1. To enable accounting and finance students to demonstrate an understanding of the core principles of microeconomics and how these affect decisions made by management and be able to assess the value added by management to a company’s wellbeing. Relevant theories include:
a. The dynamic nature of supply and demand
b. The efficient operation of markets and when they fail
c. How firms reach marketing and output decisions, interact and attain levels of profit under different market conditions

2. To enable accounting and finance students to demonstrate an understanding of the core principles of macroeconomics and how macroeconomic factors should influence decisions made by management and the evaluation of the performance of management, including:
a. The aggregation of demand and supply in the economy to measure an economy's output;
b. The business cycle and behaviour and interaction of the big macroeconomic indicators;
c. Growth;
d. Unemployment;
e. Inflation;
f. Balance of payments and
g. Exchange rates

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

(LO1) Students will be able to develop an understanding of the central economic problem (scarcity) and the nature of economics;

(LO2) Students will be able to understand 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, and be able to apply their knowledge to scenario-based questions;

(LO3) Students will be able to develop an understanding of how firms’ costs of production and revenue are considered to find points of profit maximisation and apply this understanding to the role of being an accountant;

(LO4) Students will be able to develop 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  and see how this information relates to the role of being an accountant;

(LO5) Students will be able to develop an understanding of why markets fail to achieve social efficiency;

(LO6) Students will be able to develop an understanding of the theory of the whole economy 1 (macroeconomic objectives; the national income) and how this theory applies in the real business world;

(LO7) Students will be able to develop an understanding of the theory of the whole economy 2 (aggregate supply and demand, short-term fluctuations, economic growth), and how this theory can be applied to the real business world;

(LO8) Students will be able to develop an understanding of the global economy, the gains from international trade as well as the arguments for restricting trade.

(S1) Adaptability

(S2) Problem solving skills

(S3) Numeracy

(S4) Commercial awareness

(S5) Organisational skills

(S6) Communication skills

(S7) IT skills

(S8) International awareness

(S9) Lifelong learning skills

(S10) Ethical awareness

Teaching Method: Lecture
Description: Introduce topics as specified in the learning outcomes/topics and reading and explain their significance, working through relevant chapters of the textbook.
Scheduled Directed Student Hours: 24
Attendance Recorded: Yes

Teaching Method: Seminar
Description: The module leader will use canvas to provide work to be prepared in advance (questions covering key concepts and topics), and a seminar for students to consolidate their learning and provide formative feedback of understanding.
Scheduled Directed Student Hours: 6
Attendance Recorded: Yes

Self-Directed Student Hours: 120
Description: Students should spend their private study time reviewing the concepts introduced in lectures by going back through lecture notes provided, reading the suggested textbook relevant chapters and academic articles. They will also spend this time learning how to apply the concepts by preparing for the seminars, which will regul arly use discussion of current and recent events to expand their knowledge and application of the topics. They can also use this time preparing and writing their assessment.

This module is a pre-requisite for the following modules:
ECON233, ECON242, and ECON333

Skills/Other Attributes Mapping

Skills / attributes: Adaptability
How this is developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes, to think through a sequence of steps of an economic argument is developed in application of models to case study examples.
Mode of assessment (if applicable): Coursework

Skills / attributes: Problem solving skills
How this is developed: Problem solving skills are developed through the development of ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specifi c changes, to think through a sequence of steps of an economic argument. This is applied in both case study examples and in numerical approaches to problems.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Numeracy
How this is developed: The ability to think logically, to appreciate the significance of the relationships between relevant economic variables, the consequences of specific changes and to calculate basic economic formulas
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Commercial awareness
How this is developed: All topics apply theory and models to contemporary case studies. In addition the subject matter will be linked to other modules across BA Accounting and Finance so that there is an appreciation of demand and supply impacting pricing, the impact of scarce resources on management decisions and budgeting and the economic drivers for changes in taxation and reporting.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Organisational skills
How this is developed: Students are expected to organize their own learning within the guidelines given.
Mode of assessment (if applicable): Coursework

Skills / attributes: Communication skills
How this is developed: All topics apply theory and models to contemporary case studies
Mode of assessment (if applicable): Coursework

Skills / attributes: IT skills
How this is developed: This course uses an IT based assessment system, students will be instructed on the use of interactive web-platform elements in lecture 1 and learn interactively throughout.
Mode of assessment (if applicable): N/A

Skills / attributes: International awareness
How this is developed: Applied examples are considered throughout the syllabus.
Mode of assessment (if applicable): Midterm and Coursework

Skills / attributes: Lifelong learning skills
H ow this is developed: The Lecture & Tutorial Workshop structure is based around the demonstration -> interrogation of learning cycle of learning.
Mode of assessment (if applicable): N/A

Skills / attributes: Ethical awareness
How this is developed: Ethical considerations of market structures and international trade are considered during this course.
Mode of assessment (if applicable): Coursework

1.      Understanding of the central economic problem and the nature of economics
2.      Supply and demand principles including market price
3.      Market responsiveness and market adjustment
4.      Costs, revenues and profit maximization
5.      Market environments
6.      Theory of the whole economy including national income, aggregate supply and demand, short-term fluctuations and economic growth
7.      Inflation and the balance of payments
8.      Global economy including international trade