Economics is the cornerstone subject in any financial, commerce or business related study. All businesses operate within an economic environment and an economic, social, legal and political framework. Understanding the business environment and the framework is vital to sound strategic business decision making.
This subject introduces the core concepts and framework of economics that must be understood before you can undertake an analysis of key and empirical policy issues.
The aim of this subject is to equip you with the foundation skills essential for understanding the micro and macroeconomic environment within which all entities operate.
Teaching and Learning Strategy
The subject learning outcomes will be achieved through lectures, tutorials, class discussions and reading current economic news. These strategies will reinforce the importance of micro and macroeconomic issues for employees in the business environment.
- Understand the relevance and significance of the study of economics in a complex and dynamic business environment and understand the difference between macroeconomics and microeconomics.
- Demonstrate an understanding of fundamental economic concepts and apply it to real-world issues facing individual, business and government.
- Demonstrate the ability to work collaboratively to evaluate case study articles dealing with micro and macroeconomics issues.
- Construct graphs and diagrams to explain how the economic concepts and principles work in practice.
- Demonstrate an understanding of how we measure the size of the economy, inflation and unemployment.
Exams will take place in weeks 12 & 13. Please refer to the official Exam Timetable for further information.
Students are required to prepare for the tests by reading the subject material in the text. Tutorial activities assist in reinforcing the general economic issues in completing academic requirements and deeper learning. The final examination is to appraise the overall knowledge of the use and application of economic principles in the academic environment of higher education.
It is necessary to spend at least 9 hours per week on this subject i.e. 4 hours of lectures and tutorials and an additional 5 hours of self study. The subject is complex and examples need to be practiced. The questions at the back of each chapter should be completed each week to ensure sound level of understanding of the content taught in the lectures and tutorials.
Becoming proficient in economics is like learning to play music or ride a bicycle. The best way to learn economics is to practice, practice and practice some more. The best way to do this is to work and rework the problems presented in the text book.
Further precise terminology and understanding of definitions is vital so that you can use the language of economics.