Module Aims: This module aims to introduce students to microeconomic concepts, to the scientific approach
to problem solving and the role of microeconomics in business. The concepts introduced in this module
provide students with skills which can be applied in their business career and provides a foundation for
Introduction to Economics:
Scarcity, choice and opportunity cost. Microeconomics and Macroeconomics. Production Possibility Frontier. Fundamental questions of economic analysis. Factors of Production.
Demand, Supply and Market Equilibrium:
Demand and consumers, supply and producers, market equilibrium and the price mechanism, price controls.
The Concept of Elasticity:
Price elasticity of demand, cross-price elasticity of demand, income elasticity of demand, elasticity of supply.
The Consumer and the Theory of Demand:
Marginal utility analysis, consumer surplus. Paradox of value.
The Firm and Production:
Production, costs, profit-maximising output level, economies of scale.
Perfect competition, monopoly, monopolistic competition.
Economics is introduced in year 1 and developed further in semester 3 of year 2. Finance is introduced in semester 4 in year 2 with the module Personal Finance. This progresses on to Financial Management in year 3 culminates in year 4 with International Corporate Finance, Banking & Financial Services and Sustainable Finance. The teaching strategy for the Economics and Finance modules is one which emphasises the need for the student to be actively engaged in the learning process, both in class and when they are studying in their own time. In order to achieve this, students are encouraged to ask and answer questions during class, to participate in class discussions, to do examples in class as well as following worked solutions prepared by the lecturer. Students are required to engage with the financial press to support the development of their understanding.
|Module Content & Assessment