Study Guide

Objective

The student is able to conduct analyses of business and buyer behaviour and evaluate economic policy measures and economic forecasts. The student is able to relate economic variables to business strategy and understands complexity of relationships between economic variables and the wider social impact of business and consumer decisions.

Content

Introductory microeconomics

-supply and demand analysis
- market structures and industry analysis
- production and costs
- market failure

Introductory macroeconomics

- the goals of economic policy
- the circular flow of income
- fiscal policy
- money, interest and monetary policy
- the relationships between macroeconomic variables and government policy

Location and time

Wednesdays, 11:00 - 14:00 in room MMB301

Materials

Students are strongly urged to purchase a copy of

John Sloman and Dean Garratt (2019) Essentials of Economics, 8th ed. Harlow: Pearson.
(ISBN 978-1-292-23959-0)

This is the book around which the course is structured. Most economics textbooks are thick and heavy (and quite expensive). This book is not perfect, but it is at least thinner, lighter, and not as expensive. Earlier editions of the book are also valid sources of information.

Teaching methods

Economics is the study of how societies choose to organise the production, distribution, and consumption of goods and services. It is the study of how humans create and use value, which relates to living standards and the quality of life. For these reasons, it is among the most important of all business-related subjects. It sounds simple enough, but, as you will quickly realise, it is a complex and controversial endeavour. If conducted with a sufficiently open mind and a willingness to learn, it is also a great adventure.

The course consists of lectures with some video presentations, 2 individual assignments and 1 group assignment (more details below).

Employer connections

An understanding of the wider business environment is vital for comprehending the strategies and operational decisions of business organisations. What sort of competition is there? What sort substitutes are available to consumers? How should production be organised?

In addition, the policy environment is a major influence on the behaviour of both business organisations and consumers. Taxes, subsidies, interest rates, access to credit, inflation ... all of these will be discussed with reference to the policy tools at the disposal of governments.

Exam schedules

There are no formal exams in this course. Students will be informed of assignments at the beginning of the semester.

International connections

The content of this course has very strong international application. Examples from all over the world will be used to highlight important learning objectives.

Completion alternatives

As well as the textbook, you should make use of the resources available in the library. Also, serious newspapers like the Financial Times, The Economist, and Business Week provide extensive coverage of economic issues. Occasionally the lecturer will provide students with additional materials. Nevertheless, students should exercise their own initiative in identifying and making use of information sources, including those in their own native languages.

Student workload

Activity / Number of hours
Lectures / 42
Final assignment / 2
Group assignment / 2
Individual assignment / 24
Reading / 60

Total hours 130

Content scheduling

Exact dates and details of assignments will be confirmed at the beginning of the semester.

The final assignment is due on 14 December 2022.

Evaluation scale

0-5

Assessment criteria, satisfactory (1)

The student has achieved the course objectives fairly. The student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment criteria, good (3)

The student has achieved the course objectives well, even though the knowledge and skills need improvement on some areas. The student is able to define the course concepts and models and are able to justify the analysis. The student is able to apply his/her knowledge in leisure, study and work situations. The student understands the importance of expertise in the field of business and is able to analyze his/her own expertise.

Assessment criteria, excellent (5)

The student has achieved the objectives of the course with excellent marks. The student masters commendably the course subject area’s concepts and models. The student is able to make justified and fluent analysis and to present concrete development measures. The student is well prepared to apply his/her knowledge in leisure, study and work situations. The student is able to analyze the business sector expertise and the development of his/her own expertise.

Assessment criteria, approved/failed

The student has achieved the course objectives fairly. the student will be able to identify, define and use the course subject area’s concepts and models. The student understands the criteria and principles of the expertise development.

Assessment methods and criteria

Grade: Percentage/points Explanation

5: 90 – 100 Outstanding performance: not only fulfils all standard requirements but demonstrates originality and imagination

4: 80 – 89 Excellent performance, fulfilling all tasks in an appropriate manner

3: 70 – 79 Strong performance, showing strong understanding of basic concepts and good grasp of techniques, but with certain minor problems still requiring further attention

2: 60 – 69 Good performance, demonstrating basic grasp of concepts and techniques but less adept at more advanced application of these

1: 50 – 59 Adequate performance, showing just enough understanding of the subject to merit a pass grade but requiring greater effort to achieve a more satisfactory result

0: 0 – 49 30 – 49: insufficient to pass but capable of achieving a more satisfactory result if greater effort is made

0 – 29: a result indicating a significant lack of effort on the part of the student, and a clear signal that major improvements are necessary in the organisation of study time