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ECONOMICS (INTRODUCTION) BBS111

Duration (approx) 100 hours
Qualification To obtain formal documentation the optional exam(s) must be completed which will incur an additional fee of £30 inc VAT. Alternatively, a letter of completion may be requested.

 

This study gives students a sense of why costs, budgets, wealth etc change. When an individual or a manager understands the forces that cause assets to increase or decrease in value, or for costs to change – they then have a basis for seeing trouble before it comes and averting that trouble – or for seeing opportunities ahead of time, and reacting to their advantage.  In essence, economics raises financial awareness…. So anyone who can do better by being more financially aware can benefit.

This course is for:

Small-business owners
Business Advisory
Entrepreneurial Business Owner
Product Manager
Business Transition Specialist
Accounting personnel
Commercial Asset Managers
Bookkeepers & Finance Administrators
Stakeholder Managers
Legal Assistants
Budget Planners
Investors - individuals

Economics study can be applied across a broad range of sectors and industries.

Learning economics is pivotal in roles in:

Business Ownership
Strategy & Risk
Investments
Project Management
Policymaking
Data Analysis
Business Development
Process Engineering
City Growth
Community Development

Aims

  • Discuss the significance of economics today.
  • Interpret a variety of important economic laws.
  • Differentiate between wants and needs in the context of satisfaction.
  • Explain how costs are determined in a variety of economic contexts.
  • Determine the relationship between value and price in an economic context.
  • Explain wealth with reference to income, investment, profit, and interest rates.
  • Explain what influences economic health locally, nationally and internationally.
  • Explain and compare different economic systems in different countries.
  • Report on a chosen topic which illustrates economic theory and its influences on economic policy.

 

 

It's easy to enrol...

1
Select a payment plan:  

2
Select a learning method  

Please note, choosing offline (USB stick) will attract a 5% surcharge on top of the course fee

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There are 9 lessons in this course:

  1. Scope and Nature of Economics
    • Economics - A Definition
    • Goods
    • Services
    • Supply & Demand
    • Division of Labour
    • Branches of Economics
    • Microeconomics
    • Macroeconomics
    • Economic Resources
    • Value
    • Performance Criteria for An Economy
    • Understanding Basic Economic Principles
  2. Economic Laws
    • Introduction
    • Capitalist Economies
    • Socialist Economic Laws
    • Supply and Demand
    • Economies of Scale
    • Competition
    • International Economic Law
  3. Wants, Needs and Satisfaction
    • Scarcity
    • Wants and Needs
    • Substitutes
    • Satisfaction
    • Identifying Customer Wants and Needs
    • Measuring Satisfaction
    • Developing Ideas - Research and Development
  4. Costs
    • Costs - Definition
    • Types of Economic Costs
    • Opportunity Cost
    • Sunk Cost
    • Fixed and Variable Costs
    • Labour Costs
    • Total Cost
    • Marginal Cost
    • Average Cost
    • Cost of Production
    • Exchange Rates
    • Import and Export Tariffs
    • Land Value
  5. Determining Price and Value
    • Value in Economics
    • Willingness to Pay
    • Economic Value to Customer (EVC)
    • Price in Economics
    • Profit Maximisation
    • Revenue Maximisation
    • Gaining Market Share
    • Price Discrimination
    • Understanding Competition
    • Perfect Competition
    • Monopolistic Competition
    • Uniqueness of a Product or Brand
  6. Income, Investment, Interest Rates and Profit
    • Government, Commercial and International Influence
    • Income
    • Investment
    • Types of Financial Investments
    • Interest Rates
    • Risk Management
  7. Government and International Influences
    • Factors Affecting the Health of An Economy
    • Economic Ownership
    • Social and Economic Factors
    • Factors Affecting Economics Health Internationally
    • The Significance of The Global Economy
    • Micro- and Macroeconomics
    • Financial Policies
    • Monetary Policy
    • Fiscal Policy
    • Pension Funds
    • Trading
    • Types of Financial Markets
    • Ethics, Justice and Morality in Financial Markets
    • Sustainability in Financial Markets
  8. International Economic Systems
    • Economic Systems
    • Public Economic System
    • Private Economic System
    • Traditional Economic System
    • Mixed Economies
    • Trade Across Country Borders
    • Trade Agreements
    • The Organisation of Petroleum Exporting Countries
  9. Problem Based Learning (PBL) Project
    • Project Aim
    • Learning Outcomes
    • Problem Definition
    • Discussion Questions
    • Team Structure and Mode of Interaction
    • Developing a Report
    • Writing a Reflective Journal

Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.

Courses can be started anytime from anywhere in the world!