Business Economics
Keele Management School
Faculty of Humanities and Social Sciences
Last Updated 15 October 2012

Principal Course Timetable Blocks 1


The Business Economics single honours degree offers training in analytical techniques for economic, financial and management decision-making. Along core and optional modules covering the main aspects on economics, finance and management science as they relate to business decision-making, the course offers students the possibility of taking modules in subject areas as organisation, marketing and human resource management.

NB. Because of variations in staff availability and research interests from time to time, certain courses may not run in particular semesters. Erasmus, Exchange and Study Abroad students please confirm availability with the School when applying.

Business Economics Single Honours - Level 1 Modules

Semester 1 C/O TYP ECTSCATS
ECO-10019 Households, Firms and Government C M 7.5 15
The module provides students with an understanding of how economists analyse decision making by consumers and businesses. The study of product and labour markets highlights their imperfect functioning and this enables students to recognise the role of government in regulating markets.
ECO-10025 The British and Global Economy EP M 7.5 15
The British and Global Economy studies the major economic questions we face and how they can be addressed by governments and citizens.
LAW-10027 Business Law EA M 7.5 15
The module aims to develop an understanding of the legal framework that informs contemporary business practice (organisation and transactions). The module focuses on key cases and legal principles in contract law and on central issues in corporate governance as reflected in the Companies Act 2006. It is designed as an introduction to the legal issues and legal skills which are important in a business context, and provides an interesting opportunity to explore a core area in contemporary professional services markets. This module uses a combination of lectures and tutorials, formative and summative assessment to develop a range of transferable abilities and skills: reflective, critical and analytic abilities, essay writing, problem solving and legal research skills.
MAN-10015 Accounting Principles C M 7.5 15
This module introduces students to the fundamental concepts and key techniques of accounting. Students will develop a knowledge and understanding of the basic principles of accounting, providing them with key transferable employability skills. The module syllabus includes income statements, balance sheets and budgeting. It is delivered through weekly lectures and student-centred tutorials..
MAN-10018 Management in Context C M 7.5 15
The market place for goods and services has become increasingly dynamic and competitive. Rather than static models of what it means to be a manager we need individuals who can think critically about managing and organizations and what work means for those who are employed in organizations. Management in Context provides the first step in developing such an understanding of management by locating managers within a wider historical, economic, political and sociological context.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
Semester 2 C/O TYP ECTSCATS
ECO-10017 Economics of Financial Markets C M 7.5 15
This module provides an overview of financial systems and is designed to equip students with the basic economic concepts necessary to understand the functioning of modern financial systems. It examines the institutional framework that underpins financial markets and the instruments that are traded by financial institutions and enterprises. The module introduces students to the concepts of discounting, investment appraisal, risk, and arbitrage.
ECO-10021 Output, Inflation and Employment C M 7.5 15
Macroeconomics is concerned with and seeks to explain the large-scale movements that we observe in the economy as a whole and the regularities of aggregate behaviour. This module will introduce students to the key concepts of national income accounting and measures of economic activity that macroeconomists utilize when discussing these developments. The module will subsequently examine the role of the real and financial sectors in determining aggregate output, employment and inflation. Much of the content of modern macroeconomics dates from the experience gained from two particularly important historical episodes: the high levels of unemployment of the 1930s and the stagflation of the 1970s. The understanding gained from these episodes remains important today. Governments around the world, struggle with the problem of balancing the needs of the economy in the short term (by attempting to control movements in unemployment and inflation), with the need to maintain long-term growth in the economy. The nature of government commitments to each of these policy areas will be described in the historical context and the notion of trade-off in the policy agenda will be discussed.
ECO-10023 Quantitative Methods C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. No prior knowledge, above basic school maths, is assumed. The module will introduce and develop students&© understanding of a range of statistical and mathematical methods and techniques. These include basic descriptive statistics (measures of central tendency and dispersion), correlation and interdependence, bivariate regression, linear algebra and functions, solving linear simultaneous equations, basic calculus including the notion of the margin and differentiation, maxima and minima.
HRM-10007 Foundations of Human Resource Management EA M 7.5 15
This introductory module allows students to test their wish to study HRM in years 2 and 3. For those who do not continue, it will offer a grounding in the elements of HRM a key function of business and management. For those who do continue, the module indicates the areas of future study, and outlines key thinking in HRM. It addresses individual and collective issues, and lays the groundwork for the understanding of the key theoretical bases, which will underpin the future study.
MAN-10016 Financial and Management Accounting EP M 7.5 15
The module builds on foundational knowledge acquired in a prior module entitled 'Accounting Principles'. It develops knowledge in financial and management accounting which will facilitate student progression through a professionally accredited undergraduate programme in accounting and finance or an accounting pathway. The module includes the development of skills in the preparation and analysis of key financial statements and the development of problem solving skills in management accounting. Students who are awarded a degree in the areas of accounting and finance will have acquired skills relevant to developing a successful career in accounting, finance or financial management.
MAN-10019 Marketing Principles EA M 7.5 15
This course seeks to introduce and develop a general understanding of the key concepts, tools and theories of relevance to marketers today. Marketing has become recognised as a vital ingredient of business in many different sectors. The contexts in which marketing will be considered in this module will range from consumer marketing through to services marketing, business-to-marketing, social marketing and not-for-profit marketing. The module will start by examining the history and philosophy of the marketing concept and the basic principles of marketing management and strategy. It will consider aspects of buyer behaviour, marketing research and the marketing mix, extending to the services marketing mix. The increasing sensitivity of consumers to ethical issues also leads to the consideration of the social impact of marketing, and ethical approaches to marketing.

