In a continuously ever changing globalised business environment, businesses need to make quick, well informed and correct decisions in order to survive. This module is concerned about the principles of microeconomics as they apply to the business environment. The module outlines the various microeconomic tools of analysis and analytical frameworks that are essential for business students to learn and understand to enable them to comprehend the economic environment of business in a structured way. It complements other Level Four business modules and provides a basis for Level Five and Six modules in both business and economics. Topics studies include:
• The nature and method of economics.
• Perspective of Economics
• Demand, Supply and the Market
• Concept to Elasticity of Demand and Supply
• Application of Demand and Supply. Utilize local issues to apply theory
• Production and Costs
• Perfect Competition
• Monopoly
• Monopolistic Competition

Action learning: Learning is achieved when students tackle real world tasks and learn with and through each other. They take individual responsibility and implement solutions and plans.

The assessment strategies include formative and summative assessments.
Formative assessment includes quizzes to determine the ongoing understanding and progress of the student and provide feedback to the lecturer and student Summative assessments (final examination) evaluate the level of conceptual understanding and application that the student has achieved.

For this module formative assessment will be undertaken through the inclusion of a mid semester test and tutorial work for which feedback will be provided.

Final Examination (duration 1 Hour). This will be a closed book - 100%
Learning outcomes 1,2,3,4 & 5.

BUV VLE

Main Texts:
Parkin, M, “Economics”, Tenth Edition Global, Pearson, 2011.

Additional Texts;

Sloman, J and Hinde,K, “Economics for Business”, Fourth Edition, FT Prentice Hall, 2007.
Jackson, J and McIver, R , “Microeconomics”, Eighth Edition Sydney, McGraw-Hill, 2007.
Begg,D and Ward,D, “Economics for Business”, Second Edition, McGraw-Hill Education, 2007.
McAlesse, D, “Economics for Business”, Third Edition, FT Prentice Hall, 2004.

1. DEMONSTRATE AN UNDERSTANDING OF THE RELATIONSHIPS (CAUSALITY AND CORRELATIONS) THAT EXIST BETWEEN THE VARIOUS MICROECONOMIC VARIABLES.
Knowledge and Understanding.

2. COMPARE THE VARIOUS MICROECONOMIC TOOLS OF ANALYSIS AND ANALYTICAL FRAMEWORKS AND THEIR USE WITHIN THE REAL BUSINESS ENVIRONMENT AND CURRENT EVENTS BY DRAWING ON WEB RESOURCES AND NEWSPAPER ARTICLES.
Knowledge and Understanding, Application.

3. RECOMMEND VARIOUS MICROECONOMIC THEORIES AND MODELS THAT CAN BE APPLIED IN THE CONTEMPORARY BUSINESS ENVIRONMENT.
Analysis, Problem Solving.

4. INFER KNOWLEDGE OF THE VARIOUS MICROECONOMIC CONCEPTS AND THEIR ROLE IN EXPLAINING THE WORKINGS OF THE BUSINESS ENVIRONMENT.
Application, Problem Solving.

5. DEMONSTRATE STRUCTURING, COMMUNICATING AND DEFENDING ANALYSIS ORALLY, VISUALLY IN WRITING AND USING APPROPRIATE COMPUTER SOFTWARE.
Communication.