Overview

This module provides the appropriate foundation in economic theory and its impact on individuals and businesses to enable students to be successful in business-related undergraduate studies.

The main topics covered are demand and supply, the operation of the price mechanism, the causes of market failure, underuse and full use of economic resources, scarcity and choice and allocation. Students also consider different economic models and the bases for economic decision-making.

The module also covers elasticity of demand and supply, specialisation, division of labour and exchange, productivity, economies and diseconomies of scale, reasons for market failure; excess of demand or supply, equilibrium and disequilibrium, interrelationship between markets, misallocation of resources, public and private goods, merit and demerit goods and monopoly.

Students further consider the reasons for government intervention; its nature and impact.

Assessment Strategy

-threshold -Grade DStudent has attained a satisfactory grasp of the material and issues studied and achieved at a sufficient level to indicate ability to cope with content of an undergraduate degree programme in business or the social sciences

-good -Grade BStudent has worked effectively in most aspects of the module and has a sound grasp of the material and issues studied. The level of attainment achieved suggests the student with have little problem in mastering content of an undergraduate degree programme in business or the social sciences.

-excellent -Grade A Student has produced a consistently high level of work in all aspects of the module and has an outstanding grasp of the material and issues studied. The level of attainment achieved suggests the student will have no problem in mastering the content of an undergraduate degree programme in business or the social sciences.

Learning Outcomes

• Demonstrate an understanding of key economic theories, concepts and terminology studied

• Describe and explain the rationale behind different economic models and show how these influence economic decision-making

• Explain the factors that determine the successful operation of a market economy and explain the reasons for market failure

• Explain why and how governments intervene in the economic process and the range of impacts that this can have on the national economy