Fundamentals of Economics
EU Students
Non-EU Students
African Students
Asian Students
About
This Module covers the fundamental economic theories and concepts that are applied in decision-making in a business environment. You will gain an understanding of the economic environment and its effect on business organisations and their markets.
Upon completion of this module (equivalent to 7.5 ECTS credits), you will receive a certificate from NCC Education in the UK. You are also able to complete your diploma in business MQF Level 5. The whole diploma consists of 8 modules these are:
Essentials of Management, Fundamentals of Economics, Communication for Business, Understanding Business Organisations, Business Mathematics, Introduction to Finance, e-Business, Principles of Marketing.
Entry Requirements
- Holders of 4 O Levels Maths and English (Compulsory) and/or an ‘A’ level or an appropriate School Leaver’s
- Mature students, able to demonstrate over two years’ relevant work experience and have an ‘O’ Level/GCSE English and Maths or equivalent.
For candidates whose first language is not English:
- IELTS 5.5 or
- GCE ‘O’ Level English C6
Syllabus
- Introduction to economics and the basic tools of economic analysis
- Theory of demand and supply
- Introducing supply decisions
- Costs and supply
- Perfect competition and pure monopoly
- Market structure and imperfect competition
- Introduction to macroeconomics
- Output and aggregate demand
- Fiscal policy and foreign trade
- Money and banking
- Aggregate supply, prices and adjustment processes
- Inflation, expectations and credibility
Learning Outcomes
- Apply the basic tools of microeconomics and the theories of demand and supply
- Analyse the various forms of market structure
- Analyse the key components of macroeconomics
- Examine the monetary policy and its effect on the economy
Further Steps
Diploma in Business Year 1
