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BUSINESS ECONOMICS AWARD (ACCREDITED LEVEL 4)
 
BUSINESS ECONOMICS AWARD (ACCREDITED LEVEL 4)
 
£435.00
 

COURSE CODE 313


 

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.

Course Syllabus

Unit 1: An Introduction to Economics

  • Introduction
  • Objectives

Section 1: The Content of Economics

  • Introduction
  • 1.1 Defining economics
  • 1.2 The fundamental economic problem: scarcity
  • 1.3 The implications of scarcity
  • 1.4 Types of economy
  • 1.5 The general economic questions
  • 1.6 The distinction between microeconomics and macroeconomics
  • 1.7 Positive and normative statements
  • Summary

Section 2: The Production Possibility Boundary and its Implications

  • Introduction
  • 2.1 The Production Possibility Boundary (PPB)
  • Summary
  • Unit Summary
  • Recommended reading

Unit 2: The Elementary Theory of Allocation

  • Introduction
  • Objectives

Section 1: The Market and the Market Economy

  • Introduction
  • 1.1 Demand
  • 1.2 Supply
  • 1.3 Price
  • Summary

Section 2 Elasticity

  • Introduction
  • 2.1 Price elasticity of demand (PED)
  • 2.2 The income elasticity of demand (YED)
  • 2.3 Cross-elasticity of demand (CED)
  • 2.4 Price-elasticity of supply (PES)
  • Summary

Section 3: Market Failure

  • Introduction
  • 3.1 Types of market failure
  • 3.2 Types of government intervention
  • 3.3 Price-regulation (floors and ceilings)
  • 3.4. Taxes and subsidies
  • 3.5 A final note
  • Summary
  • Review Activity for Units 1 and 2
  • Unit summary
  • Recommended reading
  • Answer to Unit Review Activity for Units 1 and 2

Unit 3: The Theory of Production

  • Introduction
  • Objectives
  • Section 1: The Production Function
  • Introduction
  • 1.1 A simple production function
  • 1.2 Short-run and long-run production functions
  • Review Activity
  • Summary

Section 2: The Short Run

  • Introduction
  • 2.1 Output and factor inputs
  • 2.2 The relationship between marginal and average product
  • 2.3 The law of diminishing returns
  • 2.4 The relationship between total, average and marginal product
  • Review Activity
  • Summary

Section 3: Costs of production

  • Introduction
  • 3.1 Total cost of production
  • 3.2 Average total cost of production
  • 3.3 Marginal cost of production
  • Review Activity
  • Summary

Section 4: Short-run Cost Curves

  • Introduction
  • 4.1 Converting output data into cost data
  • 4.2 Total cost and total fixed cost
  • 4.3 Average variable cost and average product of labour
  • 4.4 Combining average variable cost and average fixed cost to calculate average total cost
  • 4.5 The marginal product of labour and marginal cost
  • 4.6 Average total cost and marginal cost
  • Review Activity
  • Summary

Section 5: Long-run Cost Curves

  • Introduction
  • 5.1 Marginal and average cost in the long run
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • Recommended Reading
  • Answers to Review Activities

Unit 4: Market Structures

  • Introduction
  • Objectives
  • Section 1: The Model of Perfect Competition
  • Introduction
  • 1.1 Assumptions about the model of perfect competition
  • 1.2 The perfectly competitive firm as a price taker
  • 1.3 What output will the individual firm produce?
  • 1.4 How much profit is made?
  • 1.5 Short-run equilibrium for the perfectly competitive firm
  • 1.6 Long-run equilibrium for the perfectly competitive firm
  • 1.7 The marginal cost curve, short-run supply and the shut-down condition
  • 1.8 The market supply curve and perfect competition
  • 1.9 Perfect competition and efficiency
  • 1.10 Reconsidering long-run equilibrium
  • Review Activity
  • Summary

Section 2: Monopoly

  • Introduction
  • 2.1 Monopoly and revenue curves
  • 2.2 Output and price under monopoly
  • 2.3 How much profit does the monopolist make?
  • 2.4 Sources of monopoly power
  • 2.5 An evaluation of monopoly and perfect competition
  • 2.6 Monopoly and price discrimination
  • Review Activity
  • Summary

Section 3: Imperfect Competition

  • Introduction
  • 3.1 Oligopoly and collusion
  • 3.2 The breakdown of collusion: "to cheat or not to cheat"
  • Review Activity
  • Summary

Section 4: Privatisation

  • Introduction
  • 4.1 The three forms of privatisation
  • 4.2 The objectives of privatisation
  • Review Activity
  • Summary
  • Unit review Activity
  • Unit Summary
  • References
  • Recommended Reading
  • Answers to Review Activities

