BIBM572 – Economics

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Module code
BIBM572
Module title
Economics
Prescription
Students will apply elements of economic theory to contemporary business issues
Programmes
  • BI1401
NZQA Level
Level 5
NZQA Credits
15
Delivery method
  • Web-Supported
Learning hours
Directed hours
64
Self directed hours
86
Total learning hours
150
Resources required
Learning Outcomes
1. Define the economic problem and demonstrate how the methodology of economics is
centred on the modelling process

2. Apply supply and demand concepts to a market system and identify the necessary
conditions for market economies to function well necessary conditions for market
economies to function well

3. Demonstrate and analyse models of firm behaviour and market structure in relation to
decision making processes making processes

4. Explain why free markets fail to achieve the social optimum and evaluate the intervention
of government in the market

5. Demonstrate an understanding of how the aggregate level of economic activity is
determined by using models and methods

6. Analyse the current and future impact of monetary, fiscal and exchange rate policies on
national income determination and the sectors that make up the economy

7. Describe the concepts of international trade, balance of payments and exchange rates
and evaluate their effects and the effects of changes in the global environment, on New
Zealand
Content
- Economic problems
- Opportunity cost
- Production possibility
- Demand & supply
- Market equilibrium
- Allocative efficiency
- Elasticity
- Revenue, cost structures and distinguishing features of perfect & imperfectly competitive
firms
- Resource allocation via the public sector
- International
- Balance of payments
- Terms of trade
- Exchange rates
- Circular flow and economic activity using relevant models and concepts
- Aggregate demand and supply
- Monetary policy
- Fiscal policy
- Monetary policy operations
- On-going monitoring of the NZ economy and its position
Teaching and Learning Strategy
Teaching will involve blended delivery methods incorporating the Moodle online delivery platform. Other delivery methods my involve theoretical and practical classes, face to face, lectures, tutorials, workshops, group activities, guest tutors, field trips, role-play, and video conferencing, as appropriate.
Assessment Criteria
Candidates must achieve a minimum result of 40 in the final examination of this module. They must also achieve a minimum C grade pass overall from all assessments to receive a passing grade for the module.
Learning and Teaching Resource
Required Text:
An extended reading list will be supplied by the tutor at commencement of the module. This will be updated annually.