Business Economics Single Honours - Level 2 Modules

Semester 1 C/O TYP ECTSCATS
ECO-20028 Business Economics - Study Abroad I EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20029 Business Economics - Study Abroad II EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20030 Business Economics - Study Abroad III EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20031 Business Economics - Study Abroad IV EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20038 Price Theory C M 7.5 15
The module provides students with a deeper understanding of how economists analyse decision making by consumers and businesses. The study of markets identifies causes of their possibly imperfect functioning thus enabling students to recognise the scope for regulating markets.
ECO-20041 Asset Pricing C M 7.5 15
This module provides a conceptual framework that enables a student to discuss and evaluate a wide variety of financial instruments. The unifying principle of the course is the so-called "No Arbitrage Principle". Based on this fundamental idea, methods and models used by financial economists in the analysis of asset prices and portfolio choices in stock markets are discussed.
ECO-20042 Introduction to Econometrics C M 7.5 15
This module is designed especially to cater for the needs of students taking the Principal Economics, Business Economics Single Honours, Principal Finance or Accounting and Finance Single Honours programme, and is structured to assist them in understanding the technical and quantitative aspects of the subject. The module will introduce and develop students understanding of econometrics and the use of statistical methods to investigate selected economic and financial issues (e.g. consumption functions, household labour supply, CAPM)
HRM-20016 Workforce Planning EP M 7.5 15
The module introduces workforce planning and examines internal and external factors which influence planning, such as labour market structures. Students will gain an understanding of the theory and practice of employee resourcing and retention and of associated managerial practices. The module examines job descriptions and person specifications, analyses the reliability and validity of a range of recruitment and selection methods, and considers the role of the law and equal opportunities in this important area. The module also provides an overview of the role of HR management in training and educating employees, career management and staff retention.
MAN-20049 Cost and Management Accounting EP M 7.5 15
This module draws on the knowledge, understanding and capabilities acquired by students in the Accounting Principles and Financial &Management Accounting modules. It is intended to develop their knowledge and understanding of cost and management accounting techniques with regard to forecasting, budgeting, costing and investment appraisal. By the end of the module, students should be able to apply the principles of costing in relevant practical situations, apply management accounting principles in planning and control scenarios and be aware of limitations in cost and management accounting techniques.
MAN-20061 Understanding the Consumer EP M 7.5 15
This module introduces students to the study of consumer behaviour. The various determinants of behaviour are examined and the applications of theory are considered and critiqued. The primary aim is to provide students with an understanding of consumer behaviour and an understanding of how this knowledge can be used to inform commercial decisions. Emphasis is placed on the ability to critically appraise various theories and synthesise concepts and theories during the process of application to management problems. At the end of this unit, students will understand the psychological and social influences exercised upon consumers' behaviour, and be able to identify the strategic and managerial implications associated with consumer behaviour.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
ENL-90004 Academic English for Business Students ( 2) EA C 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate academic style • Engage in academic discussion • Prepare and deliver academic presentations
Semester 2 C/O TYP ECTSCATS
ECO-20032 Business Economics - Study Abroad V EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20033 Business Economics - Study Abroad VI EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20034 Business Economics - Study Abroad VII EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20035 Business Economics - Study Abroad VIII EP C 7.5 15
This is a module that is automatically allocated to the records our Keele level II students who are going to Study Abroad at a partner University for a semester of their second year and cannot be selected by any other level II students.
ECO-20037 Open Economy Macroeconomics C M 7.5 15
This module examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy variant of the established closed economy macroeconomic models (IS/LM and AS/AD model). It examines the efficacy of monetary, fiscal and exchange rate policy for stabilizing output, employment and inflation. The role of capital mobility and the exchange rate in the transmission mechanism of policy is studied.
ECO-20040 Contemporary Issues in Economics EP M 7.5 15
The purpose of this model is to enable students to evaluate, using different economic models, complex contemporary economic policy problems faced by governments, such as poverty and inequality, regulation and sustainability of sovereign debt.
ECO-20044 Portfolio Choice C M 7.5 15
The aim of this module is to provide you with a sound understanding of the economic theories that are used to make well-founded portfolio recommendations to investors. The module builds on the earlier module Eco-20011 Asset Pricing. Students are assessed at the end of the year in a final unseen exam. During the semester students are expected to collect a portfolio on the investment strategies they will implement using a financial market simulation.
ECO-20045 Banking EP M 7.5 15
This module provides students with an understanding of the specific role played by banks and non-bank financial intermediaries in the financial system; of recent developments that have occurred in the banking industry; of methods to manage the risks to which banks are subjected and of the regulatory environment in which banks operate.
HRM-20012 Pay and Performance EP M 7.5 15
This module provides students with specialist analysis on pay as a central element in the study of HRM. Crucially, the module examines both the external market for labour and the internal operation of pay determination within the organisation. The module explains variation in pay levels between occupations, the role of the State in shaping pay policy and the problems associated with grading and pay systems which seek to link pay to performance. Recent developments, notably the impact of the credit crunch, are examined in the context of theories of pay and pay negotiations.
MAN-20053 Operations and Quality Management EP M 7.5 15
This module will introduce students to key concepts and issues in quality management. Students will be encouraged to critically analyse and evaluate concepts and techniques within specific organizational contexts through topical, real life examples. Particular emphasis will be placed on different perspectives of quality and why it is crucial to organisational success.
MAN-20057 Corporate Social Responsibility EP M 7.5 15
The aim of the module is to provide critical understanding about the changing relationship between business and society in the context of globalisation. This course provides a broad introduction to and an opportunity to deliberate upon some of the ethical challenges which firms encounter, and to examine the theoretical frameworks available in order to resolve or discuss these challenges.

