ULMS Electronic Module Catalogue |
The information contained in this module specification was correct at the time of publication but may be subject to change, either during the session because of unforeseen circumstances, or following review of the module at the end of the session. Queries about the module should be directed to the member of staff with responsibility for the module. |
Title | ECONOMIC PRINCIPLES FOR BUSINESS AND MARKETS | ||
Code | ECON127 | ||
Coordinator |
Dr E Moon Economics E.Moon@liverpool.ac.uk |
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Year | CATS Level | Semester | CATS Value |
Session 2019-20 | Level 4 FHEQ | First Semester | 15 |
Pre-requisites before taking this module (other modules and/or general educational/academic requirements): |
ACFI204 FINANCIAL MANAGEMENT; ACFI314 QUANTITATIVE BUSINESS FINANCE; ACFI304 BUSINESS FINANCE |
Modules for which this module is a pre-requisite: |
Programme(s) (including Year of Study) to which this module is available on a required basis: |
Programme(s) (including Year of Study) to which this module is available on an optional basis: |
Teaching Schedule |
Lectures | Seminars | Tutorials | Lab Practicals | Fieldwork Placement | Other | TOTAL | |
Study Hours |
24 |
12 |
10 |
46 | |||
Timetable (if known) | |||||||
Private Study | 104 | ||||||
TOTAL HOURS | 150 |
Assessment |
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EXAM | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 2: Written Unseen Examination Duration: 2 hours Weighting: 80% Reassessment Opportunity: Yes Penalty for Late Submission: Standard UoL Penalty Applies Anonymous Assessment: Yes F | 2 hours | 80 | ||||
CONTINUOUS | Duration | Timing (Semester) |
% of final mark |
Resit/resubmission opportunity |
Penalty for late submission |
Notes |
Assessment 1: Online Quiz Assessment Description: Coursework Duration/Size: 10 individual weekly 'quiz' assignments, approximately one hour required per assignment. Weighting: 20% Reassessmen | 10x Approx 1 hour qu | 20 |
Aims |
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1. To enable students to demonstrate an understanding of the core principles of microeconomics including: 3. To enable students to demonstrate an understanding of the global economic environment. 4. To enable students to understand the impact of modern economics on day-to-day business operations. |
Learning Outcomes |
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(LO1) An understanding of the central economic problem (scarcity) and the nature of economics; |
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(LO2) An understanding of how the market price of goods and services is determined by supply and demand and how markets respond to changes in circumstances, measures of responsiveness and price control; |
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(LO3) An understanding of how firms’ costs of production and revenue are considered to find points of profit maximisation; |
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(LO4) An understanding of different Market environments – Specified by degree of competition in industries (perfect competition, monopoly, monopolistic competition, oligopoly); as well as strategic interactions arising such as game theory and price discrimination; |
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(LO5) An understanding of why markets fail to achieve social efficiency; |
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(LO6) An understanding of the theory of the whole economy 1 (macroeconomic objectives; the national income); |
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(LO7) An understanding of the theory of the whole economy 2 (aggregate supply and demand, short-term fluctuations, economic growth); |
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(LO8) An understanding of the global economy, the gains from international trade as well as the arguments for restricting trade. |
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(S1) Adaptability |
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(S2) Problem solving skills |
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(S3) Numeracy |
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(S4) Commercial awareness |
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(S5) Organisational skills |
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(S6) Communication skills |
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(S7) IT skills |
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(S8) International awareness |
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(S9) Lifelong learning skills |
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(S10) Ethical awareness |
Teaching and Learning Strategies |
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Teaching Method 1 - Lecture Teaching Method 2 - Seminar Teaching Method 3 - Assessment Self-Directed Learning Hours: 104 Costs Information: Students will not incur specific additional costs as a result of taking this module. This module is a pre-requisite for the following modules: Skill/Other Attribute 1: Ethical awareness Skill/Other Attribute 2: Lifelong learning skills Skill/Other Attribute 3: International awareness Skill/Other Attribute 4: IT skills Skill/Other Attribute 5: Communication skills Skill/Other Attribute 6: Organisational skills Skill/Other Attribute 7: Commercial awareness
Skill/Other Attribute 8: Numeracy Skill/Other Attribute 9: Problem solving skills Skill/Other Attribute 10: Adaptability |
Syllabus |
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References are in each case to the chapters in Sloman, J. and Garratt, D., Essentials of Economics |
Recommended Texts |
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Reading lists are managed at readinglists.liverpool.ac.uk. Click here to access the reading lists for this module. |