SHE Level 1
SCQF Credit Points 20.00
ECTS Credit Points 10.00
Module Code M1L125207
Module Leader Marissa McDonagh
School Glasgow School for Business and Society
Subject Economics
  • A (September start)
  • B (January start)
  • C (May start)
  • A (September start)-B (January start)
  • B (January start)-C (May start)
  • C (May start)-A (September start)

Summary of Content

This module aims to equip students with an introductory awareness and understanding of the main economic issues and challenges facing the world today. The module will provide a framework of analysis for international economic issues including: allocation of resources; the identification of the main drivers of economic growth, understanding of economic systems; sustainability and environmental challenges; measuring comparative economic performance; international trade; regional integration; theory and policy of managing the economy, and afford students an understanding of how analysis of these can inform effective decision making relative to an organisation's strategy and operations. The module supports the PRIME objects by providing a framework for students to undertake critical analysis of how sustainable economic and societal value is created and managed, and reflect on their own role in the global economy.


b7 World economic problems: Scarcity and the allocation of resources; b7 What is economics? Economic theory, terms and analysis; b7 Economic systems. Main features and problems; b7 The main determinants of the international economic environment; b7 Theory and practice of international trade. From comparative to competitive advantage; b7 Exchange rates and international trade; b7 Foreign Direct Investment. Trends and determinants; b7 Managing the economy. National and international perspectives. b7 Sustainability and environment concepts and issues. b7 Identify and appreciate the main factors which influence and shape the international economic environment.

Learning Outcomes

On successful completion of this module, the student should be able to:1. Identify the main economic challenges facing the world today.2. Understand key aspects of economic theory and terminology.3. Be able to measure economic performance and undertake comparative economic analysis.4. Critically analyse the determinants of economic growth.5. Demonstrate an understanding of the theory and practice of international trade.6. Be able to consider issues of sustainability and environmental challenges.7. Understand how the economy is managed at national and international levels.8. Identify and appreciate the main factors which influence and shape the international economic environment.

Teaching / Learning Strategy

This work based module adopts a blended approach to learning which combines face to face contact and online learning via GCU's virtual learning environment, GCU Learn. The teaching and learning strategy encourages an active and self-directed approach to learning. In the context of a work based ethos, teaching and learning methods use real world and real work scenarios to promote action learning, inquiry based learning, problem based learning and peer learning. These methods include lectures, seminars, online directed learning packages (power point presentations/study guides/videos), podcasts and discussion boards. These approaches will be used to directly involve the students in the process of learning and to encourage collaborative learning amongst students. Learners will be supported during the module by the module team which includes module tutors, work based mentors and Academic Development Tutors. Module tutors act as facilitators and also determine the level and accuracy of knowledge acquisition at key points in the delivery. Additionally, input, when necessary, either directly or with the support of external experts will add to the authenticity, credibility and application of education and learning to the workplace. Work based mentors provide a full spectrum of workplace support; helping apprentices to identify relevant work activity that can operate as a source for work-integrated learning, advise on the development of work-based projects, provide feedback on the development of professional competence, and formatively comment on progress in achieving negotiated work-integrated learning objectives. Academic Development Tutors will provide support to help maximise students' potential in relation to academic writing, referencing and the development of effective study techniques. Both formative and summative assessment strategies will be adopted during the module. Formative assessment will be used not only to encourage knowledge of the subject, but also to help develop transferable skills. Summative assessments will provide evidence of the learning achieved throughout the module. Summative assessments are compulsory. A mark of 35% must be achieved for each summative assessment and an overall mark of 40% must be achieved in the module. Students will have access to ongoing academic support as they work through the module assessment activities, and staff will assist students to reflect on and evaluate achievement of the learning outcomes. The percentage of Work Based Learning for this module, as represented by the Independent Learning 'Activity Type' is 72%. Work Based Assessment will account for 20% with the remainder of 8% accounted for by Lectures and Seminars.

Indicative Reading

Core Text: KRUGMAN, P. & WELLS, R., 2015. Economics. 4 th ed. New York, NY: Worth Publishers SLOMAN, J. & GARRATT, D., 2016. Essentials of Economics. 7th ed. Prentice Hall. Recommended Texts: MULHEARN, C. & VANE, R., 2012. Economics for Business. 2nd ed. Palgrave Macmillan. WALL, S. & MINOCHA, S. & REES, B., 2015. International Business. 4th ed. Pearson. Online sources: Web page for the Organisation for Economic Cooperation and Development (OECD) links to statistical databases on economic performance in a wide variety of countries Directory of international business resources. The official EU page on the web. Links to Eurostats and member states. Search engine for locating published academic articles on a wide variety of topics. Web page of The Economist good source of information and data on countries and international business developments Web page of the World Trade Organisation (WTO)

Transferrable Skills

-Self-management: self-motivation, time management and critical self-reflection and evaluation of personal performance. -Interpersonal Skills: an ability to work collaboratively and constructively with others in seminars and outside of class in allocated groups. -Oral and written communication skills, negotiation skills and presentation skills. -Information technology skills will be developed through online communication and collaborative exercises using pedagogical online tools. -Analytical, evaluative and creative problem solving will be developed throughout the module experience but especially through case studies, seminar debates. -Using Turnitin software to improve writing style.

Module Structure

Activity Total Hours
Assessment (FT) 40.00
Seminars (FT) 12.00
Lectures (FT) 3.00
Independent Learning (FT) 145.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 70.00 35% E-portfolio of 3 entries: Contextualising and applying economic concepts to their workplace and wider business environment.Students' entries should demonstrate an understanding of the pertinent perspective on theory, and should include reference to published literature and other sources of evidence (2000 words equivalent)
Course Work 02 n/a 30.00 35% Individual 15-minute presentation (equivalent to 1500 words): An interactive presentation demonstrating understanding of current economic issues pertinent to the industry they are working in.