Principles of Economics
MODULE CODE
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Module Aims
Aim 1
This module aims to introduce students to some of the vital conceptual building blocks that are required for the study of economics, business and marketing. It introduces students to the method of thinking involved in economics and how this may be applied in a business context and provides an overview of marketing activities and emerging contemporary issues in the marketing field.
Module Content
Microeconomics:
• The Firm – objectives and organisation
• Costs, Revenues and Production
• Demand and Supply and Market Equilibrium
• Market Failure
• Market Structure
• Mergers and acquisitions
• Competition Policy
The Macroeconomic Context & Macroeconomic Policy:
• Economic growth
• Unemployment
• Inflation
• Balance of Payments
The Marketing environment and an introduction to relevant analytical tools; PEST, SWOT
Market research
Segmentation, Targeting and Positioning
The marketing mix including:
• Product and PLC concept
• Introduction to portfolio models
• Pricing
• Distribution
• Promotion
Learning Outcomes
On successful completion of this module, a student will be able to:
Teaching Methods
The teaching and learning strategy adopted in this module assumes that students have no prior knowledge of the subject matter and limited experience of academic work. This module consists of a mixture of lecture and class-based discussion. Simple concepts are introduced to the class with appropriate examples to explain why events happen and the way in which they happen. Students are then encouraged to discuss the examples and provide similar ones of their own.
The students will also be provided with follow up exercises to reinforce concepts and stretch learning. These will also help forge appropriate learning habits.
Assessment Methods
This module is assessed through an essay (50%) and a test/exam (50%).
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Compulsory