Unit 5: The Theory of Distribution

  • Introduction
  • Objectives
  • Section 1: The income factors of production
  • Introduction
  • 1.1 Distribution of income in perfect markets
  • 1.2 Distribution of income in imperfect markets
  • Review Activity
  • Summary

Section 2: Wage determination in perfectly competitive labour markets

  • Introduction
  • 2.1 The supply of labour
  • 2.2 Elasticity of labour supply
  • 2.3 Economic rent and transfer earnings
  • 2.4 The demand for labour
  • 2.5 Will any workers be employed?
  • 2.6 The determinants of the demand for labour
  • Review Activity
  • Summary

Section 3: Wage determination in imperfect labour markets

  • Introduction
  • 3.1 Monopoly demand for labour
  • 3.2 Monopoly supply of labour
  • Review Activity
  • Summary

Section 4: The price of capital

  • Introduction
  • 4.1 The demand for capital
  • 4.2 Internal rate of return
  • 4.3 Supply of capital
  • Review activity
  • Summary

Section 5: The price of land

  • Introduction
  • Recommended Reading
  • Answers to Review Activities

Unit 6: Introduction to the Macroeconomy

  • Introduction
  • Unit Objectives

Section 1: National income accounts and measurement of national income

  • Introduction
  • 1.1 National income accounts
  • 1.2 Measurement of national income
  • 1.3 National income statistics and economic welfare
  • Review Activity
  • Summary

Section 2: National income determination and the circular flow of income

  • Introduction
  • 2.1 Circular flow of income
  • 2.2 Equilibrium national income
  • Review Activity
  • Summary

Section 3: Macroeconomic issues and controversies

  • Introduction
  • 3.1 Macroeconomic issues
  • 3.2 Objectives of government economic policy
  • 3.3 Macroeconomic debate
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • References
  • Answers to Review Activities

Unit 7: National Income Determination

  • Introduction
  • Unit Objectives

Section 1: Basic Keynesian model of national income determination

  • Introduction
  • 1.1 Components of aggregate demand
  • 1.2 Aggregate demand and equilibrium national income
  • 1.3 The multiplier
  • Review Activity
  • Summary

Section 2: Consumption and investment demand

  • Introduction
  • 2.1 Consumption demand
  • 2.2 Investment demand
  • Review Activity
  • Summary

Section 3: Keynesian model and fiscal policy

  • Introduction
  • 3.1 Keynesian model and unemployment
  • 3.2 Government budget
  • 3.3 Fiscal policy debate
  • Review Activity
  • Summary

Section 4: Imports and exports in the Keynesian model

  • Introduction
  • 4.1 Imports, exports and aggregate demand
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • Recommended Reading
  • Answers to Review Activities

Unit 8: The Role of Money and the Financial System

  • Introduction
  • Objectives

Section 1: Money and the Financial System

  • Introduction
  • 1.1 Money and the functions of money
  • 1.2 Outline of a financial system
  • 1.3 A model of credit creation
  • 1.4 The financial system
  • 1.5 The London money market
  • 1.6 The money supply
  • Review Activity
  • Summary

Section 2: Money Demand, Aggregate Demand and Money Market Equilibrium

  • Introduction
  • 2.1 Theories of the demand for money
  • 2.2 Money market equilibrium and aggregate demand
  • 2.3 Theories of inflation
  • Review Activity
  • Summary

Section 3: Monetary Policy

  • Introduction
  • 3.1 Monetary control techniques
  • 3.2 Interest rate control
  • 3.3 Problems of monetary control
  • 3.4 The monetarist experiment
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • References
  • Recommended Reading
  • Answers to Review Activities

Unit 9: National Income Determination and Aggregate Supply

  • Introduction
  • Unit Objectives
  • Section 1: Theories of aggregate supply
  • Introduction
  • 1.1 Classical theory of aggregate supply
  • 1.2 Keynesian theory of aggregate supply
  • Review Activity
  • Summary

Section 2: Short-run and long-run aggregate supply

  • Introduction
  • 2.1 Short-run aggregate supply
  • 2.2 Long-run aggregate supply
  • 2.3 Shifts in aggregate supply
  • 2.4 Macroeconomic equilibrium 537
  • Review Activity
  • Summary

Section 3: The Phillips curve

  • Introduction
  • 3.1 The Keynesians and the Phillips curve
  • 3.2 Monetarists and the Phillips curve
  • 3.3 Supply side policy
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • References
  • Answers to Review Activities

Unit 10: International Trade

  • Introduction
  • Objectives

Section 1: Why do Countries Trade?

