Summary of content

This module introduces students to Economic theory, Critical Thinking and the sourcing and analysis of Economic data. It is designed to provide students with a solid foundation of mainstream Economic theory and concepts that can be applied to undertake elementary quantitative analysis of economic and business data. The aim is to equip students with a set of analytical tools and concepts from economic theory and simple quantitative methods that can be applied at Level One and further developed at subsequent levels to facilitate students' understanding of other cognate Business disciplines and/or underpin further study of Economics' modules.

There are no direct work-based learning elements within the module however there is plenty of scope for students to apply economic theory and reflection of the PRME principles towards their work place and vocation. As such there is 65% independent learning 'activity type' that principally leads towards the module assessments.

The module has five main elements:

Microeconomic theory: the study of individual markets, consumer/worker and firm behaviour, policy implications
Macroeconomic theory: the study of economic aggregates - economic growth, employment, inflation, balance of payments/international trade, policy implications
Introduction to the Electronic Spreadsheet as used in Business, Finance and Economics
Quantitative methods: Descriptive statistics, graphing, tabulation and correlation
Elementary critical and lateral thinking

Example of PRME-related issues / topics are covered in this module:
Principle 1 (develop the capabilities of students to be future generators of sustainable value for business and society Principle 2 (incorporate into our academic activities and curricula the values of global social responsibility Principle 3 (create educational frameworks, materials, processes and environments that enable effective learning experiences for responsible leadership)
Principle 4 (engage in conceptual and empirical research that advances our understanding about the role, dynamics, and impact of corporations in the creation of sustainable social, environmental and economic value
Consideration of how to allocate scarce resources to maximise social welfare
Improved data-use and intellectual skills leading to a better understanding of the role for and limitations of quantitative analysis in decision-making
Improved intellect and an ability to see the 'World' from other perspectives enhancing the students' citizenship values and leadership skills.

Module structure

Assessment methods