What you will study
This course builds your knowledge of core topics and different schools of thought in economics. Our Business Economics BSc (Hons) focuses on how economics can be applied to business. You will focus on economic analysis of business activities and understand how businesses operate in the economy. You can also choose to study the financial aspects of business and specialist aspects of economics.
Year 1
Year 1 provides a historical background to modern economics, whilst exploring a range of economic principles and perspectives. You will also begin to study the mathematical and statistical foundations essential to the study of economics.
Core modules
Becoming an Economist
30 credits
The module is designed to help you develop many of the basic skills used in the discipline of economics. The module explores and covers a variety of study and research techniques. You will develop skills in the use of language, writing, ICT usage, data collection, data interpretation and groupwork. Key threshold economic concepts will also be incorporated. Particular emphasis will be placed on small group learning and personal development planning.
Economic Policy and Principles
30 credits
In this module, you are introduced to the techniques of model building and analytical reasoning used in microeconomics. Some of these techniques are then used as an input into the analysis of economics at the macroeconomic level. In the early phase of the module, you are taught about microeconomic models and explore the application of these models, to current economic issues. Whilst, in the later phase, you learn about the main macroeconomic aggregates, the basic model of aggregate demand and supply and the importance of the time horizon in macroeconomics.
Throughout the course, there is an emphasis on highlighting and considering the pros and cons of the suggested solutions to real problems faced by market economies.
Economics Quantitatively Treated 1
30 credits
This module provides an introduction to mathematical and statistical techniques; you will be prompted to appreciate how mathematical reasoning is used in economics and develop skills in the numerical, graphical and statistical analysis of economic data. The course starts with a review of material that may have been encountered in your previous studies, such as mathematics at GCSE or IB level, and moves on to developing your knowledge, understanding and ability to apply quantitative concepts, of particular relevance for microeconomics, macroeconomics and econometrics.
Capitalism
30 credits
This module is a core course for students pursuing full-field programmes in Economics.
This module offers a detailed survey of the origins and emergence of capitalism and the economic thinking that paralleled these developments. It will develop key aspects of the contemporary economy - firms and competition in the national and international environment and the role of the state in national and supra-national contexts. It will then proceed with an introduction to the role of finance in capitalism and the nature and causes of financial crises.
Year 2
Year 2 further develops your knowledge of microeconomics (individual or company decisions) and macroeconomics (national decisions). You'll consider mainstream and alternative approaches to economic modelling.
mainstream and alternative approaches to economic modelling.
Core modules
Competition and the Firm
30 credits
This module examines the nature of competition and the role of the firm in contemporary capitalism. It examines the different forces shaping market structure so as to elucidate in what sense a market structure is competitive or not - for example the role of barriers to entry, government policy or technology. The module explores different market structures, from monopolistic to highly competitive, thus throwing light on the conduct and performance of firms within these structures. The role, nature and aims of the firm are examined. It also analyses how some firms are capable of imposing themselves on market structure and are not simply passive recipients. Different categories of firms, multinational, large, medium, small and micro, are outlined so as to build a more complete picture of modern firm structure.
Economics Quantitatively Treated 2
30 credits
This module will extend knowledge of mathematical and statistical techniques acquired at level 4 and will introduce you to multivariate techniques in mathematics and statistics.
It will assist your comprehension of level 5 economics modules and encourage you to understand the benefits of using a mathematical and statistical vocabulary and reasoning to analyse economic models.
This module will equip you with sufficient quantitative techniques to be able to undertake any level 6 module in economics requiring quantitative analysis.
Macroeconomics
30 credits
This module aims to develop and build mainly on knowledge acquired in the Economic Policy and Principles module at level 4 but also the economics quantitatively treated module of the same level. It provides fundamental knowledge on the key areas of macroeconomic theory and policy in the short-run and long-run and within both closed and open economy settings. Real world applications are signposted at the earliest opportunity.
On completion of the module you will be able to comprehend key macroeconomic theories and policies and illustrate the application of macroeconomic models and principles in the context of policymaking.
Microeconomics
30 credits
This module will develop the model building techniques encountered at level 4, and extend the scope of these models to a wider range of problems. It will show the use of microeconomic models in a problem solving context and provide an analytical basis for subsequent elective modules.
On completion of the module, you will have a good knowledge of the major techniques and issues in modern microeconomic theory and policy and how to apply this knowledge in the discussion and evaluation of contemporary microeconomic issues.
Optional year
Study abroad optional year
You have the option to take an additional year to study abroad or to undertake a year-long work placement overseas (or even a mix of both.)
Sandwich Year
This course has a sandwich year option which takes place between Year 2 and your Final Year. During this sandwich year you will take a placement within a relevant setting, ensuring you gain essential experience to add to your CV and help you secure a graduate job.
Final year
In the final year, Economics of Organisations and Strategy explores strategic decision-making in companies, economic analysis of organisational structures and the development of business organisations. In Working as an Economist you will focus on a topic in business economics, and develop your research, writing and communication skills. You will also choose two optional modules.
Core modules
Working as an Economist
30 credits
The capstone module is designed to further your skills in writing and presenting economic analysis, together with achieving a higher level of understanding in a chosen economic subject area. You will refine your ability to communicate economic subjects to a broad audience in an academically sound fashion.
Economics of Organisations and Strategy
30 credits
This module is a core requirement at Level 6 for students taking the BSc Business Economics. It develops pluralist approaches to understanding the aims, methods and outcomes of production and exchange organizations ("businesses" for short), with particular reference to the limitations as well as the possibilities of markets.
The core theme is the contrast between neo-classical and other perspectives, including the "capabilities" approach, transaction cost economics and other heterodox schools of thought.
Particular themes include the aims and methods of business strategy, the "make or buy" decision, the nature of relationships within and between businesses, and the costs and benefits of different systems of governance of economic exchange.
Optional modules
International Trade and Finance
30 credits
The module analyses the essential theoretical and policy issues of international trade and finance. In doing so care is taken to link both international trade and finance theory with real world events.
Mathematical Economics
30 credits
This module will build on the mathematical presentation and analysis of economic models taught in the level 5 module EQT2. It is designed to inform students of the deeper aspects of the models they have seen hitherto as well as to enable them to appreciate the benefits of dynamic forms of analysis. A good performance in this module should enable a student to approach an MSc in Economics with some confidence in their mathematical training.
Money, Banking and Financial Markets
30 credits
The module focuses on understanding the monetary sector of the economy. The role of banks and financial markets will lay the foundations for understanding the ensuing topics. The module proceeds to explain the interaction between money and the economy, and moves on to monetary policy institutions and strategies. The module closes with a discussion of financial crises.
Development Economics
30 credits
This module will introduce the economic structure of developing countries, the specific challenges they face and their position in world economy today. It is an optional module for all Economics full-fields and Applied Economics. It should interest all students who wish to acquire a good background in issues of growth and development in lower income countries and their significance for world economy.
The will start by introducing theories of economic development and measurement issues. It will examine some problems affecting all or groups of these countries, such as population growth, poverty, environment, income distribution, structural adjustment and volatile capital flows. It will also deal with policy issues specific to developing countries.
Econometrics
30 credits
This module introduces and develops new topics based on knowledge acquired in Economics Quantitatively Treated 1 and 2. It provides fundamental knowledge on statistical techniques and their applications to real world data. On successful completion of the module students will be able to demonstrate quantitative analytic skills for assessment of economic theories with matching data, which will be helpful for various career opportunities and advanced study of economics and business at postgraduate level.
