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:
Current from: 2019/0

Module Convenor: Dr Chao Yin

Email: chao.yin@icmacentre.ac.uk

Type of module:

Summary module description:

An introduction to economics for students of business and finance. 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. 



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



The module is taught jointly with Dr Maria Asensio 


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:

Microeconomics:- Demand/Supply- Determination of Price and Output; Market Equilibrium- Elasticity-Marginal Utility Theory- Indifference Analysis- Theory of production- Revenue & Profit Maximisation- Market Structures- Alternative Theories of the Firm- Wage Determination 



Macroeconomics:- National Economy and Income, Injections & Withdrawals- National Income Determination- Unemployment- Inflation- Balance of Payments and Exchange Rates- The Financial System- Money Supply- Demand for Money, Equilibrium, Money and National Income- Fiscal Policy- Monetary Policy 


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:      
    Wider reading (independent) 20 20
    Exam revision/preparation 20 20
    Preparation for tutorials 20 20
    Revision and preparation 15 15
    Reflection 10 10
       
Total hours by term 100 100 0
       
Total hours for module 200

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

Summative assessment- Examinations:

One 2-hour unseen paper in Summer (40 MCQ questions for both part 1 and part 2) 


Summative assessment- Coursework and in-class tests:

Two in-class tests. 



One in Autumn for Part I, the other in spring for Part II. 



?Each test lasts one-hour and consists of 20 MCQ questions. ?Each test accounts for 10% in the final mark. 


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)

Assessment 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), £52.24. 


Last updated: 16 April 2019

THE INFORMATION CONTAINED IN THIS MODULE DESCRIPTION DOES NOT FORM ANY PART OF A STUDENT'S CONTRACT.

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