ULMS Electronic Module Catalogue

The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module.
Title ECONOMIC PRINCIPLES FOR BUSINESS AND MARKETS
Code ECON127
Coordinator Dr E Moon
Economics
E.Moon@liverpool.ac.uk
Year CATS Level Semester CATS Value
Session 2021-22 Level 4 FHEQ First Semester 15

Pre-requisites before taking this module (other modules and/or general educational/academic requirements):

 

Modules for which this module is a pre-requisite:

 

Programme(s) (including Year of Study) to which this module is available on a required basis:

 

Programme(s) (including Year of Study) to which this module is available on an optional basis:

 

Teaching Schedule

  Lectures Seminars Tutorials Lab Practicals Fieldwork Placement Other TOTAL
Study Hours 12

6

      12

6

36
Timetable (if known) 60 mins X 1 totaling 12
 
60 mins X 1 totaling 6
 
      60 mins X 1 totaling 6
 
 
Private Study 112
TOTAL HOURS 148

Assessment

EXAM Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
             
CONTINUOUS Duration Timing
(Semester)
% of
final
mark
Resit/resubmission
opportunity
Penalty for late
submission
Notes
Assessment 1: Online Quiz Assessment Description: Coursework Duration/Size: 10 individual weekly 'quiz' assignments, approximately one hour required per assignment. Weighting: 100% Reasses  10 individual weekly    100       

Aims

1. To enable students to demonstrate an understanding of the core principles of microeconomics including:
The dynamic nature of supply and demand;
The efficient operation of markets and when they fail;
How firms reach output decisions, interact and attain levels of profit under different market conditions.

2. To enable students to demonstrate an understanding of the core principles of macroeconomics including:
The aggregation of demand and supply in the economy to measure an economy's output;
The business cycle and behaviour and interaction of the big macroeconomic indicators: Growth; Unemployment; Inflation; Balance of payments & Exchange rates;

3. To enable students to demonstrate an understanding of the global economic environment.

4. To enable students to understand the impact of modern economics on day-to-day business operations.


Learning Outcomes

(LO1) An understanding of the central economic problem (scarcity) and the nature of economics;

(LO2) An understanding of how the market price of goods and services is determined by supply and demand and how markets respond to changes in circumstances, measures of responsiveness and price control;

(LO3) An understanding of how firms’ costs of production and revenue are considered to find points of profit maximisation;

(LO4) An understanding of different Market environments – Specified by degree of competition in industries (perfect competition, monopoly, monopolistic competition, oligopoly); as well as strategic interactions arising such as game theory and price discrimination;

(LO5) An understanding of why markets fail to achieve social efficiency;

(LO6) An understanding of the theory of the whole economy 1 (macroeconomic objectives; the national income);

(LO7) An understanding of the theory of the whole economy 2 (aggregate supply and demand, short-term fluctuations, economic growth);

(LO8) An understanding of the global economy, the gains from international trade as well as the arguments for restricting trade.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) IT skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness


Teaching and Learning Strategies

Teaching Method – Online asynchronous Learning Materials
Description: The module-leader will provide 12 recordings which will introduce topics as specified in the learning outcomes/topics and reading and explain their significance, working through the relevant chapters of the textbook.
Unscheduled Directed Student Hours: 12
Attendance Recorded: No

Teaching Method: Synchronous Session
Scheduled Directed Student Hours: 6
Attendance Recorded: No

Teaching Method - Seminar
Description: In-class seminars
Scheduled Directed Student Hours: 8
Attendance Recorded: Yes

Teaching Method: Group Study
Description: Biweekly 1 hour session to foster student community and engagement by working with others on their ‘active learning’ activities
Scheduled Student Hours: 6
Attendance Recorded: No

Self-Directed Learning Hours: 112
Description: To fulfil the requirements of the module students mu st attend all seminars, do the specified reading and work through the continuous assessment assignments. Students must take responsibility for clarifying any areas of difficulty with the module leader in class, during office hours or by appointment. It is also important to complete the specified reading and in particular should read and work through the specified chapters of the textbook. There will be NO HANDOUTS, the module handbook, workshop solutions and practice test papers must be printed by students. You are advised to print the lecture slides in handout form or make an electronic copy and bring to lectures to make annotative notes

Costs Information: Students will not incur specific additional costs as a result of taking this module.

This module is a pre-requisite for the following modules:
ECON228
ECON233
ECON242
ECON307
ECON325
ECON333
ECON337

Skill/Other Attribute 1: Ethical awareness
How this is developed: Ethical c onsiderations of market structures and international trade are considered during this course.

Skill/Other Attribute 2: Lifelong learning skills
How this is developed: The Lecture & Tutorial Workshop structure is based around the demonstration -> interrogation of learning cycle of learning.

Skill/Other Attribute 3: International awareness
How this is developed: Applied examples are considered throughout the syllabus.

Skill/Other Attribute 4: IT skills
How this is developed: This course uses an IT based assessment system, students will be instructed on the use of interactive web-platform elements in lecture 1 and learn interactively throughout.

Skill/Other Attribute 5: Communication skills
How this is developed: Throughout the course the working of the economy is demonstrated using words, diagrams and appropriate symbols.

Skill/Other Attribute 6: Organisational skills
How this is developed: Students are expected to organi ze their own learning within the guidelines given.

Skill/Other Attribute 7: Commercial awareness
How this is developed: All topics apply theory and models to contemporary case studies.

Skill/Other Attribute 8: Numeracy
How this is developed: Problem solving skills is developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.

Skill/Other Attribute 9: Problem solving skills
How this is developed: Problem solving skills is developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.

Skill/Other Attribute 10: Adaptability
How this is developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument is developed in application of models to case study examples.


Syllabus

 

References are in each case to the chapters in Sloman, J. and Garratt, D., Essentials of Economics
1. The economic problem and the framework of economics: Chapter 1.
2. Demand, supply and market price: Chapter 2.
3. Market responsiveness and market adjustment: Chapter 3. & Consumer choice: Chapter 4.1
4. Supply – costs, revenue and profit maximisation: Chapter 5.
5. Degrees of competition – market structure: Chapter 6.
6. aggregate demand and business cycle: Chapter 9.
7. Macroeconomics – aggregate supply and economic growth: Chapter 10.
8. Money and interest rate: Chapter 11.
9. Output, unemployment and inflation: Chapter 12.
10. Macroeconomic policy: Chapter 13.


Recommended Texts

Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module.