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Session: 2022/23

Last modified: 02/03/2021 11:58:37

Title of Module: Business Economics

Code: ECON07003 SCQF Level: 7
(Scottish Credit and Qualifications Framework)
Credit Points: 20 ECTS: 10
(European Credit Transfer Scheme)
School:School of Business & Creative Industries
Module Co-ordinator:James  Johnston

Summary of Module

The module, which has no pre-requisites, provides the student with an understanding of microeconomic and macroeconomic principles in an open economy context. Areas of study include: Organisational goals and their effects on the decisions made by managers of profit seeking and not for profit organizations; short run profit maximization, short run and long run units cost; basic market concepts including scarcity, choice and opportunity cost; the market system and the competitive process; the market process, the price mechanism, market structures; the macroeconomic framework, the monetary environment, macroeconomic objectives, the fiscal environment; the impact of government involvement in economic activities; the role of financial institutions and markets in the provision of short and long term finance to individuals, businesses and governmental organisations; the open economy, international trade, economic integration, the balance of payments.

Module Delivery Method
Face-To-FaceBlendedFully OnlineHybridCHybridOWork-based Learning
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Term used to describe the traditional classroom environment where the students and the lecturer meet synchronously in the same room for the whole provision.

A mode of delivery of a module or a programme that involves online and face-to-face delivery of learning, teaching and assessment activities, student support and feedback. A programme may be considered “blended” if it includes a combination of face-to-face, online and blended modules. If an online programme has any compulsory face-to-face and campus elements it must be described as blended with clearly articulated delivery information to manage student expectations

Fully Online
Instruction that is solely delivered by web-based or internet-based technologies. This term is used to describe the previously used terms distance learning and e learning.

Online with mandatory face-to-face learning on Campus

Online with optional face-to-face learning on Campus

Work-based Learning
Learning activities where the main location for the learning experience is in the workplace.

Campus(es) for Module Delivery
The module will normally be offered on the following campuses / or by Distance/Online Learning: (Provided viable student numbers permit)
Paisley:Ayr:Dumfries:Lanarkshire:London:Distance/Online Learning:Other:
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Term(s) for Module Delivery
(Provided viable student numbers permit).
Term 1check markTerm 2


Term 3


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Learning Outcomes: (maximum of 5 statements)

On successful completion of this module the student will be able to:

L1. Describe the relevance of economic principles to the decision-making process within the business context;

L2. Apply economic principles and techniques at a preliminary level to the Market System and the Competitive Process

L3. Explain the role of financial institutions and markets

L4. Identify how a market functions and the role of government within it.

L5. Describe the main features of the international economic environment and describe how these features affect the operation of the business in the UK.

Employability Skills and Personal Development Planning (PDP) Skills
SCQF Headings During completion of this module, there will be an opportunity to achieve core skills in:
Knowledge and Understanding (K and U) SCQF Level 7.

developing a broad knowledge of basic economic concepts, including scarcity, choice and opportunity cost ; an understanding of the main theories and principles of the market system and the competitive process

Practice: Applied Knowledge and Understanding SCQF Level 7.

applying the theory of supply and demand and marginal costs and prices to given scenarios

Generic Cognitive skills SCQF Level 7.

Explaining macroeconomic phenomena and the concept of balance of payments; distinguishing the nature of competition in different market structures,

Communication, ICT and Numeracy Skills SCQF Level 7.

Numeracy skills in calculating profit maximization, price elasticity of demand and supply

Autonomy, Accountability and Working with others SCQF Level 7.

Ability to work as part of a study/discussion group, to work to written instructions and to undertake limited research.

Pre-requisites: Before undertaking this module the student should have undertaken the following:
Module Code:
Module Title:
Co-requisitesModule Code:
Module Title:

* Indicates that module descriptor is not published.

