This module aims to provide students with an opportunity to further apply mathematically core economic principles (developed in ECON127 Principles of Economics) to the economic and business environment. This will enable students to approach the Economic environment analytically in both Microeconomic and Macroeconomic approaches and prepare students to meet the requirements of the Actuarial Faculty/Institute exemptions in Economics where demonstrated to an appropriate level.

(LO1) Students will be able to demonstrate knowledge and critical awareness of economic theory studies, particularly with respect to the economic & business environment.

(LO2) Students will be able to apply a range of economic techniques to solve problems in the areas studied.

(LO3) Students will be able to apply microeconomic and macroeconomic theory and techniques to economic and business environment problems.

(LO4) Students will be able to understand and appreciate recent developments and methodologies in economics, such as behavioural economics.

(S1) Creative Problem Solver

(S2) Analytical (Numerate)

(S3) Commercial Awareness

(S4) Organised and able to work under pressure

(S5) IT Literate (Digitally Confident)

(S6) International Awareness

Teaching Method : Online Asynchronous Learning Materials
Unscheduled Directed Student Hours: 12
Description: Weekly 1 hour session
Attendance Recorded: No

Teaching Method : Synchronous Lecture
Scheduled Directed Student Hours: 12
Attendance recorded: No

Teaching Method : Seminar
Description: Seminars will provide an opportunity for feedback regarding solutions to weekly quiz questions and approaches to economics analysis
Scheduled Directed Student Hours: 6
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: 114
Description: Independent learning hours must review lecture concepts, support learning with relevant chapter reading and complete weekly quizzes to p rovide the student with ongoing feedback of progress in their learning journey.

Skills Mapping

Skill: Creative Problem Solver
How is this 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 through 'the Economists' toolbox' of approaches to analysis and problem solving.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Analytical (Numerate)
How is this developed: Analysis using the Economists' toolbox include both numeric and discursive reasoning. Economics is particularly valuable when numerical models are developed.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Commercial Awareness
How is this developed: Case studies from the global eco nomic and business environment are considered throughout the course.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Skill: Organised and able to work under pressure
How is this developed: Students are expected to organise their own learning within the given guidelines.
Mode of assessment (if applicable):

Skill: IT Literate (digitally confident)
How is this developed: Learning resources for this module are provided electronically. Students must also collate and interpret relevant information via IT sources and must submit weekly assessments online.
Mode of assessment (if applicable): Weekly Online Tests.

Skill: International Awareness
How is this developed: Case studies from the global economic and business environment are considered throughout the course.
Mode of assessment (if applicable): Weekly Online Tests and Written Unseen Examination

Competitive Markets: Equilibrium & Dynamics - Including solving for equilibrium, elasticities of demand and supply, risk and uncertainty. (Chapter 1, 2)

Consumer Theory - Including classical versus neoclassical utility theory and impact of advertising. (Chapter 5)

Outputs and Profit Maximisation - Including production function and solving for profit maximising points in different market structures - particularly Monopoly and perfect competition. (Chapter 6, 7)

Imperfect Competition & Pricing in Practice - Including solving for profit maximising points in oligopoly, including game theory and low cost versus high advertising models. Including average cost pricing, price discrimination etc. (Chapter 8, 9)

Market Failure, Government and The Firm (Part 1) - Reasons for government intervention - i.e. market failure and types of interventions. (Chapter 3, 12, 14)

Macroeconomic Environment, Macroeconomic Stances and Economic Policy - Reminder of main ma croeconomic indicators: growth, unemployment, inflation, balance of payments (from ECON127) compare and contrast international macroeconomics environments. Including Capitalism versus central command - and mixed economies with Keynesian, neo-Keynesian, Monetarist and Austrian School approaches. (Chapter 15, 16)

Globalisation, International Trade and the Macroeconomic Environment. (Chapter 24, 25)

Business Cycle - Unemployment and inflation and trade-offs in the business cycle - following on from prior lecture, particularly understand trade-offs in macroeconomic indicators. (Chapter 17, 20, 21)

Role of Money & Interest Rates in an Economy - Including money supply, interest rates etc and policy. (Chapter 18, 19)

Government Policies and Business - Competition & regulation compare fiscal, monetary, supply side interventions. (Chapter 22, 23)