This module introduces students to economics in its two main components, microeconomics and macroeconomics. The module is designed to explain the main ways in which economists think about economic problems faced by individuals, firms, markets and governments. The module emphasises the use of basic economic concepts to business analysis.
The first part of the module focuses on explaining a selection of basic microeconomic topics including, the behaviour of individuals and firms; demand and supply of goods and services and determination of prices; costs in the short and long term and market structures. The second part aims to introduce the core of macroeconomic topics; for instance, macroeconomic objectives and trade-offs; unemployment; inflation; international trade; balance of payments and exchange rates; and the main types of economic policies that are implemented by governments. The attention is to understand the relevance of macroeconomics topics (e.g. interest rates, exchange rates, etc.) to business.
The module is self-contained to provide a basic understanding of simple economic concepts and debates. It is a suitable module for students interested in taking economics further, either as part of another degree programme or as part of a future professional qualification.
Total contact hours: 32
Private study hours: 118
Total study hours: 150
Compulsory to : BSc International Business, BSc Management, BSc Marketing, BSc International Business with a Year in Industry
Main assessment methods:
VLE test 1 (20%)
VLE test 2 (20%)
Examination, 2 hours (60%)
Reassessment method: 100% exam
*Exams will be in-person*
• Andrew Gillespie, Foundations of Economics (2019), 5th Eds., Oxford University Press.
• Chris Mulhearn and Howard Vane (2016), Economics for Business, 3rd edition, Palgrave
Macmillan.
• Eileen Tipoe and Ralf Becker, Doing Economics, Coreecon, Creative Commons.
• John Sloman et.al., Economics for Business (2019), 8th edition, Pearson.
See the library reading list for this module (Canterbury)
On successfully completing the module students will be able to:
8.1. Understand the basic principles of microeconomics
8.2. Understand the basic principles of macroeconomics.
8.3. Use elementary microeconomic concepts and their use to analyse business decisions.
8.4. Use elementary macroeconomic concepts and their use to analyse business decisions.
8.5. Show and apply the links of a selection of microeconomic concepts to business scenarios/cases.
8.6. Show and apply the links of a selection of macroeconomic concepts to business scenarios/cases.
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