Module Directory

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.

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.

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

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.

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.