Business Economics Single Honours - Level 3 Modules

Semester 1 C/O TYP ECTSCATS
ECO-30033 Dynamic Macroeconomics C M 7.5 15
This module is designed to provide students with aan understanding of the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy. Dynamic considerations arise from a variety of sources and in this module students will consider the implications associated in particular with private sector expectations and various sources of endogenous growth. These ideas will be developed in the context of key macroeconomic policy problems such as the effectiveness of stabilization policy, the dynamic inconsistency problem of low inflation monetary policy, notions of the business cycle and economic policy and growth.
ECO-30036 Market Imperfections and Market Failures C M 7.5 15
The purpose of this module is to enable students to understand - and apply to real world issues - some advanced microeconomic models of market failures. The module will start with an analysis of the main models of market structure. Welfare economics will subsequently be developed to enable students to assess the impact of imperfect competition on social welfare. The module will examine the role of information in microeconomics showing the consequence of incomplete and asymmetric information on the nature of equilibrium.
ECO-30038 Corporate Finance O M 7.5 15
The aim of this module to introduce the necessary theoretical and practical background in finance that is used to assess financial decisions within corporations. The module will explain what defines a corporation and how they are financed. It covers investment decisions and techniques for capital budgeting and examines risk management techniques and their applications. The impact of taxation of corporations and dividend payout policies are also examined.
ECO-30038 Corporate Finance EP M 7.5 15
The aim of this module to introduce the necessary theoretical and practical background in finance that is used to assess financial decisions within corporations. The module will explain what defines a corporation and how they are financed. It covers investment decisions and techniques for capital budgeting and examines risk management techniques and their applications. The impact of taxation of corporations and dividend payout policies are also examined.
ECO-30040 Options and Futures O M 7.5 15
This course deals with the valuation and hedging of options, forward contracts, swaps and other derivatives. The pricing of options and other derivatives depends on three key factors: 1. the volatility of the underlying assets; 2. the extensive use of arbitrage arguments to price assets as discussed in ECO-20041 (Asset Pricing) and 3. the present value and discounting procedures to value streams of returns as analysed in ECO-10017 (Economics of Financial Markets) and ECO-20044 (Portfolio Choice). Bringing these three elements together and deepening the understanding of each, it will be shown how complex derivatives, like index options, swaps and forward contracts can be analysed. Derivatives type securities such as warrants, convertibles and rights issues are used by companies and are part of the analysis of Corporate Finance.
ECO-30040 Options and Futures EP M 7.5 15
This course deals with the valuation and hedging of options, forward contracts, swaps and other derivatives. The pricing of options and other derivatives depends on three key factors: 1. the volatility of the underlying assets; 2. the extensive use of arbitrage arguments to price assets as discussed in ECO-20041 (Asset Pricing) and 3. the present value and discounting procedures to value streams of returns as analysed in ECO-10017 (Economics of Financial Markets) and ECO-20044 (Portfolio Choice). Bringing these three elements together and deepening the understanding of each, it will be shown how complex derivatives, like index options, swaps and forward contracts can be analysed. Derivatives type securities such as warrants, convertibles and rights issues are used by companies and are part of the analysis of Corporate Finance.
MAN-30048 Business Strategy EP M 7.5 15
Strategy is commonly considered to be at the very pinnacle of management topics because well-founded strategies give purpose, focus and structure to all other business activity. By contrast, a weak strategy not only fails an organisation's staff, customers and investors but also threatens the suppliers, communities and regions in which the organisation conducts its business. Yet in today's rapidly evolving world of opportunities there is no golden rule or theory for a successful business, institutional or industry strategy. Given this challenge, the module offers students the opportunity to learn from the strategic successes and failures of well known private firms and public institutions. As students gain detailed understandings of strategy, they are helped to develop sophisticated analytical thinking, confidence and work-relevant transferabe skills in this most important subject.
