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2018/19 Taught Postgraduate Module Catalogue

LUBS5224M Economics for Business 1

15 creditsClass Size: 240

Module manager: Michael Reynolds
Email: M.M.Reynolds@leeds.ac.uk

Taught: Semester 1 (Sep to Jan) View Timetable

Year running 2018/19

This module is not approved as an Elective

Objectives

- Understand the basics of the role of supply and demand in the determination of prices and quantities.
- Make use of the basic microeconomic concepts relevant to firms and their product markets.
- Draw and explain graphs of economic variables relevant to the production and pricing of products and services and use them to represent firm’s decisions.
- Compare the microeconomic theory of the firm's pricing policies with business practice.
- Analyse causes of market structure and the impact of structure on business performance.
- Suggest how firms can respond to the competitive structure of their industry.
- Understand the role of the international economic environment for the firm and the economy.
- Explain the main feature of the macroeconomic environment, its impact on business and how it is affected by government policy.

Learning outcomes
By the end of the module, participants will have knowledge of:
- the basic microeconomic concepts relevant to firms and their product markets
- how to draw and explain graphs of economic variables relevant to the production and pricing of products and services and how to use them to represent firms' decisions
- how to compare the microeconomic theory of the firm's pricing policies with business practice
- understand the role of information problems that firms face and their role in economic outcomes
- how to analyse the causes of market structures and the impact of market structures on business performance
- how firms can respond to the competitive structure of their industry
- understanding the role of international trade and finance in the economy
- the main features of the macroeconomic environment, its impact on business and how it is affected by government policy.

Skills outcomes
- Abstraction assessed by means of tests and exams.
- Problem solving assessed by means of tests and exams.
- Mastering new concepts assessed by means of tests and exams.

This module focuses on developing the skills of economic analysis and critical thinking by challenging the students' capacity to assimilate knowledge and evaluate differing perspectives on the problems faced by firms.

These skills are developed in the context of market analysis, production decisions, market structures, basic macroeconomics and international economics.


Syllabus

Introduction: The Economic Environment - Where we are and how we got here.

Part 1: Markets, Firms and Decision-Making
- Demand and Supply
- Market Structures
- Dealing with Uncertainty

Part 2: Introduction to Macroeconomics and International Economics
- Key Indicators and Context
- Modelling the Macroeconomy and Policy Issues
- International Trade and Finance

Teaching methods

Delivery typeNumberLength hoursStudent hours
Lectures112.0022.00
Private study hours128.00
Total Contact hours22.00
Total hours (100hr per 10 credits)150.00

Private study

- 6 hours reading per workshop: 66 hours
- 10 hours to completeeach formative class test: 20 hours
- revision for final examination: 42 hours
= total 128 hours.

Opportunities for Formative Feedback

Students are expected to complete a set of MCQs prior to every workshop.

Students are expected to take an active part in the workshops and will be required to answer a set of questions in and prior to each tutorial.

Progress will be monitored by contributions made to the tutorials; there will also be an opportunity for self-review of progress by comparing one's own answers with the discussions in each workshop.

The two formative group exams (week 5 and 11) will provide evidence of progress made and feedback to the students in view of the final examination, as online feedback will be made available.

There will be a review session in week 11, which will provide suggestions on how best to prepare for the final examination.

Methods of assessment


Exams
Exam typeExam duration% of formal assessment
Standard exam (closed essays, MCQs etc)2 hr 00 mins100.00
Total percentage (Assessment Exams)100.00

The resit for this module will be 100% by 2 hours examination

Reading list

The reading list is available from the Library website

Last updated: 12/12/2018 10:48:53

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