Overview

In this module you will learn how to distinguish between micro- and macro-economics and between positive and normative economics. The module considers key elements of both micro- and macro-economics and relates them to the experiences of entrepreneurs and their businesses. Theories, models and systems are considered and their impact on the business community are compared. The impact of national economic policies is examined but consideration is also given to wider economic groupings such as the European Union and to the impact of the globalisation of business organisations and activities.

Topics studies in this module include:

• economic activities and the economic problem
• scarcity and choice
• the legal status of businesses
• Firm's structure
• Classifying industries
• PEST-STEEPLE analysis
• strategic management
• value chain model
• pricing and product life cycle
• porter's five forces model
• summary of production and cost
• supply and demand
• the working of a competitive market
• factors affecting degree of completition
• alternative market structures
• monopolies, oligopolies, and perfect competition
• the marketing mix
• different forms of business growth and business growth strategies
• social efficiency and market efficiency
• environmental policy and competition policy
• government interventions in markets
• fiscal and monetary policy

Assessment Strategy

Threshold (50%–59% / C- to C+) Has shown knowledge of the key areas and principles and the main elements of the subject area are understood. Adequate grasp of theoretical/ conceptual/practice elements. Oral presentation is mostly understandable but there can be strain for the listener at times. Speaker attempts to engage the audience but is not always successful. There are some inaccuracies in what is delivered. Has been an adequate contributor to a group task.

Good (60%-69% / B- to B+) Has shown a strong knowledge and understands most of the subject area. Good grasp of theoretical/conceptual/practice elements. Oral presentation is generally clear throughout and engages the audience in parts. The content of the presentation is mainly accurate. Has been a good contributor to a group task.

Excellent (70%-100% / A- to A*) Has shown a comprehensive knowledge and detailed understanding of the subject area. Excellent grasp of theoretical/conceptual/practice elements. Oral presentation is highly engaging and clear throughout. The content of the presentation is highly accurate and errors are rare. Has been an excellent contributor to a group task.

Learning Outcomes

• Communicate views and ideas related to the field of study

• Critically evaluate arguments, opinions and data within the subject area

• Critically examine economic theories, concepts, and the corporate world

• Use problem solving techniques to suggest solutions to contemporary business problems