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Module

ACE1006 : Introductory Business Economics

  • Offered for Year: 2020/21
  • Module Leader(s): Dr Carmen Hubbard
  • Owning School: Natural and Environmental Sciences
  • Teaching Location: Newcastle City Campus
Semesters
Semester 1 Credit Value: 10
ECTS Credits: 5.0

Aims

To cover selected principles of economics from a business perspective and to show how economics can be used to understand business problems and aspects of the business environment. This is an introductory module designed for first year undergraduates without ANY prior knowledge of economics.

Outline Of Syllabus

Economics definition and key concepts; business economics.
The working of competitive markets: business in a competitive market; demand and supply, price and output determination; elasticity of demand and supply; Government intervention in competitive markets.
Background to demand: marginal utility theory and demand and the firm.
Background to supply: cost and production; short vs long-run.
Revenue and profit maximisation.
Market Structures: Perfect competition, monopoly, monopolistic competition.
Business in an international environment: globalisation (key concepts).

Teaching Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

Teaching Activities
Category Activity Number Length Student Hours Comment
Structured Guided LearningLecture materials131:0013:00Online via Canvas - A combination of short recordings of lecture material in the form of PP slides
Scheduled Learning And Teaching ActivitiesLecture31:003:00Workshops - synchronous or PiP
Guided Independent StudyAssessment preparation and completion119:0019:00Online MCQ test/quiz via Canvas or MyEcon Lab
Guided Independent StudyAssessment preparation and completion18:008:00Online MCQ test/quiz via Canvas or MyEcon Lab
Scheduled Learning And Teaching ActivitiesPractical21:002:00Practical sessions
Guided Independent StudyDirected research and reading331:0033:00Online - lecturer will give students relevant reading for module topics throughout the semester
Scheduled Learning And Teaching ActivitiesDrop-in/surgery11:001:00Discussion session with lecturer
Guided Independent StudyIndependent study120:0020:00preparation for workshops
Scheduled Learning And Teaching ActivitiesModule talk11:001:00Online - online session given by a lecturer introducing topics
Total100:00
Teaching Rationale And Relationship

Online lectures, backed up with workshops and freely-available web-based material (e.g. Financial Times) convey the underlying principles. These methods should enable students to gain an understanding of how economics, in theory and in practice, relates to business activity. They should also enable students to apply major economic principles to the analysis of the behaviour of firms and consumers, and to understand economic arguments. Students will be able to use the My Econlab software to practice and consolidate their learning.

Assessment Methods

Please note that module leaders are reviewing the module teaching and assessment methods for Semester 2 modules, in light of the Covid-19 restrictions. There may also be a few further changes to Semester 1 modules. Final information will be available by the end of August 2020 in for Semester 1 modules and the end of October 2020 for Semester 2 modules.

The format of resits will be determined by the Board of Examiners

Other Assessment
Description Semester When Set Percentage Comment
Computer assessment1M50Online assessment: multiple choice
Computer assessment1M50Online MCQ assessment
Assessment Rationale And Relationship

One-hour online test, gives the students the opportunity to rehearsal for the final exam and get feedback on topics covered so far in the module. Format - multiple choice questions which will test the student's conceptual understanding, analysis and interpretation of information, and problem-solving skills. Weighted 20% of the final mark to reflect the suggested preparation time by the student.
One-hour, end-of-semester assessment assesses student's ability to demonstrate a thorough understanding and application of fundamental concepts and principles covered in the module. Format: multiple-choice questions drawn from all topics covered during the semester. Online MCQ, no notes allowed. Calculator allowed please check exam guidelines for details.

Reading Lists

Timetable