Economics & Finance
| Module title | Economics & Finance |
|---|---|
| Module code | INT0064 |
| Academic year | 2023/4 |
| Credits | 30 |
| Module staff |
| Duration: Term | 1 | 2 | 3 |
|---|---|---|---|
| Duration: Weeks | 10 | 10 |
| Number students taking module (anticipated) | 60 |
|---|
Module description
All business managers should have a working knowledge of financial reporting and an understanding of the basic techniques of management accounting alongside an understanding of both micro-economics (howâ?¯individual units– a person, household, firm or government make economic decisions and how those decisions, coordinated by markets, affects the distribution and use of scarce resources)â?¯and macro-economics (theories and policies in relation to the economy as a whole).â?¯Introducing students to these key areas of study, this module includes consideration of financial statements. how to complete and interpret them, and how to understand and evaluate the financial performance and position of a business.â?¯
Module aims - intentions of the module
-
To introduce core concepts of micro-economics and macro-economics
-
To provide an introduction to financial and management accounting
-
To enable students to apply core concepts from 1-2 (above) to real world scenarios.
Intended Learning Outcomes (ILOs)
ILO: Module-specific skills
On successfully completing the module you will be able to...
- 1. Demonstrate an awareness of basic micro-economic concepts about scarce resources and choices that must be made in societies.
- 2. Demonstrate an awareness of basic macro-economic theories and policy in relation to the economy as a whole.
- 3. Demonstrate an awareness of different market structures.
- 4. Use appropriate management accounting techniques to analyze a business situation and use this information to guide rational business-based decision making.
- 5. Demonstrate a basic awareness of the fundamental concepts and principles of accounting in the preparation of financial statements.
- 6. Use ratios to analyse and interpret financial information.
ILO: Discipline-specific skills
On successfully completing the module you will be able to...
- 7. With guidance, analyse, synthesize and present appropriate information to assist with decision making.
- 8. Evaluate different approaches and procedures and apply them to practical situations.
ILO: Personal and key skills
On successfully completing the module you will be able to...
- 9. Develop confidence with numerical procedures.
- 10. Communicate information effectively using conventions appropriate to the discipline.
Syllabus plan
A 30 credit module, Economics and Finance features a range of study methods which typically include lectures, seminars, and self-study. The content of the module broadly consists of the interconnected study of Micro-economics, Macro-economics, and Financial and Management Accounting. By the end of the module, students will be able to demonstrate the intellectual, transferable and practicable skills appropriate to these topics and level of study. In particular students will be able to:
- Understand key terms, ideas, and concepts related to the subject of study
- Apply relevant theory to make business decisions
- Extract and synthesize information, create reports, and formulate a response to problem solving activities
- Practice the skills of independent learning and time management
Topics typically studied include:
- Markets, Demand, and Supply
- Markets in Action
- Market Structures
- Preparing & Interpreting Financial Statements and Ratios
- Macro-economic policy
- Investment Appraisal technique
Learning activities and teaching methods (given in hours of study time)
| Scheduled Learning and Teaching Activities | Guided independent study | Placement / study abroad |
|---|---|---|
| 90 | 210 |
Details of learning activities and teaching methods
| Category | Hours of study time | Description |
|---|---|---|
| Lectures and follow-up tasks | 20 | Lectures are pre-recorded allowing students opportunity to save, pause and re-watch them |
| Seminars | 70 | Seminars - these will be a mixture of class discussion and individual and group tasks |
| Guided independent Study | 210 | Reading and preparation for class discussion, research for assignment, exam revision, use of web materials |
Formative assessment
| Form of assessment | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|
| Exam-style questions, online tests, case studies and problem-solving activities | 1 - 2 hours weekly | 1-10 | Written and Verbal |
Summative assessment (% of credit)
| Coursework | Written exams | Practical exams |
|---|---|---|
| 30 | 70 |
Details of summative assessment
| Form of assessment | % of credit | Size of the assessment (eg length / duration) | ILOs assessed | Feedback method |
|---|---|---|---|---|
| Online Test | 20 | 2 hours | 1,3,9 | Written and Verbal |
| Written Report | 30 | Paired (1,500 words) | 6,7,8,10 | Written and Verbal |
| Examination | 50 | 2 hours | 2,4,5,10 | Written |
| 0 | ||||
| 0 | ||||
| 0 |
Details of re-assessment (where required by referral or deferral)
| Original form of assessment | Form of re-assessment | ILOs re-assessed | Timescale for re-assessment |
|---|---|---|---|
| Online Test (deferral) | Online Test | 1,3, 9 | Next assessment opportunity |
| Written Report (deferral) | Written Report - Paired (1,500 words) OR individual (as required) | 6,7,8,10 | Next assessment opportunity |
| Examination (deferral) | Examination | 2,4,5,10 | Next assessment opportunity |
| Referral Examination | Examination | 1-10 | Next assessment opportunity |
Re-assessment notes
Deferral – if you miss an assessment for reasons judged legitimate by the Mitigation Committee, the applicable assessment will normally be deferred. See ‘Details of re-assessment’ for the form that assessment usually takes. When deferral occurs, there is ordinarily no change to the overall weighting of that assessment.
Referral – if you have failed the module overall (i.e., a final overall mark of less than 40% achieved) you will be required to take a re-sit exam. Only your performance in this exam will count towards your final module grade. A grade of 40% will be awarded if the examination is passed.
Indicative learning resources - Basic reading
Basic Reading:
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Sloman, J. & Garratt, D. (2019) (8th ed.)Essentials of Economics. Pearson
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Carey, M. & Knowles, C. (2020) (4th ed.). Accounting: A Smart Approach. Oxford University Press
Indicative learning resources - Web based and electronic resources
Web-based and electronic resources:
-
ELE (the online learning platform) is an integral part of this course: further reading and links to related material are available there.
| Credit value | 30 |
|---|---|
| Module ECTS | 15 |
| Module pre-requisites | None |
| Module co-requisites | None |
| NQF level (module) | 3 |
| Available as distance learning? | No |
| Origin date | 16/02/2022 |
| Last revision date | 13/07/2023 |
