Business Economics Introductory Lecture Week 1

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Questions and Answers

What is a key focus of the Business Economics module?

Developing marketing strategies

Understanding employee behavior

Enhancing customer service skills

Awareness of the economic environment (correct)

Which of the following is NOT a learning outcome of the module?

Identifying success factors in the module

Describing module focus and structure

Discussing business economics concepts

Mastering advanced statistical analysis (correct)

What is essential for success in the Business Economics module?

Networking with finance professionals

Understanding module specifications (correct)

Practical experience in banking

Memorizing all economic theories

Who will lead the introductory lecture of the Business Economics module?

Assaad Dib Signup and view all the answers

What level is the Business Economics module designated?

Level 5 Signup and view all the answers

Which aspect will NOT be covered in the introductory lecture?

Advanced international trade theories Signup and view all the answers

What type of knowledge does the module aim to provide?

Transferable knowledge and key skills Signup and view all the answers

Which institution plays a role in the global business environment, according to the module aims?

International institutions and national governments Signup and view all the answers

What is the weighting of the Online Test in Summative Assessment 1?

50% Signup and view all the answers

What is the word count requirement for the Written Report?

1500 words Signup and view all the answers

Which Learning Outcomes are assessed in both the Online Test and the Written Report?

LO1, LO2, LO4 Signup and view all the answers

When is the Written Report due for submission?

Week 14 Signup and view all the answers

What percentage of the Written Report is dedicated to 'Economic Analysis - Technology'?

25% Signup and view all the answers

How long is the duration of the In-class test in Summative Assessment?

1 hour 30 mins Signup and view all the answers

What is the minimum pass mark for the assessments?

40% Signup and view all the answers

What type of feedback will be provided after the submission of Assessment 2?

Within 15 working days Signup and view all the answers

What do inflation and unemployment analysis primarily focus on?

Causes, effects, and potential solutions Signup and view all the answers

What types of policies are analyzed under the topic of Monetary and Fiscal Policy?

Monetary and fiscal policies Signup and view all the answers

How do exchange rates impact international trade?

They facilitate cross-border transactions Signup and view all the answers

Which expectation is placed on students regarding participation in seminars?

Students must actively engage and prepare Signup and view all the answers

What is emphasized for effective communication in the learning context?

Email communication regarding important announcements Signup and view all the answers

What does formative feedback provide to students?

Insights into their academic strengths and weaknesses Signup and view all the answers

Regarding assessment submissions, what is an expectation set forth for students?

All assessments must be submitted on time Signup and view all the answers

Which aspect is NOT part of students' expectations during the course?

Ignoring emails related to coursework Signup and view all the answers

What is the primary goal of the personalized approach taken by Oxford Business College?

To treat every student as an individual Signup and view all the answers

What type of support does the Academic and Professional Development (APD) encompass?

Personal tutorials and a mentor system Signup and view all the answers

What is the main purpose of retaining personal data according to the college's policy?

To consider mitigation or extension requests Signup and view all the answers

What support service is available for students facing personal or mental health issues?

Counselling and welfare services Signup and view all the answers

Which of the following resources can students access for academic purposes?

Perlego for unlimited books Signup and view all the answers

How does a framework assist in the context of Business and Economics?

By allowing identification of key components like supply and demand Signup and view all the answers

What does Oxford Business College prioritize in its student support services?

Providing a comprehensive support experience Signup and view all the answers

Which of the following is NOT a component of the student support highlighted by Oxford Business College?

Financial loans Signup and view all the answers

What is the primary focus of the topic 'Business Environment'?

The factors influencing the operational environment of businesses. Signup and view all the answers

Which market structure is characterized by a single seller dominating the market?

Monopoly Signup and view all the answers

What does the topic of 'Price Elasticity' primarily measure?

How demand changes in relation to price changes. Signup and view all the answers

What is assessed within the topic 'Economic Data'?

The significance of economic data in business strategy development. Signup and view all the answers

Which of the following describes an oligopoly?

A market structure with a few large firms dominating. Signup and view all the answers

What does the term 'Flow of Income' refer to in an economy?

The distribution of earnings among households and businesses. Signup and view all the answers

What role does the government play in the economic arena according to the module outcomes?

Regulating competition and enforcing laws. Signup and view all the answers

What is the purpose of using analytical tools in identifying business opportunities?

To apply methods that enhance decision-making and resource allocation. Signup and view all the answers

Study Notes

Module Overview

Introduced by Dr. Julia Hudson and Assaad Dib, focusing on Business Economics.
Covers expectations, requirements, and introductory frameworks for application in business decision-making.

Learning Outcomes

Understand the module structure, content, and success factors.
Discuss introductory concepts of Business Economics.

Module Specifications

Credit Value: 20
Level: 5
Academic Year: 2024-25
Academic Partner: Oxford Business College

Module Aims

Develop awareness of the local, national, and international economic environment.
Acquire knowledge and skills in economic analysis.
Learn various analysis techniques for synthesizing economic data.
Understand the impact of international institutions and governments on global business.

Key Modules Topics

Business Environment: Factors affecting business operations, such as competition and regulations.
Economics and Organizations: Relationship between economics and organizational decision-making.
Market Structures: Understanding perfect competition, monopoly, and oligopoly effects on businesses.
Demand and Supply: Exploring interaction and equilibrium in market trends.
Price and Income Elasticity: Measuring impact of price/income changes on demand.
Costs and Profit Maximization: Strategy for managing costs effectively to enhance profits.
Flow of Income: Analyzing national economic transactions and their global implications.
Monetary and Fiscal Policy: Tools used by the government to influence economic performance.
International Trade and Exchange Rates: Understanding cross-border transactions and their economic significance.

Expectations of Tutors

Maintain effective communication regarding module content.
Ensure learning resources are available prior to seminars.
Provide prompt feedback on assessments within 15 working days.

Expectations of Students

Attend all scheduled seminar sessions.
Prepare and actively engage in class activities.
Communicate any absences via email.

Student Conduct

Maintain professionalism in class and avoid disruptions.
Submit all assessments on time while considering any exceptions.

Assessment Overview

Formative Assessment: Ongoing feedback throughout the course.
Summative Assessment 1: Online test at Week 9, comprising 40 multiple choice questions, weighted at 50%.
Summative Assessment 2: Written report due in Week 14, 1500 words (+-10%), also weighted at 50%.

Assessment 2 Details

Topic involves economic analysis of Covid-19 impacts on a specific industry.
Focus areas include employment patterns, technological adaptations, and implications for international trade.
Structured components to include executive summary, introduction, economic analyses (employment and technology), and conclusion.

Assessment Support Schedule

General revision sessions provided in Weeks 6 and 11.
Mock exams scheduled for Week 7.
Draft feedback for Assessment 2 available in Week 12.

Learning Materials

Access reading lists on Blackboard; includes comprehensive resources for studies.
Utilize campus facilities like libraries and IT labs.

Framework Understanding

Frameworks facilitate organizing and analyzing concepts in Business and Economics, as seen with supply, demand, and market forces.

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Description

This introductory lecture for Business Economics, led by Dr. Julia Hudson, outlines the module expectations and frameworks for understanding business economics. It serves as a foundation for applying economic principles to business decision-making. Engage with your lecturer and peers to enhance your learning experience.