Business Economics Introductory Lecture PDF

Business Economics: Introductory Lecture Welcome to the introductory lecture for Business Economics, Week 1, Session 1. This module, led by lecturer Dr. Julia Hudson, however, only this week by Assaad Dib, will provide an overview of the module expectations, requirements and an introductory framewo...

Business Economics: Introductory Lecture Welcome to the introductory lecture for Business Economics, Week 1, Session 1. This module, led by lecturer Dr. Julia Hudson, however, only this week by Assaad Dib, will provide an overview of the module expectations, requirements and an introductory frameworks to understand business economics and their application to business decision-making. Today's Session Overview 1 Introductions Meet your lecturer and fellow students 2 Module Overview Get an understanding of the course structure and content 3 Expectations Learn what to expect from this module 4 Introductory Lecture Begin exploring core business economics concepts through two useful thinking frameworks Learning Outcomes 1 Module Focus Describe the focus, delivery structure and aims of this module 2 Success Factors Begin to identify the factors that will contribute to your success in this module 3 Business Economics Discuss the concept of Business economics at an introductory level Part 1 A: Cracking the Code to Success: Mastering Your Business Economics Module Specifications Module Aims Module Learning Outcomes Module Topics Expectations of Tutors and Students Assessment Details Learning Materials and Resources Academic Integrity and Deadlines Support Available Understanding these specification details will be the "secret to your success" in this module, equipping you with the knowledge to effectively navigate the course requirements. Module Details Credit Value 20 Level 5 Academic Year 2024-25 Academic Partner Oxford Business College Contact Information Role Name Email Module Leader TBC TBC Module Tutor Dr. Julia Hudson TBC Subject Librarian TBC TBC Module Aims 1 Economic Environment Awareness Develop an awareness of the economic environment in which business operates, within a local, national and international setting. 2 Transferable Knowledge Acquire transferable knowledge and develop key skills in areas of economic analysis. 3 Analysis Techniques Develop awareness of the range of techniques/methodologies used in analysing information and synthesising data about the economic environment. 4 Global Business Understanding Build awareness of the role played by international institutions and national governments in the global business arena. Module Learning Outcomes Economic Analytical Tools Government's Role Economic Data Frameworks Define and apply Critically evaluate a Assess the significance of Analyse and critically appropriate analytical government's role in the economic data within the evaluate economic tools for identifying and economic arena. business environment and frameworks and their role developing business be able to use appropriate in the development of opportunities. techniques. business strategies. Communication Articulate and communicate effectively information about complex economic and political issues. Module Topics Business Economics and Main Market Demand Supply Environment Organisations Structures and Equilibrium This topic explores the This topic examines the This topic discusses This topic examines the complex environment relationship between various market structures, concepts of demand and surrounding businesses, economics and how such as perfect supply, including how including factors like organizations operate, competition, monopoly, they interact to establish competition, regulations, including decision- and oligopoly, and their market equilibrium. and market trends. making and resource impact on business allocation. operations. Price Elasticity and Costs and Profit Flow of Income and Money and Income Elasticity Maximisation Balance of Securitisation This topic explores the This topic delves into the Payment This topic introduces the concepts of price and calculation and This topic analyzes the concept of money and its income elasticity, management of costs, flow of income within an role in an economy, measuring how changes aiming to maximize profit economy and the balance including the process of in price and income affect through cost-benefit of payments, which tracks securitization, demand. analysis and efficiency. a country's transactions transforming assets into with the rest of the world. marketable securities. Inflation and Monetary and International Trade Unemployment Fiscal Policy and Exchange Rate This topic explores the This topic analyzes the This topic examines economic concepts of tools and strategies international trade and inflation and employed by the role of exchange rates unemployment, analyzing governments to influence in facilitating cross- their causes, effects, and the economy, including border transactions and potential solutions. monetary and fiscal influencing economic policies. growth. Expectations of Tutors 1 Communication Effective communication on relevant information on the module via emails 2 Learning Materials Lecture materials and seminar activities available on UWLFlex, before a schedule seminar time. 3 Assessment Feedback Provision of assessment marks and relevant feedback on submitted work, within 15 working days after submission. Expectations of Students 1 Attendance Attend all seminar sessions 2 Preparation Participate and prepare any activities as per instruction. 