as an in-class test.

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