IC103-Introductory Economics for Business and Finance

Module Provider: ICMA Centre
Number of credits: 20 [10 ECTS credits]
Level:4
Terms in which taught: Autumn / Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded: EC101 Principles of Microeconomics or EC102 Principles of Macroeconomics or EC103 Economics for Construction and Engineering
Module version for: 2016/7

Module Convenor: Dr Sotiris Tsolacos

Email: s.tsolacos@reading.ac.uk

Summary module description:
An introduction to economics for students of business and finance.

This module is delivered at University of Reading, University of Reading Malaysia and Beijing Institute of Technology.

Aims:
The module aims to provide an introduction to both microeconomics and macroeconomics sufficient to help students of business and finance understand the economic forces at play and economic framework that underpins their specific field.

Assessable learning outcomes:
This module will cover the major concepts in both microeconomics and macroeconomics, including: consumer theory, producer theory, market structures, corporate objectives, economic growth, inflation, unemployment, money markets, external sector and types of macroeconomic policy. Upon completion of the module, students should be able to:
- Analyse the forces of supply and demand in the determination of prices within different frameworks;
- explore the economics of consumer behaviour;
- Compare and contrast the characteristics and variability in economic output and profit under different forms of competition (perfect competition, monopoly, oligopoly, monopolistic competition); - outline the theory of production and the factors underpinning short- and long-term costs;
- Assess the rationale for and economic outcome related to various types of government intervention; - Understand the methods for calculating national income for closed and open economies and discuss the practical limitations connected to the resulting estimates; - discuss the determinants of business cycles
- Explain the economic effects, interactions and policies connected to inflation, unemployment, interest rates and foreign exchange rates; - understand the banking sector and money markets; - argue the factors sustaining economic growth in the long-run
- Evaluate impact of fiscal, monetary and supply side policies to businesses

Additional outcomes:
The module will enhance students' critical thinking, quantitative and analytical skills. It should prove useful for the students’ understanding of contemporary economic phenomena and in helping them to become aware of the economic backbone of their particular field of studies.

Outline content:

Brief description of teaching and learning methods:
The module will be primarily lecture based with directed textbook based supplementary reading. There will be a number of tutorial/seminar sessions to aid students in developing more depth and in understanding the linkage between topics.

Contact hours:
  Autumn Spring Summer
Lectures 10 10
Seminars 5 5
Guided independent study 85 85
       
Total hours by term 100.00 100.00
       
Total hours for module 200.00

Summative Assessment Methods:
Method Percentage
Written exam 80
Class test administered by School 20

Other information on summative assessment:

Formative assessment methods:
Exercises will be set for the weekly classes, at which attendance is compulsory.

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy.
The following penalties will be applied to coursework which is submitted after the deadline for submission:
• where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark;
• where the piece of work is submitted more than one calendar week after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.
You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.
(Please refer to the Undergraduate Guide to Assessment for further information: http://www.reading.ac.uk/internal/exams/student/exa-guideUG.aspx)

The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.
  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    One 2-hour unseen paper.
    Part 1 examinations are held in the Summer term.

    Requirements for a pass:
    A minimum mark of 40%.

    Reassessment arrangements:
    Re-examination for Part 1 modules takes place in August/September of the same year.
    Reassessment is by examination only (coursework will not be included in the re-assessment).

    Additional Costs (specified where applicable):
    1) Required text books: Sloman, J., Wride, A. and Garratt, D (2015) “Economics” (9th ed), £45.99.
    2) Specialist equipment or materials:
    3) Specialist clothing, footwear or headgear:
    4) Printing and binding:
    5) Computers and devices with a particular specification:
    6) Travel, accommodation and subsistence:

    Last updated: 21 December 2016

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