Module Title: MACROECONOMICS FOR BUSINESS Date of Approval: Module Code:


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Date of Approval: December 2011

Module Code: 5EC501

Pre-requisite: Markets, Prices and Strategy

Module Level: 5

Credit Value: 20

Total Number
of Learning Hours: 200

Key words: Economic growth, inflation, unemployment, monetary and fiscal policy,
trade and BoP. European economics, integration

Module Delivery
Mode Blended / Face to Face

Module Description:
This module investigates the relationships between business organisations and the
macroeconomic environment. It builds on the concepts developed in Markets, Prices and
Strategy to examine how government economic policies can affect businesses, whether to
operate more efficiently or to constrain their activities. To this end the module generally
adopts an international framework but in the case of economic integration, it pays special
attention to the European Union as the most advanced integration area. Key issues of the
day are analysed such as whether or not it is possible to improve the competitiveness of the
UK and other economies, what policies are need to foster economic growth in the and what
is the future of the European economic integration.

Module Learning Outcomes:
1. Demonstrate knowledge and understanding of macro-economic theory and concepts.
2. Demonstrate the ability to research and use relevant data and to apply economic
analysis to examine the current business environment and the impact of government
policy on business.

Module Content:
• Market failure and the effect of government intervention
• The role of government in the economic system
• GDP and economic growth
• Unemployment and inflation
• Financial institutions and financial markets
• Macro-economic policy – fiscal and monetary
• Inflation and output cycles
• International finance, trade and balance of payments

• The theory of economic integration: customs unions, tariffs and non- tariff barriers
• Economic and monetary union within Europe

Module Learning and Teaching Methods
Activity Type Hours Category
Lectures 24 1
Seminars 24 1
Clinics 2 1
Guided independent study 150 2
a. Category 1 (Scheduled learning and teaching): 50/200 = 25%
b. Category 2 (Guided independent study): 1250/200 = 75%

Students will learn through a combination of lectures and seminars. They will be
introduced to main topics areas through a series of lectures aiming to develop their
understanding of economic analysis through the integration of theory and evidence
and to challenge them to apply rigour when assessing popular opinions on economic
issues. in seminars, the students will develop practical reasoning and problem-
solving skills, using macroeconomic models to analyse current economic issues.
Clinics will provide students with feedback from formative assessment tests before
the summative assessments. The students will receive directed reading and will be
expected to prepare answers to tasks set around guided independent study in order
to stimulate discussions in tutorials. Guided independent study will include
introducing students to appropriate web sites for economic data and topic analysis,
advice on private reading and preparation for practical tutorials.

Module Assessment
Mode: Coursework 100%
Formative: ￿ Two computer-based formative assessments to prepare for summative computer
tests to be taken during the semester.
￿ Series of tasks set for tutorials throughout the module

Coursework 1 : 50% weighting
Two computer-based tests covering the understanding of economic theory -1 hour
Coursework 2 50% weighting
Individual assignment involving researching, evaluating and using data and applying
relevant economic theory to a contemporary topic. (2000 words limit)

Reading list: ..

Parkin, M., M. Powell, and K. Matthews (2008), Economics. European Edition, 7

Edition, Addison Wesley, Pearson Education
BBC News Business –

Financial Times

The Economist

The Wall Street Journal