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: 2021/2

Module Convenor: Prof Carol Padgett
Email: c.padgett@icmacentre.ac.uk

Type of module:

Summary module description:

The module provides an introduction to micro- and macroeconomics for business students. It assumes no prior knowledge, but provides a grounding in the subject enabling students to see how businesses are affected by developments in specific markets as well as by changes at the level of the entire economy. Students who have studied the subject before have the opportunity to stretch themselves in the formative assessment based on topical economic challenges. 

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 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 frame works; 

• Explore t he 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 int ervention

• 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 ba nking sector and money markets

• Appreciate how economic growth can be encouraged

• 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 will enable students to understand and take a view on government policy.

Outline content:

Microeconomics:

Demand and supply

Utility

Theory of production

Theories of the firm

Wage determination

Macroeconomics:

Aggregate demand

Money, banking and interest rates

Relationships between money and goods markets

Unemployment and inflation

Balance of payments

Economic growth

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	14	12
Seminars	6	6
Guided independent study:
Wider reading (independent)	17	15
Exam revision/preparation	20	20
Preparation for tutorials	20	20
Revision and preparation	15	15
Reflection	10	10
Total hours by term	102	98	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 multiple choice questions covering micro and macroeconomics) 

Summative assessment- Coursework and in-class tests:

Two in-class tests, one in the autumn term (week 10 or 11) and one in the spring term (week 9 or 10).

Each test lasts one-hour and consists of 20 multiple choice questions. Each test accounts for 10% of the final mark.

Formative assessment methods:

Students will complete individual exercises and group reports for discussion at the tutorials.

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: 8 April 2021