Business Economics

Course

In Bude

Price on request

Description

  • Type

    Course

  • Location

    Bude

  • Start date

    Different dates available

Business Economics Course
About the Level 4 Business Economics Certificate
The principles of scarcity and demand underlie the social science of business economics. Current theory and models are practically applied to analyse the relationship between firms and capital, labour, markets and the financial system. Economics in business will explain challenges that companies face in a new market, how business decision-making is influenced by government policy, or how global shifts in the labour market determine the wage rate and level of employment.
With the Level 4 Business Economics course you will gain a solid foundation in economics, running through key theories of economy, and concluding with a reflective look at current issues in capitalism, macroeconomic policy and monetary targets.
Who should study this course?
This economics course was designed to build a practical understanding of applied economy in business for any professional, regardless of their prior experience. It is addressed to students with a keen interest in economics and business professionals alike.
There is no need for any qualifications to start course. You do not even have to have worked in economics before. You simply need an interest in economics, business and markets and the motivation to get through the ten lessons necessary to complete the course.
What happens after the course?
At the end of this ABC accredited course you will receive two certificates: the Business Economics Diploma awarded by Stonebridge Associated Colleges and the Certificate of Achievement by ABC Awards. Some of our students have furthered their studies with higher education studies in management or business studies.
Business economics is a sought-after qualification for employers. With economics being one of the most lucrative careers, graduates in this field are the highest earners in the UK, according to the Department of Education. Some of the careers you can choose from with an economics course:
Financial analyst

Facilities

Location

Start date

Bude (Cornwall)
Stonebridge House, Ocean View Road, EX23 8ST

Start date

Different dates availableEnrolment now open

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Subjects

  • Production
  • Financial Training
  • Trade
  • Government
  • Financial
  • Supply
  • Market
  • IT
  • Business Economics
  • Economics

