1. To enable accounting and finance students to demonstrate an understanding of the core principles of microeconomics and how these affect decisions made by management and be able to assess the value added by management to a company’s wellbeing. Relevant theories include:
a. The dynamic nature of supply and demand
b. The efficient operation of markets and when they fail
c. How firms reach marketing and output decisions, interact and attain levels of profit under different market conditions

2. To enable accounting and finance students to demonstrate an understanding of the core principles of macroeconomics and how macroeconomic factors should influence decisions made by management and the evaluation of the performance of management, including:
a. The aggregation of demand and supply in the economy to measure an economy's output;
b. The business cycle and behaviour and interaction of the big macroeconomic indicators;
c. Growth;
d. Unemployment;
e. Inflation;
f. Balance of payments and
g. Exchange rates

3. To enable students to demonstrate an understanding of the global economic environment

4. To enable students to understand the impact of modern economics on day-to-day business operations

(LO1) Students will be able to explain the central economic problem (scarcity) and the operation of rationing mechanisms (free market equilibrium price and government imposed price) on rationing resources.

(LO2) Students will be able to explain the significance of market structure (perfect competition, monopoly, monopolistic competition, oligopoly); to management decisions and the marketing mix, assessing which market structure best describes a given industry.

(LO3) Students will be able to calculate and explain price, income and cross-elasticities and explain the significance of these to managers’ decisions in the marketing mix, including normal/ inferior goods, Veblen and Giffen goods.

(LO4) Students will be able to explain the impact of market forces for a firm’s inputs, including materials and labour. Outline risk mitigation responses by management to volatility in supply of key inputs, including supply chain integration, outsourcing and “flexible firm”.

(LO5) Students will be able to explain why free markets may fail to achieve social efficiency, including externalities and responses by management to minimise or mitigate social harms done by externalities such as pollution, considering stakeholder expectations of corporate social responsibility.

(LO6) Students will be able to explain how an understanding of the theory of the whole economy (macroeconomic objectives; the national income), in particular the causes of inflation, unemployment, productivity and fiscal and explain typical government responses in terms of monetary and fiscal policy.

(LO7) Students will be able to demonstrate an understanding of current macroeconomic conditions for the UK and global economy, including expected prospects for the short- and medium-term, using Bank of England and Office for Budget Responsibility forecasts. Describe the likely impact of these current and future conditions for a particular company.

(LO8) Students will be able to criticise current levels of management remuneration for a listed company, considering profit earned, market challenges in achieving that profit, value added by management and benchmarks for similar companies.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) IT skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness

Teaching Method: Lecture
Description: Introduce topics as specified in the learning outcomes/topics and reading and explain their significance, working through relevant chapters of the textbook.
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes

Teaching Method: Seminar
Description: The module leader will use canvas to provide work to be prepared in advance (questions covering key concepts and topics), and a seminar for students to consolidate their learning and provide formative feedback of understanding.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Student Hours: 120
Description: Students should spend their private study time reviewing the concepts introduced in lectures by going back through lecture notes provided, reading the suggested textbook relevant chapters and academic articles. They will also spend this time learning how to apply the concepts by preparing for the seminars, which will regul arly use discussion of current and recent events to expand their knowledge and application of the topics. They can also use this time preparing and writing their assessment.

This module is a pre-requisite for the following modules:
ECON233, ECON242, and ECON333

Skills/Other Attributes Mapping

Skills / attributes: Adaptability
How this is 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 in application of models to case study examples.
Mode of assessment (if applicable): Coursework

Skills / attributes: Problem solving skills
How this is developed: Problem solving skills are developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specifi c changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Numeracy
How this is developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes and to calculate basic economic formulas
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Commercial awareness
How this is developed: All topics apply theory and models to contemporary case studies. In addition the subject matter will be linked to other modules across BA Accounting and Finance so that there is an appreciation of demand and supply impacting pricing, the impact of scarce resources on management decisions and budgeting and the economic drivers for changes in taxation and reporting.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Organisational skills
How this is developed: Students are expected to organize their own learning within the guidelines given.
Mode of assessment (if applicable): Coursework

Skills / attributes: Communication skills
How this is developed: All topics apply theory and models to contemporary case studies
Mode of assessment (if applicable): Coursework

Skills / attributes: IT skills
How this is developed: This course uses an IT based assessment system, students will be instructed on the use of interactive web-platform elements in lecture 1 and learn interactively throughout.
Mode of assessment (if applicable): N/A

Skills / attributes: International awareness
How this is developed: Applied examples are considered throughout the syllabus.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Lifelong learning skills
H ow this is developed: The Lecture & Tutorial Workshop structure is based around the demonstration -> interrogation of learning cycle of learning.
Mode of assessment (if applicable): N/A

Skills / attributes: Ethical awareness
How this is developed: Ethical considerations of market structures and international trade are considered during this course.
Mode of assessment (if applicable): Coursework

1.      Understanding of the central economic problem and the nature of economics
2.      Supply and demand principles including market price
3.      Market responsiveness and market adjustment
4.      Costs, revenues and profit maximization
5.      Market environments
6.      Theory of the whole economy including national income, aggregate supply and demand, short-term fluctuations and economic growth
7.      Inflation and the balance of payments
8.      Global economy including international trade