ACE1006 : Introductory Business Economics
- Offered for Year: 2019/20
- Module Leader(s): Dr Carmen Hubbard
- Owning School: Natural and Environmental Sciences
- Teaching Location: Newcastle City Campus
|Semester 1 Credit Value:||10|
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 and international trade (key concepts).
The macroeconomic environment of business (key macroeconomics issues): inflation, unemployment, economic growth.
Macroeconomic policy: fiscal and monetary policies; interventionist supply-side policy; European economic and monetary union.
|Guided Independent Study||Assessment preparation and completion||1||10:00||10:00||preparation and completion of semester 1 examination|
|Scheduled Learning And Teaching Activities||Lecture||16||1:00||16:00||Formal lectures|
|Guided Independent Study||Directed research and reading||1||32:00||32:00||Reading of essential texts and recommended readings, and engaged study of assigned topics.|
|Scheduled Learning And Teaching Activities||Workshops||4||1:00||4:00||Workshops for problem-solving and exam revision.|
|Guided Independent Study||Independent study||1||12:00||12:00||Consolidation of lecture notes and further reading|
|Guided Independent Study||Independent study||1||20:00||20:00||Reading and research beyond course material to consolidate learning|
|Guided Independent Study||Independent study||1||6:00||6:00||preparation for workshops|
Jointly Taught With
|ACE1003||Economics for Business and Marketing|
Teaching Rationale And Relationship
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.
The format of resits will be determined by the Board of Examiners
|PC Examination||120||1||A||80||Unseen (closed book) paper exam: multiple choice;|
|PC Examination||60||1||M||20||In-class test|
Assessment Rationale And Relationship
One-hour in-class test, gives the students the opportunity to rehearsal for the final exam and get feedback on topics covered so far in the module. Format - multiple choice questions which will test the student's 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 examination assesses student's ability to demonstrate a thorough understanding and application of fundamental concepts and principles covered in the module. Format: multiple-choice questions drawn from all topics covered during the semester. Closed book, and no notes and no calculator.