BUSINESS ECONOMICS - 2017/8

Module code: MAN1071

Module provider

Surrey Business School

Module Leader

GUEST P Prof (SBS)

Number of Credits

15

ECT Credits

7.5

Framework

FHEQ Level 4

JACs code

L100

Module cap (Maximum number of students)

N/A

Module Availability

Semester 2

Overall student workload

Independent Study Hours: 117

Lecture Hours: 10

Tutorial Hours: 20

Assessment pattern

Assessment type Unit of assessment Weighting
School-timetabled exam/test 45MIN CLASS TEST 25%
Examination 2 HOUR EXAMINATION (CLOSED BOOK) 75%

Alternative Assessment

Not applicable

Prerequisites / Co-requisites

None

Module overview

Business economics is the study of the decisions of consumers and businesses and their interaction of these decisions in markets. Therefore, it plays an important role in the understanding of firms’ behaviour and particularly in the understanding of the ways in which businesses operate.

Module aims

To equip students with the basic knowledge of business economics

To examine the ways in which the economic theory may be applied to solve real business problems

To supply the students with the necessary tools to identify the forces that determine the market outcomes

To provide basic knowledge of the various market structures

To understand how current policy initiatives affect the macroeconomic performance within which business is operated

Learning outcomes

Attributes Developed
Identify the basic principles of business economics KP
Critically understand the operation of markets and the behaviour of consumers and producers KPT
Explain why macroeconomic issues such as the business cycle, inflation, unemployment and balance of payments are important for business decision- making KCP
Identify and describe the role of a government in a market economy KPT
Subject knowledge K
Cognitive /Analytical skills C
Professional/Practical skills T
Transferable skills T

Attributes Developed

C - Cognitive/analytical

K - Subject knowledge

T - Transferable skills

P - Professional/Practical skills

Module content


Introduction to basic notions in economics
Microeconomics

Demand
Supply
Elasticity
Costs, supply and perfect competition
Imperfect competition
Market failure and the role of government


Macroeconomics

The income and output of nations
Short-run fluctuations in income and output
Interest rates, money and inflation
Inflation and unemployment
Exchange rates and the balance of payments
The global economy
European Integration



Methods of Teaching / Learning

The learning and teaching strategy is designed to:

The teaching and learning strategy is designed to develop the students’ awareness of all the elements included in the module content. Teaching will be made as interactively as possible in both the lectures and the tutorials.

In particular, the teaching and learning methods include the use of weekly lectures to illustrate the theory, supported by one-hour tutorials, which will demonstrate the practical application of such theory, take on specific exercises and problem sets and analyse the requirements for the course work. Lecture notes will be made available and regular exercises will be set to test students’ understanding on an on-going basis.

The learning and teaching methods include:


Lectures (1 hour per week x 11 weeks = 11 conduct hours with discussion)
Tutorials (1 hour per week x 11 weeks = 11 conduct hours of problem solving and discussion)
Drop-ins (1 hour per week x 11 weeks = 11 hours of student support and discussion)

Assessment Strategy

The assessment will be made on the basis of a 45-minute test and a 2-hour examination.

The 45-minute test (25% of the total mark) will be a standard multiple choice closed book test, with material coming directly from the module content. The broader topics for the questions will be covered during the lectures and the tutorials.

The 2-hour examination (75% of the total mark) will be a standard closed book examination and the answers will be short essays/ simple math. The broader topics for the questions will be covered during the lectures and the tutorials.

Thus, the summative assessment for this module consists of:


A multiple choice test (25% of final grade)
A final exam (75% of final grade)


Formative assessment and feedback

Students will receive:


Verbal feedback in tutorials and during office hours.
Verbal and written feedback on their assignments.
Any other feedback where needed.

Reading list

Reading list for BUSINESS ECONOMICS : http://aspire.surrey.ac.uk/modules/man1071

Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2017/8 academic year.