MA127-4-FY-CO:
Economics for Actuaries

The details
2024/25
Mathematics, Statistics and Actuarial Science (School of)
Colchester Campus
Full Year
Undergraduate: Level 4
Current
Thursday 03 October 2024
Friday 27 June 2025
30
10 May 2024

 

Requisites for this module
(none)
(none)
(none)
(none)

 

(none)

Key module for

BSC N233 Actuarial Science (Including Placement Year),
BSC N323 Actuarial Science,
BSC N323DF Actuarial Science,
BSC N324 Actuarial Science (Including Year Abroad),
BSC N325 Actuarial Science (Including Foundation Year),
MSCIN399 Actuarial Science and Data Science,
BSC N333 Actuarial Studies,
BSC N334 Actuarial Studies (Including Placement Year),
BSC N335 Actuarial Studies (Including Year Abroad)

Module description

This module introduces students to the core economic principles and how these can be used in a business environment to help decision making and behaviour.


In the first half of the module, it provides the fundamental concepts of microeconomics that explain how economic agents make decisions and how these decisions interact. In the second half, the module explores the principles underlying macroeconomics that explain how the economic system works, where it fails and how decisions taken by economic agents affect the economic system.

Module aims

The aims of this module are:



  • To show a systematic knowledge and critical awareness of economic theory in the areas of syllabus covered by the subject.

  • To apply a range of techniques to solve problems in the areas of syllabus covered by the subject.

  • To understand the relevance of economic theory to the business environment and the links between economic theory and its application in business.

  • To appreciate recent developments and methodologies in economics.

  • To apply basic microeconomic theory to business problems.

Module learning outcomes

By the end of the module, students will be expected to:



  1. Understand the core economic concepts

  2. Apply elementary economic principles to the analysis of problems in both microeconomics and macroeconomics

  3. Understand how decisions are made by individuals, firms and governments

  4. Demonstrate the knowledge of markets with perfect competition, imperfect competition and monopoly

  5. Evaluate the appropriateness of various types of government intervention

  6. Demonstrate the knowledge of globalisation and understand the importance of international trade

  7. Describe and evaluate the macroeconomic environment

  8. Describe various types of macroeconomic policy and evaluate their appropriateness

  9. Understand the recent macroeconomic history

Module information

This module covers 100% of the required material in the Business Economics (CB2) syllabus accredited by the Institute and Faculty of Actuaries (IFoA ).


The syllabus includes:



  • Economic models and recent historical applications.

  • Microeconomics – the behaviour of consumers, firms and markets.

  • Macroeconomics – relationships between governments, markets and firms, government policies and international trade.

Learning and teaching methods

Teaching in the School will be delivered using a range of face to face lectures, classes, and lab sessions as appropriate for each module. Modules may also include online only sessions where it is advantageous, for example for pedagogical reasons, to do so.

Bibliography*

The above list is indicative of the essential reading for the course.
The library makes provision for all reading list items, with digital provision where possible, and these resources are shared between students.
Further reading can be obtained from this module's reading list.

Assessment items, weightings and deadlines

Coursework / exam Description Deadline Coursework weighting
Coursework   Assignment 1 (Autumn term)     
Coursework   Assignment 2 (Spring term)     
Exam  Main exam: In-Person, Open Book (Restricted), 180 minutes during Summer (Main Period) 
Exam  Reassessment Main exam: In-Person, Open Book (Restricted), 180 minutes during September (Reassessment Period) 

Exam format definitions

  • Remote, open book: Your exam will take place remotely via an online learning platform. You may refer to any physical or electronic materials during the exam.
  • In-person, open book: Your exam will take place on campus under invigilation. You may refer to any physical materials such as paper study notes or a textbook during the exam. Electronic devices may not be used in the exam.
  • In-person, open book (restricted): The exam will take place on campus under invigilation. You may refer only to specific physical materials such as a named textbook during the exam. Permitted materials will be specified by your department. Electronic devices may not be used in the exam.
  • In-person, closed book: The exam will take place on campus under invigilation. You may not refer to any physical materials or electronic devices during the exam. There may be times when a paper dictionary, for example, may be permitted in an otherwise closed book exam. Any exceptions will be specified by your department.

Your department will provide further guidance before your exams.

Overall assessment

Coursework Exam
20% 80%

Reassessment

Coursework Exam
20% 80%
Module supervisor and teaching staff
Dr Junlei Hu, email: j.hu@essex.ac.uk.
Dr Junlei Hu
maths@essex.ac.uk

 

Availability
Yes
No
Yes

External examiner

No external examiner information available for this module.
Resources
Available via Moodle
Of 30 hours, 30 (100%) hours available to students:
0 hours not recorded due to service coverage or fault;
0 hours not recorded due to opt-out by lecturer(s), module, or event type.

 

Further information

* Please note: due to differing publication schedules, items marked with an asterisk (*) base their information upon the previous academic year.

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