Economics for Business

ECO4300

Title	Economics for Business
Code	ECO4300
School	RBS
Module Level	4
Module Code	ECO4300
Available Summer	N
Semester	1
Credits	6
ECTS Credits	3
Contact Hours	48
Course Length (wks)	12
Course Leader	Janusz Jasinski
Lecturers	Janusz Jasinski
Course Aims	The module aims to: Provide awareness and an understanding of demand and supply. Provide an understanding of the macroeconomic environment. Familiarise students with the main macroeconomic theories. Create an awareness and understanding of the role of government at the macroeconomic level. Familiarise students with the main macroeconomic issues relating to the international economy.
Course Content	Emphasis will be placed on ensuring that the students have the necessary skills to enable them to take part in discussions of micro and macroeconomic issues in a self-confident manner. The module should also help students develop their general writing, oral, data collection and analytical skills.
Learning Outcomes	On completion of this module, students should be able to: LO1 Utilise the demand and supply model to determine the impact of changes in demand or supply on price and quantity of a good or service. LO2 Understand the circular flow of income model and national income statistics and their limitations. LO3 Understand the aggregate demand and supply model of the determination of national income. LO4 Understand the different types of inflation and unemployment and describe their measurement, causes and consequences. LO5 Understand how fiscal, monetary and supply side policies are used to counteract the business cycle. LO6 Analyse the arguments both for and against international trade, protectionism and understand some of the effects of free trade in the European Union and global economic environment. LO7 Analyse the balance of payments and comprehend the relationship between trade in goods and services and international investment. LO8 Discuss the economic advantages and disadvantages of different exchange rate regimes and how they are determined.
Presentation	The module’s primary focus will centre on macroeconomics. Microeconomic analysis will be examined in the first two weeks of the module. The reason for this is that the module will only examine the concepts of demand and supply and elasticities, which should be adequately covered in a two-week period. As mentioned above the first week will be devoted to examining the general concepts of demand and supply and the second week should be adequate to cover elasticities. The remainder of the module will be devoted to both macroeconomic theory and policy. Teaching will consist of lectures and seminars and remedial workshops, which will be designed to provide students with a thorough understanding of current micro and macroeconomic issues and controversies, with particular reference to those that relate to the international economy.
Reading Recommended	BEGG, D. (2005) Economics. 8th edition. McGraw Hill. BURDA, M & WYPLOSZ C (2005) Macroeconomics: A European Text. 3rd edition. Oxford University Press. DORNBUSCH, R FISCHER, S and STARTZ, R (2003) Macroeconomics and Economagic. 9th edition. McGraw Hill. FROYEN, R T (2004) Macroeconomics: Theories & Policies. 8th edition. Prentice-Hall International. GRIFFITHS, A. & WALL, S. (editors) (2004) Applied Economics 10th edition.Longman. LIPSEY, RG and CHRYSTAL, KA (2003) An Introduction to Positive Economics 10th edition. Oxford University Press. MANKIW, NG (2002) Macroeconomics 5th edition.Worth Publishers. PARKIN, M. POWELL, M. and MATTHEWS, K. (2005) Economics. 6th edition Addison Wesley. SLOMAN, J. (2006) Economics. 6th edition. Prentice Hall.
Reading Required	SLOMAN AND HINDE (2007) Economics for Business. 4th edition Financial Times/Practice Hall.
Pre-Requisites	None
Asseseement Methods	Test - Week 6 - 20% Individual Assignment - Week 9 - 30% Written Exam - Exam Week - 50%
Weekly Schedule	An introduction to Microeconomics. Demand and Supply analysis. Price elasticity of demand and supply. Income and cross elasticity of demand. An introduction to Macroeconomics. Circular flow of income and National Income statistics. The components of Aggregate Demand and Aggregate supply. Unemployment and economic growth. Inflation. Economic Policies-Monetary and Fiscal. Economic policies- Supply side. International Trade Theory, trade barriers and the case for Protectionism. The balance of payments and exchange rates. The European union and The European monetary system The global economy and course Review.