EC100-4-FY-CO: Economics For Business
Essex credit: 30
ECTS credit: 15
Available to Study Abroad / Exchange Students: Yes
Full Year Module Available to Study Abroad / Exchange Students for a Single Term: Yes
Outside Option: No
Prof Sule Alan
Jacopo Mazza (Au) & Prof Sule Alan (Sp)
For further information, send an email message to ueco (Non essex users should add @essex.ac.uk to create the full email address)
|Module is taught during the following terms
The Economics for Business module provides an introductory overview of modern economics, including examples in microeconomics that have a bearing on the world of business, i.e., the organisation of firms, the economic implications of their objectives, and the markets in which they operate. The topics covered in the module are, however, the same as a standard introductory economics module (e.g. EC111 Introduction to Economics).
Economics for Business is designed for students with no previous background in economics. Although, the approach is analytical as befits modern economics, the analysis is pursued in a non-technical manner, with the principles developed using verbal reasoning complemented with graphical methods.
Upon completion of the module, students will be able to demonstrate an awareness of the concepts and principles central to the discipline of economics. They will be able to apply those principles to analyse elementary economic problems and to comment on their implications. Students will be able to discuss the predictions of elementary theories of the firm in a variety of market contexts (including perfect competition, monopoly and oligopoly). They will also be able to assess the implications government economic polices in the context of the theories covered in the module. The module contributes towards the key skills of problem solving, numeracy, communication, working with others, time management, and general business skills.
Employability skills include: Academic skills: Literacy, numeracy and ICT skills. Research, information and communication skills; Professional working skills: adaptability; flexibility, decision-making; External awareness: economic and business environment and policy; Personal development planning: Time management, target setting and action planning, self management, reflection and evaluation.
Learning and Teaching Methods
2 lectures per week, weeks 2-11, 16-25. 1 class per week, weeks 3-11, 16-25, 30-32
50 per cent Coursework Mark, 50 per cent Exam Mark
The assessment will be based on coursework (one assignment and one test).
Feedback for this module will occur through class meetings where we will go over the answers to problem sets and where you will be able to ask questions about your own method of solution; answers that will be posted on the website for the module that will give you written guidance on the appropriate method to approach the problems, assignments, and tests; and office hours where any additional questions can be addressed. You should be sure that you use these methods to understand how to improve your own performance. For modules including a term paper, the term paper will be returned with individualised feedback that addresses what the marking criteria are and how you could improve your own work.
Exam Duration and Period
3:00 during Summer Examination period.
EC100 Economics for Business is intended for students in the first year of the Essex Business School, and is available as an outside option for other students. The module is designed as an overview of economics for students who do not intend to pursue the discipline beyond the introductory level (i.e., beyond level 4) it is a terminal module. Hence, Economics for Business will be accepted as a pre-requisite for only a limited range (to be published) of level 5 (or higher) modules in economics. The module will not provide eligibility for admission to the second year of any economics programme at the University.
EC111 Introduction to Economics is also available as an outside option.
- Required Reading
- N Gregory Mankiw and Mark P. Taylor, Microeconomics, 3rd Edition. (The second edition is essentially the same and can also be used.)
- Additional Reading
- The economic/business section of newspapers, e.g. Financial Times, Guardian, The Economists, etc.