MAN-30049 Consuming Cultures EP C 7.5 15
The study of marketing and consumer behaviour has traditionally been rooted in the logic and practices of economic psychology and has over-emphasised the notion of the consumer as an individual whose attitudes and intentions can be identified and measured using large-scale survey methods and whose behaviour can thus be predicted, controlled and exploited through marketing interventions. More recently, the academic discipline of marketing has become more receptive to ideas about consumption from other disciplines, most notably sociology, anthropology and philosophy, all of which emphasise the social, cultural and symbolic foundations of consumption. Attempts have therefore been made to overcome the conceptual divide between production and consumption that is prevalent in mainstream marketing and much of management theory, through emphasising the interdependencies between the two spheres. This module is situated against the background of this development towards an interdisciplinary approach in marketing, and it complements existing courses in the management area. The rationale of the course is to provide a critical introduction to theories and ideas about contemporary consumer society emanating from fields other than (as well as) management and mainstream marketing.
Semester 1-2 C/O TYP ECTSCATS
ENL-90003 Academic English for Business Students (Part 1) EA C 7.5 15
Drawing on business-related themes, these sessions will help students to develop and refine the specific writing, reading and verbal communication skills they need to succeed in their studies. Through a series of workshops, lectures, assignments, online and practical tasks and projects, students will improve their ability to: • extract key information from academic texts • summarise, paraphrase and synthesise information from a variety of sources • identify authorial stance, interpret data and read critically • cite sources appropriately and write a bibliography • write in an accepted academic style • engage in academic discussion • prepare and deliver academic presentations
ENL-90004 Academic English for Business Students ( 2) EA C 7.5 15
Drawing on academic business themes and materials, these sessions will provide opportunities for students to further develop their writing, reading and verbal communication skills. Through a series of lectures, workshops, assignments, on-line and practical tasks, students will improve their ability to: • Summarise, paraphrase and synthesise information from a variety of sources • Cite sources accurately and write a bibliography • Gather, interpret and report on data • Identify authorial stance and read critically • Write in an appropriate academic style • Engage in academic discussion • Prepare and deliver academic presentations
Semester 2 C/O TYP ECTSCATS
ECO-30032 Labour Economics EP M 7.5 15
This module is designed to provide students with an understanding of the significance of the labour market and labour market policy. The module will consider the factors that underlie the demand for labour by firms and the supply of labour by households and individuals; the module will subsequently examine issues like labour discrimination, training, efficiency wages and unemployment.
ECO-30037 International Finance EP M 7.5 15
This module is designed to familiarize students with the structure and operation of the foreign exchange market, the determinants of the foreign exchange rate and the characteristics of international financial markets. The module will introduce the principle international parity conditions and consider the question of whether international markets are efficient or not.
ECO-30043 Economic and Business Forecasting - ISP C C 7.5 15
The ability to analyse quantitative information and produce and evaluatate forecasts is a highly prized skill in business and industry. This module is designed to familiarize you with a variety of methods and techniques used for forecasting economic and business data and their use in economic and business decision-making. The module will consider, in turn, applications and merits of various smoothing methods, time series decomposition, univariate time series and structural modelling forecasting methods. Methods of forecast evaluation will also be examined. The module is hands-on and students will learn how to apply the various forecasting techniques using real data. The module will develop further IT skills associated with the use of Stata and other software packages. Module assessment is based upon completion of a report comprising of three forecasts produced independently.
ECO-30044 Health Economics EP M 7.5 15