3 Engagement Ready and willing to engage in group presentations and other collaborative activities 4 Communication Communicate any absence via email before a schedule seminar time. Student Conduct 1 Professional Behaviour 2 Assessment Submission Behave in a professional manner in classes and All assessments should be attempted and submit cause no disruption to others' learning within the deadline, accounting for any experience exceptional circumstance(s). Assessment Preparation 1 Formative Feedback There will be ongoing, feedforward guide on the assessment from each topic discussed in class. 2 Assessment Support General revision sessions and mock exams will be provided to help students prepare for their assessments. 3 Feedback on Drafts Formative feedback will be provided on draft submissions for Assessment 2 during seminars. Assessment Overview 1 Formative Assessment Ongoing, feedforward guide on the assessment from each topic discussed in class 2 Summative Assessment 1: Online Test Week 9, 40 Multiple choice Questions, 50% weighting 3 Summative Assessment 2: Written Report Week 14, 1500 words (+-10%), 50% weighting Summative Assessment Overview In-class test 1 hour and 30 mins 50% weighting 40% pass mark Week 9 Written Report 1500 words 50% weighting 40% pass mark Week 13 Assessment 1: Multiple- Choice Question Test 1 Format Online In-class Test 2 Timing Week 9 (during the seminar time) 3 Learning Outcomes Assessed LO1, LO 2, LO4 4 Weighting 50% of total module grade 5 Feedback Within 15 working days after submission Assessment 2: Written Report 1 Topic Economic analysis of Covid-19 impact on a selected business industry 2 Focus Areas Employment, technology, and relevance for international trade 3 Learning Outcomes Assessed LO1, LO 2, LO4 and LO5 4 Weighting 50% of total module grade 5 Submission Week 14 via Online Submission (Turnitin) 6 Format 1500 words (+-10%) written report Assessment 2 Report Structure Executive Summary (5%) 1 Brief overview of the report's key findings 2 Introduction (10%) Context and background of the chosen industry Economic Analysis - Employment 3 (25%) Impact of Covid-19 on employment patterns in the industry 4 Economic Analysis - Technology (25%) Technological adaptations in response to Industry Expansion and 5 Covid-19 International Trade (20%) Possibilities for growth and relevance to global markets 6 Conclusion and Recommendation (10%) Summary of findings and suggested Overall Structure and Presentation 7 strategies (5%) Including proper referencing and academic writing Assessment Support Schedule 1 Week 6 General Revision No prior preparation needed 2 Week 7 Mock Exam Follow revision guide 3 Week 11 General Revision No prior preparation needed 4 Week 12 Formative Feedback Submit draft of Assessment 2 Learning Materials 1 Reading Lists Available on Blackboard in the module area and online by searching readinglists. 2 Subject Guides Available to help you find relevant information for assignments, with contact details of the Subject Librarian for your School. 3 Online Library - Perlego Students will have unlimited access to over 1 million books on the Perlego platform. 4 Campus Libraries and IT Labs Physical resources available on campus for student use. Academic Integrity Definition Academic Integrity means avoiding plagiarism and cheating and owning your own work. Plagiarism Submitting work which is not completely your own without acknowledging the author or properly referencing the original source. Essay Mills and AI Content The use of essay mills and AI content is also considered academic misconduct. Consequences Failure to meet these standards of behaviour and practice is academic misconduct, which can result in penalties being applied under the Academic Offences Regulations. Meeting Deadlines 1 On-Time Submission Always try your best to submit your work on time. 2 Extension Allows you to submit coursework up to 10 calendar days late without penalty. 3 Mitigation Allows you a further attempt without penalty if you fail an assessment or do not submit. 4 Self-Certification You can self-certify three assessments per academic year without providing evidence. Getting Support Academic Support Personal Tutors Module Leaders Subject Librarians Course Leaders Student Support Counselling services Welfare officers Mental health support Additional Resources UWLSU & OBC Advice Service Online support resources Student Hub Oxford Business College Support 1 Mission Statement "To provide each learner with the most positive learning experience" 2 Supportive Environment Staff are committed to providing a supportive and responsive experience from initial inquiry to course completion. 