BUSINESS ECONOMICS - 2020/1
Module code: MAN1071
Business economics is the study of the decisions of consumers and businesses and their interaction of these decisions in markets. Therefore, it plays an important role in the understanding of firms’ behaviour and particularly in the understanding of the ways in which businesses operate.
Surrey Business School
MILLIGAN Victoria (SBS)
Number of Credits: 15
ECTS Credits: 7.5
Framework: FHEQ Level 4
JACs code: L100
Module cap (Maximum number of students): N/A
Prerequisites / Co-requisites
- Introduction to basic notions in economics
- Costs, supply and perfect competition
- Imperfect competition
- Market failure and the role of government
- The income and output of nations
- Short-run fluctuations in income and output
- Interest rates, money and inflation
- Inflation and unemployment
- Exchange rates and the balance of payments
- The global economy
- European Integration
|Assessment type||Unit of assessment||Weighting|
|School-timetabled exam/test||45MIN CLASS TEST||25|
|Examination||2 HOUR EXAMINATION (CLOSED BOOK)||75|
The assessment will be made on the basis of a 45-minute test and a 2-hour examination.
The 45-minute test (25% of the total mark) will be a standard multiple choice closed book test, with material coming directly from the module content. The broader topics for the questions will be covered during the lectures and the tutorials.
The 2-hour examination (75% of the total mark) will be a standard closed book examination and the answers will be short essays/ simple math. The broader topics for the questions will be covered during the lectures and the tutorials.
Thus, the summative assessment for this module consists of:
- A multiple choice test (25% of final grade)
- A final exam (75% of final grade)
Formative assessment and feedback
Students will receive:
- Verbal feedback in tutorials and during office hours.
- Verbal and written feedback on their assignments.
- Any other feedback where needed.
- To equip students with the basic knowledge of business economics
- To examine the ways in which the economic theory may be applied to solve real business problems
- To supply the students with the necessary tools to identify the forces that determine the market outcomes
- To provide basic knowledge of the various market structures
- To understand how current policy initiatives affect the macroeconomic performance within which business is operated
|001||Identify the basic principles of business economics||KP|
|002||Critically understand the operation of markets and the behaviour of consumers and producers||KPT|
|003||Explain why macroeconomic issues such as the business cycle, inflation, unemployment and balance of payments are important for business decision- making||KCP|
|004||Identify and describe the role of a government in a market economy||KPT|
C - Cognitive/analytical
K - Subject knowledge
T - Transferable skills
P - Professional/Practical skills
Overall student workload
Independent Study Hours: 117
Lecture Hours: 11
Tutorial Hours: 22
Methods of Teaching / Learning
The learning and teaching strategy is designed to:
The teaching and learning strategy is designed to develop the students’ awareness of all the elements included in the module content. Teaching will be made as interactively as possible in both the lectures and the tutorials.
In particular, the teaching and learning methods include the use of weekly lectures to illustrate the theory, supported by one-hour tutorials, which will demonstrate the practical application of such theory, take on specific exercises and problem sets and analyse the requirements for the course work. Lecture notes will be made available and regular exercises will be set to test students’ understanding on an on-going basis.
The learning and teaching methods include:
- Lectures (1 hour per week x 11 weeks = 11 conduct hours with discussion)
- Tutorials (1 hour per week x 11 weeks = 11 conduct hours of problem solving and discussion)
- Drop-ins (1 hour per week x 11 weeks = 11 hours of student support and discussion)
Indicated Lecture Hours (which may also include seminars, tutorials, workshops and other contact time) are approximate and may include in-class tests where one or more of these are an assessment on the module. In-class tests are scheduled/organised separately to taught content and will be published on to student personal timetables, where they apply to taken modules, as soon as they are finalised by central administration. This will usually be after the initial publication of the teaching timetable for the relevant semester.
Programmes this module appears in
|Accounting and Finance BSc (Hons)||2||Compulsory||A weighted aggregate mark of 40% is required to pass the module|
Please note that the information detailed within this record is accurate at the time of publishing and may be subject to change. This record contains information for the most up to date version of the programme / module for the 2020/1 academic year.