This module will enable students to analyse issues and problems associated with the funding, provision, utilization and evaluation of health services from an economic perspective. The course also introduces students to theories upon the determinants of health. Understanding how economics can be applied to this field is central to the analysis of policies addressing health and health care with respect to the goals of efficient use of resources and equity. The module involves a mixture of theory and as well as applied/empirical economics with an emphasis throughout on policy.
ENL-90005 Advanced Business English Communication EA C 7.5 15
In this highly competitive climate you need something to set you apart from others. This module will provide you with the specialist language and professional communication skills you will require if you wish to pursue a career in business. This highly practical module will build upon and complement your existing language skills by working on themes such as negotiating strategies and presenting visual information. Revision of essential grammatical structures and functional areas of language as well as building a subject-specific bank of key words will provide you with the confidence to engage fluently and competently in a variety of business contexts.
HRM-30030 Discrimination and Equal Opportunities at Work EP C 7.5 15
This module covers theories of discrimination and equal opportunities practice and remedies - and therefore provides a highly employment-relevant module which will be very attractive to future employers (national and international) seeking specialist skills. A number of former students are now employed in equality and diversity roles in major public and private sector organisations, or have gone on to be academics in their own right specialising in this field. The module employs research-led teaching, drawing from a wealth of original research and case study material.
HRM-30032 Strategic Human Resource Management EP C 7.5 15
This module offers students a critical overview of the nature of contemporary HRM. It will familiarise students with new methods and ideas of work organisation and the management of labour. It examines the impact of these developments on the employment relationship, and seeks explanations though an analysis of global economic pressures. The module covers concepts and issues that also have relevance for other management related disciplines and practices such as logistics, operations and marketing.
MAN-30047 Contemporary Issues in Management EP C 7.5 15
This module seeks to strengthen student knowledge of management and organisations. It emphasises a critical approach and students' active participation. Students will have to draw on and reflect upon their experiences of organisations and share them with the rest of the class by formal presentation and group discussions. The module builds upon knowledge and insights gained from organisational theory and sociological approaches to human behaviour to focus on, and provide an opportunity for in depth study of, three key debates unfolding in Management Theory. This will involve the study of key texts and ideas but also require students to reflect on their own experience either at school or work/part time work in the light of illuminations and challenges highlighted by these key debates.
MAN-30060 Marketing and Globalisation EP M 7.5 15
Given the rapid globalisation of business activities, an understanding of the issues affecting marketing decisions at a global level is a key requirement for a marketing or management career. This course is designed to build on all the marketing modules studied thus far by introducing students to the theory, nature and practice of decisions faced in the global business arena. The objective is for students to gain an understanding of the factors that are shaping marketing activities on a global scale. This is achieved by encouraging students to ask searching questions about the power of multinational companies, the relationship between global production and consumption and local cultures, the impact of political and ideological change on consumption patterns, consumer resistance to Western brands, the anti-globalisation movement and the possibilities of fair trade.
C Compulsory Core Module
O Optional Core Module
EP Programme Elective Module
EA Approved Elective Module
EF Free-Standing Elective Module
M Mixed Assessment e.g. a mixture of essay(s) and examination, with the latter's weighting below 90%.
E Examination, providing 90% or more of the mark.
C Continuous Assessment e.g. essay(s) or practical work (as appropriate).
+ Available to qualified non-principal, Erasmus, Exchange and Study Abroad students but there may be a restriction on the number of places available
~ Specific pre-requisite(s) needed by non-principal, Erasmus, Exchange and Study Abroad students wishing to take these modules
# Not normally available to Erasmus, Exchange and Study Abroad students (except by prior negotiation with Departmental Tutor)
Note: Modules not marked with a # are available to suitably qualified Erasmus, Exchange and Study Abroad students.