  • Introduction
  • 1.1 Gains from trade
  • 1.2 The UK pattern of trade
  • 1.3 Trade restrictions
  • Review Activity
  • Summary

Section 2: The Exchange Rate

  • Introduction
  • 2.1 What is the exchange rate?
  • 2.2 Exchange rate quotes
  • 2.3 Alternative exchange rate regimes
  • 2.4 The real exchange rate
  • 2.5 The effective exchange rate
  • 2.6 The demand for exports and imports
  • 2.7 Foreign trade and income determination
  • Review Activities
  • Summary

Section 3: The Balance of Payments

  • Introduction
  • 3.1 What is the balance of payments?
  • 3.2 The current account
  • 3.3 The capital account
  • 3.4 Change in reserves
  • 3.5 General principles of correcting balance of payments problems
  • 3.6 Deficit problems
  • 3.7 The problem of a balance of payments surplus
  • 3.8 Surplus problems
  • Review Activity
  • Summary

Section 4: Recent Exchange Rate History

  • Introduction
  • 4.1 The Bretton Woods system
  • 4.2 The oil price shock
  • 4.3 The rise of sterling: 1976-81
  • 4.4 Reagonomics': 1981-5
  • 4.5 The shadowing of the DM
  • 4.6 The European Monetary System
  • 4.7 The exchange rate debate
  • Review Activity
  • Summary
  • Unit Review Activity
  • Unit Summary
  • Recommended Reading
  • Answer to Review Activities

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

What qualifications are awarded upon completion?

On completion of your course, you will receive two qualifications:

Course Requirements

There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.

Study Hours

This is only an approximate figure and is dependant upon how much time you can dedicate to your studies and how well you grasp the learning concepts in the course material. Furthermore, at the end of each lesson there is a question paper that needs to be completed and returned to your tutor. You should allow at least 1 - 2 hours of study to complete each question paper.

The approximate amount of time required to complete the course is: 110 hrs.

Additional Information

Assessment Method

After each lesson there will be a question paper, which needs to be completed and submitted to your personal tutor for marking. This method of continual assessment ensures that your personal tutor can consistently monitor your progress and provide you with assistance throughout the duration of the course.

What's Included

  • All study materials
  • Study Guide
  • Full Tutor and Admin support

Qualifications

On completion of your course, you will receive two certificates:
Certificate 1 is issued by Stonebridge Associated Colleges: Business Economics Diploma

Business Economics Diploma issued by Stonebridge Associated Colleges, to view a sample of the college’s award, please click here.
Certificate 2 is issued by ABC Awards: Level 4 Business Economics Certificate of Achievement

At the end of this course successful learners will receive a Certificate of Achievement by ABC Awards and a Learner Unit Summary (which lists the details of all the units you have completed as part of your course).

The course has been endorsed under the ABC Awards’ Quality Licence Scheme. This means that Stonebridge Associated Colleges have undergone an external quality check to ensure that the organisation and the courses it offers, meet certain quality criteria. The completion of this course alone does not lead to an Ofqual regulated qualification but may be used as evidence of knowledge and skills towards regulated qualifications in the future. The unit summary can be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this sector. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of difficulty involved in successful completion by the learner.

The course itself has been designed by Stonebridge Associated Colleges to meet specific learners’ or employers’ requirements. ABC Awards’ endorsement involves a robust and rigorous quality audit by external inspectors to ensure quality is consistently met. A regular review of courses is carried out as part of the endorsement process.


Who are ABC



ABC Awards is a leading national Awarding Organisation, regulated by Ofqual, and the Welsh Government[1]. They have a comprehensive portfolio of over 650 Ofqual regulated qualifications on the national Qualifications and Credit framework (QCF). It has a long-established reputation for developing and awarding high quality vocational qualifications across a wide range of industries. As a registered charity, ABC Awards combines 180 years of examination and assessment expertise but also implements a responsive, flexible and innovative approach to the needs of our customers.

Renowned for excellent customer service, and quality standards, ABC Awards also offers over 600 Ofqual regulated qualifications for all ages and abilities post-14; all are developed with the support of relevant stakeholders to ensure that they meet the needs and standards of employers across the UK.



Advantages of this distance learning course:
  • Home Study: you declare when you study, no need to attend class at fixed times and fixed dates. Your study hours fit around you!
  • We will post all the beautifully printed course materials to you. Everything is written in a clear and easy-to-understand format.
  • Start this course anytime of the year! No need to wait until the new academic year starts. Enroll today so soon you'll start improving your CV or re-skill for your new career.
  • Create your own study routine, learn at your own pace, complete your course as quickly or slowly as your circumstance dictate.
  • Your home learning is totally supported by experienced tutors who guide, encourage and assess your progress. You will not be alone because all our tutors are friendly and approachable.


BUSINESS ECONOMICS AWARD (ACCREDITED LEVEL 4)
 
BUSINESS ECONOMICS AWARD (ACCREDITED LEVEL 4)
 
 
£435.00
 

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