Business Economics
Stonebridge College.
Summary
Overview
Economics is the study of scarcity and the consequences of scarcity. Individuals, households, businesses and nations all experience some level of scarcity, in that they do not possess all the resources to satisfy all their wants and needs. Decisions have to be made to balance those scarce resources in order to improve what can be achieved with them.
Individuals have to decide how to spend their income, household budgets have to be managed, business need to deploy their resources in order to ensure their profitability and governments need to consider the best possible balance of spending to meet the needs of competing groups within society.
Economics is concerned with how these decision are made, with how the resources of a nation or a business are allocated and utilised in the production of goods and services, and with how the rewards of these activities are distributed.
Description
Syllabus
Unit 1: An Introduction to Economics
Section 1: The Content of Economics
Section 2: The Production Possibility Boundary and its Implications
Unit 2: The Elementary Theory of Allocation
Section 1: The Market and the Market Economy
Section 2: Elasticity
Section 3: Market Failure
Unit 3: The Theory of Production
Section 1: The Production Function
Section 2: The Short Run
Section 3: Costs of production
Section 4: Short-run Cost Curves
Section 5: Long-run Cost Curves
Unit 4: Market Structures
Section 1: The Model of Perfect Competition
Section 2: Monopoly
Section 3: Imperfect Competition
Section 4: Privatisation
Unit 5: The Theory of Distribution
Section 1: The income factors of production
Section 2: Wage determination in perfectly competitive labour markets
Section 3: Wage determination in imperfect labour markets
Section 4: The price of capital
Section 5: The price of land
Unit 6: Introduction to the Macroeconomy
Section 1: National income accounts and measurement of national income
Section 2: National income determination and the circular flow of income
Section 3: Macroeconomic issues and controversies
Unit 7: National Income Determination
Section 1: Basic Keynesian model of national income determination
Section 2: Consumption and investment demand
Section 3: Keynesian model and fiscal policy
Section 4: Imports and exports in the Keynesian model
Unit 8: The Role of Money and the Financial System
Section 1: Money and the Financial System
Section 2: Money Demand, Aggregate Demand and Money Market Equilibrium
Section 3: Monetary Policy
Unit 9: National Income Determination and Aggregate Supply
Section 1: Theories of aggregate supply
Section 2: Short-run and long-run aggregate supply
Section 3: The Phillips curve
Unit 10: International Trade
Section 1: Why do Countries Trade?
Section 2: The Exchange Rate
Section 3: The Balance of Payments
Section 4: Recent Exchange Rate History
Resources
1.1 Some reflections on morality and capitalism
8.1 The Demand for Money: Problems and Issues
8.2 Monetary targets - a short history
8.3 Macroeconomic Policy since 1979
9.1 Schools brief: A Cruise around the Phillips curve
On completion of your course, you will receive the dual award:
Award 1 is issued by Stonebridge Associated Colleges: Business Economics Diploma
Award 2 is issued by our Awarding Body: Level 4 Business Economics Award
At the end of this course successful learners will also receive a Level 4 NCFE Award Certificate of Achievement. Our course has been accredited under our NCFE IIQ Licence and the course measurable learning outcomes have been benchmarked at Level 4 (using Ofqual's Qualification and Credit Framework (QCF) level descriptors) to allow you to consider the depth of study, difficulty, and level of achievement involved.
Requirements
There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.
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