Module ACCT1127: Economics for Accounting

Department: Accounting

ACCT1127: Economics for Accounting

Prerequisites

• None

Corequisites

• None

Excluded Combination of Modules

• None

Aims

• To introduce the basic principles of microeconomics and macroeconomics.

Content

• Fundamental issues in economics.
• Basic principles of microeconomics: The market forces of supply and demand; The concepts of elasticity of supply and demand and market equilibrium; The free market system as a means of allocating resources within the economy; Government intervention; Costs, revenues and profit maximisation; Market structures: perfect competition and imperfect competition; Barriers to entry and price discrimination; Input markets: labour.
• Basic principles of macroeconomics: Equilibrium in the economy; Measuring national income and the standard of living; Causes of economic growth and the economic cycle; Aggregate demand, aggregate supply and the price level; Money, banking and monetary policy; Unemployment: causes, costs and reduction; Inflation: causes, problems and control; International trade, balance of payments and protectionism; Determinants of exchange rates and the effects of changes in exchange rates on an economy.

Learning Outcomes

• On completion of this module students should be able to:
• Understand the basic principles of economics.
• Able to apply economic frameworks to the analysis of decision making by producers and/or consumers.
• Able to construct and explain fundamental macro-economic models and interrelationships and how they are affected by change.

• On completion of this module students should be able to:
• Able to explain key theories in microeconomics.
• Able to explain key theories in macroeconomics.
• Use appropriate techniques for economic analysis.

• Planning, organisation and time management
• Written communication
• Problem solving
• Computer literacy and information retrieval

Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module

• Teaching is by lectures and seminars. Learning takes place through attendance at lectures, preparation for and participation in seminar classes, and independent study.
• Formative assessment is by completion of a practice test.
• Summative assessment is by means of a written examination.

Teaching Methods and Learning Hours

Summative Assessment

Formative Assessment:

Practice test

■ Attendance at all activities marked with this symbol will be monitored. Students who fail to attend these activities, or to complete the summative or formative assessment specified above, will be subject to the procedures defined in the University's General Regulation V, and may be required to leave the University