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Foundations of Economic Analysis Module

The Foundations of Economic Analysis module, coded as BU12005, is a 20-credit course offered by the School of Business, specifically within the discipline of Accounting and Finance. This module is designed to introduce students to the fundamental tools used in analyzing how an economy functions, covering both microeconomics and macroeconomics.

Module Overview

The module aims to provide students with a basic understanding of economic concepts and principles, enabling them to explain and understand various economic, social, and political issues. By the end of the module, students will have developed a good knowledge and understanding of core economic concepts, including demand and supply, the model of the firm, and the Aggregate Expenditure model. They will also learn about the nature and functioning of competitive and non-competitive markets and how to apply economic principles to real-world problems.

What You Will Learn

In this module, students will:

• Apply core economic theory and models to applied topics in a logical manner
• Construct and solve basic economic models in both microeconomics and macroeconomics
• Apply simple economic analysis to real-world problems
• Contribute to the design, debate, and evaluation of fiscal and monetary policy

By the end of the module, students will have a coherent understanding of economic concepts and principles, such as:

• Demand and supply, the model of the firm, and the Aggregate Expenditure model
• The nature and functioning of competitive and non-competitive markets
• The application of economic principles and reasoning to explain how aggregate consumption and savings are chosen, how employment, output, price level, inflation, and interest rates are determined
• The role of government in affecting aggregate expenditure, unemployment, interest rates, and inflation
• The verbal, graphical, and mathematical modes of economic analysis

Assignments / Assessment

The assessment for this module includes:

• On-campus maths class test (15%)
• Essay of 1,500 words (25%)
• On-campus written final exam (60%)

Teaching Methods / Timetable

The teaching methods for this module include:

• Lectures (3 hours per week)
• Weekly tutorials (1 hour per week)
• Math revision lectures (5 hours in total)

Courses

This module is available on the following undergraduate courses:

• Accounting and Finance courses
  • Accountancy BAcc
  • Accountancy with Finance BAcc (Hons)
  • Accountancy BAcc (Hons)
  • Finance BFin (Hons)
  • International Finance - 3.5 years BIFin (Hons)
  • International Finance BIFin (Hons)
• Business, Management, and Marketing courses
  • Business Management BSc (Hons)