Course programme

Syllabus

Unit 1: An Introduction to Economics

Introduction

Objectives

Section 1: The Content of Economics

Introduction

1.1 Defining economics

1.2 The fundamental economic problem: scarcity

1.3 The implications of scarcity

1.4 Types of economy

1.5 The general economic questions

1.6 The distinction between microeconomics and macroeconomics

1.7 Positive and normative statements

Summary

Section 2: The Production Possibility Boundary and its Implications

Introduction

2.1 The Production Possibility Boundary (PPB)

Summary

Unit Summary

Recommended reading

Unit 2: The Elementary Theory of Allocation

Introduction

Objectives

Section 1: The Market and the Market Economy

Introduction

1.1 Demand

1.2 Supply

1.3 Price

Summary

Section 2 Elasticity

Introduction

2.1 Price elasticity of demand (PED)

2.2 The income elasticity of demand (YED)

2.3 Cross-elasticity of demand (CED)

2.4 Price-elasticity of supply (PES)

Summary

Section 3: Market Failure

Introduction

3.1 Types of market failure

3.2 Types of government intervention

3.3 Price-regulation (floors and ceilings)

3.4. Taxes and subsidies

3.5 A final note

Summary

Review Activity for Units 1 and 2

Unit summary

Recommended reading

Answer to Unit Review Activity for Units 1 and 2

Unit 3: The Theory of Production

Introduction

Objectives

Section 1: The Production Function

Introduction

1.1 A simple production function

1.2 Short-run and long-run production functions

Review Activity

Summary

Section 2: The Short Run

Introduction

2.1 Output and factor inputs

2.2 The relationship between marginal and average product

2.3 The law of diminishing returns

2.4 The relationship between total, average and marginal product

Review Activity

Summary

Section 3: Costs of production

Introduction

3.1 Total cost of production

3.2 Average total cost of production

3.3 Marginal cost of production

Review Activity

Summary

Section 4: Short-run Cost Curves

Introduction

4.1 Converting output data into cost data

4.2 Total cost and total fixed cost

4.3 Average variable cost and average product of labour

4.4 Combining average variable cost and average fixed cost to calculate average total cost

4.5 The marginal product of labour and marginal cost

4.6 Average total cost and marginal cost

Review Activity

Summary

Section 5: Long-run Cost Curves

Introduction

5.1 Marginal and average cost in the long run

Review Activity

Summary

Unit Review Activity

Unit Summary

Recommended Reading

Answers to Review Activities

Unit 4: Market Structures

Introduction

Objectives

Section 1: The Model of Perfect Competition

Introduction

1.1 Assumptions about the model of perfect competition

1.2 The perfectly competitive firm as a price taker

1.3 What output will the individual firm produce?

1.4 How much profit is made?

1.5 Short-run equilibrium for the perfectly competitive firm

1.6 Long-run equilibrium for the perfectly competitive firm

1.7 The marginal cost curve, short-run supply and the shut-down condition

1.8 The market supply curve and perfect competition

1.9 Perfect competition and efficiency

1.10 Reconsidering long-run equilibrium

Review Activity

Summary

Section 2: Monopoly

Introduction

2.1 Monopoly and revenue curves

2.2 Output and price under monopoly

2.3 How much profit does the monopolist make?

2.4 Sources of monopoly power

2.5 An evaluation of monopoly and perfect competition

2.6 Monopoly and price discrimination

Review Activity

Summary

Section 3: Imperfect Competition

Introduction

3.1 Oligopoly and collusion

3.2 The breakdown of collusion: "to cheat or not to cheat"

Review Activity

Summary

Section 4: Privatisation

Introduction

4.1 The three forms of privatisation

4.2 The objectives of privatisation

Review Activity

Summary

Unit review Activity

Unit Summary

References

Recommended Reading

Answers to Review Activities

Unit 5: The Theory of Distribution

Introduction

Objectives

Section 1: The income factors of production

Introduction

1.1 Distribution of income in perfect markets

1.2 Distribution of income in imperfect markets

Review Activity

Summary

Section 2: Wage determination in perfectly competitive labour markets

Introduction

2.1 The supply of labour

2.2 Elasticity of labour supply

2.3 Economic rent and transfer earnings

2.4 The demand for labour

2.5 Will any workers be employed?

2.6 The determinants of the demand for labour

Review Activity

Summary

Section 3: Wage determination in imperfect labour markets

Introduction

3.1 Monopoly demand for labour

3.2 Monopoly supply of labour

Review Activity

Summary

Section 4: The price of capital

Introduction

4.1 The demand for capital

4.2 Internal rate of return

4.3 Supply of capital

Review activity

Summary

Section 5: The price of land

Introduction

Recommended Reading

Answers to Review Activities

Unit 6: Introduction to the Macroeconomy

Introduction

Unit Objectives

Section 1: National income accounts and measurement of national income

Introduction

1.1 National income accounts

1.2 Measurement of national income

1.3 National income statistics and economic welfare

Review Activity

Summary

Section 2: National income determination and the circular flow of income

Introduction

2.1 Circular flow of income

2.2 Equilibrium national income

Review Activity

Summary

Section 3: Macroeconomic issues and controversies

Introduction

3.1 Macroeconomic issues

3.2 Objectives of government economic policy

3.3 Macroeconomic debate

Review Activity

Summary

Unit Review Activity

Unit Summary

References

Answers to Review Activities

Unit 7: National Income Determination

Introduction

Unit Objectives

Section 1: Basic Keynesian model of national income determination

Introduction

1.1 Components of aggregate demand

1.2 Aggregate demand and equilibrium national income

1.3 The multiplier

Review Activity

Summary

Section 2: Consumption and investment demand

Introduction

2.1 Consumption demand

2.2 Investment demand

Review Activity

Summary

Section 3: Keynesian model and fiscal policy

Introduction

3.1 Keynesian model and unemployment

3.2 Government budget

3.3 Fiscal policy debate

Review Activity

Summary

Section 4: Imports and exports in the Keynesian model

Introduction

4.1 Imports, exports and aggregate demand

Review Activity

Summary

Unit Review Activity

Unit Summary

Recommended Reading

Answers to Review Activities

Unit 8: The Role of Money and the Financial System

Introduction

Objectives

Section 1: Money and the Financial System

Introduction

1.1 Money and the functions of money

1.2 Outline of a financial system

1.3 A model of credit creation

1.4 The financial system

1.5 The London money market

1.6 The money supply

Review Activity

Summary

Section 2: Money Demand, Aggregate Demand and Money Market Equilibrium

Introduction

2.1 Theories of the demand for money

2.2 Money market equilibrium and aggregate demand

2.3 Theories of inflation

Review Activity

Summary

Section 3: Monetary Policy

Introduction

3.1 Monetary control techniques

3.2 Interest rate control

3.3 Problems of monetary control

3.4 The monetarist experiment

Review Activity

Summary

Unit Review Activity

Unit Summary

References

Recommended Reading

Answers to Review Activities

Unit 9: National Income Determination and Aggregate Supply

Introduction

Unit Objectives

Section 1: Theories of aggregate supply

Introduction

1.1 Classical theory of aggregate supply

1.2 Keynesian theory of aggregate supply

Review Activity

Summary

Section 2: Short-run and long-run aggregate supply

Introduction

2.1 Short-run aggregate supply

2.2 Long-run aggregate supply

2.3 Shifts in aggregate supply

2.4 Macroeconomic equilibrium 537

Review Activity

Summary

Section 3: The Phillips curve

Introduction

3.1 The Keynesians and the Phillips curve

3.2 Monetarists and the Phillips curve

3.3 Supply side policy

Review Activity

Summary

Unit Review Activity

Unit Summary

References

Answers to Review Activities

Unit 10: International Trade

Introduction

Objectives

Section 1: Why do Countries Trade?

Introduction

1.1 Gains from trade

1.2 The UK pattern of trade

1.3 Trade restrictions

Review Activity

Summary

Section 2: The Exchange Rate

Introduction

2.1 What is the exchange rate?

2.2 Exchange rate quotes

2.3 Alternative exchange rate regimes

2.4 The real exchange rate

2.5 The effective exchange rate

2.6 The demand for exports and imports

2.7 Foreign trade and income determination

Review Activities

Summary

Section 3: The Balance of Payments

Introduction

3.1 What is the balance of payments?

3.2 The current account

3.3 The capital account

3.4 Change in reserves

3.5 General principles of correcting balance of payments problems

3.6 Deficit problems

3.7 The problem of a balance of payments surplus

3.8 Surplus problems

Review Activity

Summary

Section 4: Recent Exchange Rate History

Introduction

4.1 The Bretton Woods system

4.2 The oil price shock

4.3 The rise of sterling: 1976-81

4.4 Reagonomics': 1981-5

4.5 The shadowing of the DM

4.6 The European Monetary System

4.7 The exchange rate debate

Review Activity

Summary

Unit Review Activity

Unit Summary

Recommended Reading

Answer to Review Activities

Resources

1.1 Some reflections on morality and capitalism

8.1 The Demand for Money: Problems and Issues

8.2 Monetary targets - a short history

8.3 Macroeconomic Policy since 1979

9.1 Schools brief: A Cruise around the Phillips curve

For a more detailed syllabus on this course, click here

Study Hours

This is only an approximate figure and is dependant upon how much time you can dedicate to your studies and how well you grasp the learning concepts in the course material. Furthermore, at the end of each lesson there is a question paper that needs to be completed and returned to your tutor. You should allow at least 1 - 2 hours of study to complete each question paper.

The approximate amount of time required to complete the course is: 110 hrs.

Business Economics

Price on request