1. Demonstrate a knowledge and understanding of key economic concepts and principles.
Knowledge and Understanding
Learning.

2. Understand and apply basic statistics and understand how these can be important for economic analysis. Application
Analysis.

3. Apply economic analysis to different business and/or societal situations.
Problem Solving
Application.

You will learn how to apply economics to make informed business decisions through the study of key microeconomic and macroeconomic principles. You will learn to apply economic analysis to different personal, business and societal situations. The knowledge you will gain will be your most reliable guide in understanding market and firm behaviour, and government decisions.
Economic efficiency, including the coverage of externalities and public goods, will be also studied. Throughout the module, emphasis will be on the application of theory to practical problems and policy issues. The statistics/calculations required for understanding the concepts and models will be integrated into the deliveries.

Topics:
Introductory Concepts and Principles of Economics
Demand and Supply
Market Equilibrium
Elasticity
Consumer Behaviour
Producer Behaviour
Market Failure
Government Intervention
Market structures: Perfect competition, Monopoly, Oligopoly and Monopolistic Competition
Basic Concepts in Macroeconomics

Supporting Statistics/Calculations:
Demand and Supply equations
Graphical Representations of Changes in Prices and Quantities
Elasticity Calculations and their Effects on Firm Revenue
Calculating the Level of Output and Price to Maximise Profits

1. Gillespie, A. (2016). Foundations of Economics – Fourth edition. New York: Oxford University Press.

2. Sloman, J. and Garratt, D. (2016). Essentials of Economics. 7th edition. London: Pearson Education.

3. Parkin, M., Powell, M., & Matthews, K. (2017). Essential Economics: European Edition. Essex, UK: Pearson

Wider reading:

To develop an interest in economics enhances the chance of success, the following websites are recommended for obtaining updated news:

www.bbc.co.uk/news/business
www.theguardian.com/uk/business
www.timesonline.co.uk
www.ft.com
www.economist.com
www.independent.co.uk
www.businessweek.com

The following websites are excellent sources of additional learning resources:

http://www.frbsf.org/education/
http://www.studyingeconomics.ac.uk/
http://economics.about.com/
http://www.economicsonline.co.uk/index.html

Module Study Guide and Handbook
The University Library and Learning Resources - Books and Academic Journals
The Module VLE
Learning Support Materials and Booklets
Internet
Directed Video Sources (Own and 3rd Party)

You will learn how to apply economics to make informed business decisions through the study of key microeconomic and macroeconomic principles. You will learn to apply economic analysis to different personal, business and societal situations. The knowledge you will gain will be your most reliable guide in understanding market and firm behaviour, and government decisions.

The module learning strategy consists of the following weekly:

1. Weekly flipped lecture videos that students watch before coming to the class.



2. A one hour flipped classroom where students engage in activities with the guidance of the Tutor – a series of classroom activities supported by materials available on the Virtual Learning Environment (VLE) or/and are technologically enhanced to guide further self-directed study at a pace and time convenient to the student.



3. A one hour lecture - a series of participatory lectures will disseminate knowledge and understanding as the foundation for a structured programme of tutorial sessions.



4. A one hour tutorial - a series of weekly tutorial sessions where students will work individually and in groups on practical exercises to reinforce their learning are provided via a range of software including Microsoft Powerpoint and Kahoot. Students are also encouraged to raise any questions they might have.
The class room delivery will be supported by materials available on the VLE to guide further self-directed study at a pace and time convenient to the student."

Examination - 1.5 hours weighted at 100%


Assessment for British University Vietnam (BUV) students only:

A mid term examination - 30%
Final exam - 70%