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Learning and Teaching
This module is delivered by lecture / tutorial whereby new concepts can be introduced in the lecture, then developed and explored in tutorial. In addition, desk research, leading to discovery learning, will be required to complete the coursework assignment. The opportunity will also be made available for group discussion, leading to peer learning.
Learning Activities
During completion of this module, the learning activities undertaken to achieve the module learning outcomes are stated below:
Student Learning Hours
(Normally totalling 200 hours):
(Note: Learning hours include both contact hours and hours spent on other learning activities)
Lecture/Core Content Delivery24
Tutorial/Synchronous Support Activity10
Independent Study166
200 Hours Total

**Indicative Resources: (eg. Core text, journals, internet access)

The following materials form essential underpinning for the module content and ultimately for the learning outcomes:

N.G. Gregory Mankiw & M.P. Taylor, Economics, current edition, Cengage Learning

Begg, Vernasca, Fischer and Dornbusch, current edition, Economics, McGraw-Hill

(**N.B. Although reading lists should include current publications, students are advised (particularly for material marked with an asterisk*) to wait until the start of session for confirmation of the most up-to-date material)

Engagement Requirements

In line with the Academic Engagement Procedure, Students are defined as academically engaged if they are regularly engaged with timetabled teaching sessions, course-related learning resources including those in the Library and on the relevant learning platform, and complete assessments and submit these on time. Please refer to the Academic Engagement Procedure at the following link: Academic engagement procedure

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Supplemental Information

Programme BoardManagement, Organisations & People
Assessment Results (Pass/Fail) No
Subject PanelManagement, Organisations & People
ModeratorDr. F. Gemech
External ExaminerJ Embery
Accreditation Details This module contributes to the exemptions from various professional exams attributable to the Bachelor of Accounting Degree. Contact School for current details.
Version Number


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Assessment: (also refer to Assessment Outcomes Grids below)
Assessment is by a class test worth 30% of the total. Note that the pass mark for this element is 40%, but where the overall module mark is 40% or more a mark of 35% or over will be counted as a pass.
One closed book, two hour exam worth 70% of the total mark. Note that the pass mark for this element is 40%, but where the overall module mark is 40% or more a mark of 35% or over will be counted as a pass.
(N.B. (i) Assessment Outcomes Grids for the module (one for each component) can be found below which clearly demonstrate how the learning outcomes of the module will be assessed.
(ii) An indicative schedule listing approximate times within the academic calendar when assessment is likely to feature will be provided within the Student Handbook.)

Assessment Outcome Grids (Footnote A.)

Component 1
Assessment Type (Footnote B.) Learning Outcome (1) Learning Outcome (2) Learning Outcome (3) Learning Outcome (4) Learning Outcome (5) Weighting (%) of Assessment ElementTimetabled Contact Hours
Class test (written)check markcheck mark   301

Component 2
Assessment Type (Footnote B.) Learning Outcome (1) Learning Outcome (2) Learning Outcome (3) Learning Outcome (4) Learning Outcome (5) Weighting (%) of Assessment ElementTimetabled Contact Hours
Unseen closed book (standard)  check markcheck markcheck mark702
Combined Total For All Components100% 3 hours

A. Referred to within Assessment Section above
B. Identified in the Learning Outcome Section above

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  1. More than one assessment method can be used to assess individual learning outcomes.
  2. Schools are responsible for determining student contact hours. Please refer to University Policy on contact hours (extract contained within section 10 of the Module Descriptor guidance note).
    This will normally be variable across Schools, dependent on Programmes &/or Professional requirements.

Equality and Diversity
To complete this module successfully, access to appropriate ICT facilities will be required to enable the student to engage with VLE (Blackboard) for lecture notes, tutorial questions, additional study materials, as well as complete a typed coursework (approx 1500 words).
In addition, the student would normally be required to undertake a two hour, closed book, hand written exam. Where identified, appropriate arrangements will be made for additional assessment time and facilities.

UWS Equality and Diversity Policy
(N.B. Every effort will be made by the University to accommodate any equality and diversity issues brought to the attention of the School)

2014 University of the West of Scotland

University of the West of Scotland is a Registered Scottish Charity.

Charity number SC002520.