ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | ECONOMICS PRINCIPLES FOR ACCOUNTING AND FINANCE | ||
Code | ACFI127 | ||
Coordinator |
Mr GK Fairclough Finance and Accounting Graham.Fairclough@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2024-25 | Level 4 FHEQ | First Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
24 |
6 |
30 | ||||
Timetable (if known) | |||||||
Private Study | 120 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1: Midterm Assessment Type: Written exam, not managed by SAS Duration: 1 hour Weighting: 30% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies An | 1 | 30 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 2: Essay Assessment Type: Individual Coursework Size: 2500 words Weighting: 70% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL penalty applies Anonymous As | 0 | 70 |
Aims |
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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: 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: 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 |
Learning Outcomes |
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(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. |
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(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. |
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(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. |
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(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”. |
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(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. |
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(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. |
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(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. |
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(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. |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) Numeracy |
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(S4) Commercial awareness |
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(S5) Organisational skills |
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(S6) Communication skills |
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(S7) IT skills |
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(S8) International awareness |
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(S9) Lifelong learning skills |
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(S10) Ethical awareness |
Teaching and Learning Strategies |
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Teaching Method: Lecture Teaching Method: Seminar Self-Directed Student Hours: 120 This module is a pre-requisite for the following modules: Skills/Other Attributes Mapping Skills / attributes: Adaptability Skills / attributes: Problem solving skills Skills / attributes: Numeracy Skills / attributes: Commercial awareness Skills / attributes: Organisational skills Skills / attributes: Communication skills Skills / attributes: IT skills Skills / attributes: International awareness Skills / attributes: Lifelong learning skills Skills / attributes: Ethical awareness |
Syllabus |
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1. Understanding of the central economic problem and the nature of economics |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |