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IC103: Introductory Economics for Business and Finance

IC103: Introductory Economics for Business and Finance

Module code: IC103

Module provider: ICMA Centre; Henley Business School

Credits: 20

Level: Level 1 (Certificate)

When you'll be taught: Semester 1

Module convenor: Dr Xi Li, email: xi.li@icmacentre.ac.uk

Module co-convenor: Ms Nur Amalina Borhan, email: n.borhan@henley.edu.my

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: na

Academic year: 2024/5

Available to visiting students: Yes

Talis reading list: No

Last updated: 28 May 2024

Overview

Module aims and purpose

The module provides an introduction to micro- and macroeconomics for business students. It assumes no prior knowledge, instead providing 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 discussion-based activities included in the seminars. 

The module lead at the University of Reading Malaysia is Nur Amalina Borhan.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

analyse the forces of supply and demand in the determination of prices and, 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);

explain 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 and the economic effects, interactions and policies connected to inflation, unemployment, interest rates and foreign exchange rates.

Module content

Microeconomics:

1. Demand and supply

2. Consumer theory

3. Producer theory

4. Market structure

5. Wage determination

 

Macroeconomics:

1. Aggregate demand and economic growth

2. Money, banking and interest rates

3. Relationships between money and goods markets

4. Unemployment and inflation

5. Balance of payments

Structure

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. 

This module may be taught in a different Semester if you are studying at our campus in Malaysia. 
For students studying at our campus in Malaysia: This module may be taught in a different semester and the breakdown of study hours may differ to those set out in the Study Hours table (please refer to the Module Handbook for the correct breakdown). In addition, you will be required to complete an additional 40 hours of study, taking the total number of study hours to 240 for this module. This is to comply with the Malaysian Quality Agency (MQA).

In addition to the total 200 hours, students studying at the Malaysian campus will be required to complete an additional 40 hours of independent study totalling 240 hours of student learning time per semester per module in compliance with the Malaysian Quality Agency (MQA). The breakdown of study hours may differ at the Malaysian campus. For further details please refer to the module handbook.

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.


 Scheduled teaching and learning activities  Semester 1  Semester 2  Summer
Lectures 20
Seminars 10
Tutorials
Project Supervision
Demonstrations
Practical classes and workshops
Supervised time in studio / workshop
Scheduled revision sessions
Feedback meetings with staff
Fieldwork
External visits
Work-based learning


 Self-scheduled teaching and learning activities  Semester 1  Semester 2  Summer
Directed viewing of video materials/screencasts
Participation in discussion boards/other discussions
Feedback meetings with staff
Other
Other (details)


 Placement and study abroad  Semester 1  Semester 2  Summer
Placement
Study abroad

Please note that the hours listed above are for guidance purposes only.

 Independent study hours  Semester 1  Semester 2  Summer
Independent study hours 170

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

The pass mark for all modules at level 4 is 40%.

Summative assessment

Type of assessment Detail of assessment % contribution towards module mark Size of assessment Submission date Additional information
Written coursework assignment Essay 40 3,000 words Week 11, Semester 1 Group project
In-class test administered by School/Dept In-class MCQ Test 60 2 hour Assessment week 1, Semester 1 Multiple choice test

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

  • where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
  • the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
  • where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
  • where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

  • where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
  • where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Case studies and mini MCQ test will be adopted as formative assessment in the lectures. Students will be provided Questions & Answers in the seminars for practice.

Reassessment

Type of reassessment Detail of reassessment % contribution towards module mark Size of reassessment Submission date Additional information
In-class test administered by School/Dept In-class MCQ Test 100 2 hours During the University resit period

Additional costs

Item Additional information Cost
Computers and devices with a particular specification
Printing and binding
Required textbooks Sloman, J., Garrett, D., Guest, J. (2018). Economics. Pearson. 10th Edition. £44.99 e-book £59.99 print copy
Specialist clothing, footwear, or headgear
Specialist equipment or materials
Travel, accommodation, and subsistence

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

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