3 Personalized Approach The College takes pride in its student support, guidance and wellbeing, complemented by the ethos that every student is an individual. 4 Academic and Professional Development The College offers personal tutorials, a mentor system, and pastoral care to support students' academic and professional development. Oxford Business College Support 1 Personalized Approach 2 Comprehensive Support Oxford Business College takes pride in its student Staff are committed to providing each learner support, guidance and wellbeing, complemented with the most positive learning experience, from by our ethos that every student is an individual. initial inquiry to course completion and progression. 3 Development Opportunities 4 Welfare Services The College offers Academic and Professional Counselling and welfare services are available to Development (APD) support, including personal all students facing personal, mental health issues, tutorials, a mentor system, and pastoral care. or any other issues that may affect their studies and wellbeing. Data Protection Personal Data Use Personal data collected on forms will be used for the purpose of considering your mitigation or extension and will be retained on your file. Support Identification We may use this information to identify support or services which would be beneficial to you. Information Sharing The information provided will not be shared beyond those processing the mitigation or extension. Privacy Notice For further information, please see the Privacy notice for students available at uwl.ac.uk/about-us/policies-andregulations/privacy-and- data-protection. Additional Resources Reading Lists Access module-specific reading lists on Blackboard Online Library Use Perlego for unlimited access to over 1 million books Campus Facilities Utilize campus libraries and IT labs for your studies Support Services Access various support services for academic and personal guidance Framework for Understanding Business and Economics- Part 1B] This section of the learning session will explore the importance and functions of frameworks in understanding business economics. What is a Framework? 1 Structured Approach 2 Identify Key Components A framework is a structured approach that helps In the context of Business and Economics, a in understanding, analysing, and organising framework allows us to identify key components concepts and ideas. (e.g., supply, demand, market forces). 3 Connect Relationships 4 Guide Decision-Making Frameworks help us connect relationships They guide decision-making by evaluating how between those components. these components interact in real-world situations. Why is a Framework Important? Logical Structure Identify Patterns Anticipate Changes It provides a logical structure to Helps in identifying patterns and Allows businesses to anticipate understand complex economic making informed business changes in the market by environments. decisions. understanding forces like scarcity, supply and demand, and price mechanisms. Function of a Framework in Business Economics Organises Concepts Breaks down complex economic problems into manageable elements (e.g., the role of a firm, market structures). Analyses Interactions Explains how factors like scarcity, supply, demand, and competition interact. Supports Strategic Decision-Making Helps businesses and policymakers make decisions about resource allocation, pricing strategies, and market positioning. The Business Framework 1 Inputs Raw materials, people, technology 2 Transformation Production processes, innovation 3 Outputs Goods and services Business is the transformation of inputs into outputs: raw materials, labour, and capital are turned into goods and services. The process involves key components as shown above. Businesses operate within a broader environment (markets, regulations, global competition). Key Functions of a Business Primary Goal Stakeholder Interaction Resource Management The primary goal of a business is to Businesses interact with different Efficiency and effectiveness are create value and achieve specific stakeholders (owners, employees, key to managing resources. objectives (profit, growth, customers, suppliers). customer satisfaction). The Economic Framework 1 Scarcity 2 Supply and Demand Limited resources, which create the need for Forces that determine prices and quantities in the economic choices. market. 3 Market Equilibrium 4 Aggregate Forces Where supply meets demand, leading to stable The economy consists of aggregate forces: prices. supply and demand in various sectors. Interconnection of Business and Economics Business Decisions Economic Influences Market signals Interest rates Competition Inflation Consumer demand Trade policies Businesses make decisions within an economic framework, responding to market signals like prices, competition, and consumer demand. The success of a business is influenced by economic forces (interest rates, inflation, trade policies).