Undergraduate study

Overview

• A thorough training in analytical techniques for economic and financial decision making within a broader managerial context
• Extensive choice of options across a range of disciplines
• A supportive and challenging learning environment
• A wide range of career opportunities in business, finance and government
• The option to study abroad for a semester

The Single Honours Business Economics course provides a systematic study of the major functions and techniques relevant to business decision making. The course aims to familiarise students with the factors affecting economic and financial decision making within a broader business context that embraces management and accounting. It is mainly taught by the Keele Management School.

Our teaching is motivated by the following aims:

• to help students explain a diverse range of real-world business phenomena in terms of a small set of unifying core economic principles
• to combine theoretical analysis with up-to-date factual knowledge about real business phenomena
• to develop independence and self-confidence among students in their work and their ability to co-operate with colleagues
• to develop students’ ability to use professional software tools for the analysis of real business data
• develop students’ ability to present complex findings in a well-balanced and concise manner

Course Content

Business Economics provides a thorough training in analytical techniques for economic, financial and managerial decision-making. The course offers a very flexible programme for students with an interest in the economic, financial and business world and provides the opportunity to study an unusually wide range of business-related topics.

First Year 

Six core modules are studied covering the basic elements of economic and financial decision-making:

Households, Firms and Government introduces the basic concepts of supply, demand, and price, the principles underlying household and firm decision making and the effect of market intervention on these decisions.

Management in Context looks at the nature of management, the development of management thought, planning, decision-making, organising, staffing, leading and controlling.

Accounting Principles examines the basic concepts of financial accounting and how these may be used to construct and interpret the financial statement for an organisation.

Economics of Financial Markets explores the connection between the financial system and the wider economy.  This module emphasises how financial markets operate efficiently to transfer funds from savers to borrowers through the workings of the money and capital markets.  The module also examines how asset prices are determined by the equilibrium of supply and demand in these markets.

Quantitative Methods develops basic mathematical and statistical methods, such as calculus, probability, hypothesis testing and univariate regression, used extensively in Economics and Finance.

Output, Inflation and Employment introduces concepts of national income, investment and consumption and theories of their determinants and issues concerning the management of the economy, especially unemployment and inflation.

Modules from a range of electives can also be taken, including:
Business Law
Financial and Management Accounting
Marketing Principles
Foundations of Human Resource Management
Strategic Thinking

Second Year 

Five core modules are taken:

Price Theory covers more advanced analysis of the consumer and the firm, examining the factors that underpin demand and supply in markets.

Introduction to Econometrics uses statistical methods to investigate selected economic and financial issues such as consumption functions, household labour supply and asset pricing.

Asset Pricing introduces the relationship between risk and return in financial markets and the role of arbitrage in determining asset prices.

Open Economy Macroeconomics examines the role and capability of government demand management policies in an open economy. The module systematically develops an open economy model and examines the efficacy of monetary and fiscal policy for stabilising output and employment in the context of capital mobility and flexible exchange rates.

Portfolio Choice builds upon Asset Pricing and explores the rationale for holding portfolios and the advantages this brings as a way of diversifying risk for private investors and large financial institutions, such as insurance companies.

Three electives from the areas of Economics, Finance, Management, Human Resource Management and Marketing may be chosen.

Third Year 
The following core modules are taken:

Market Imperfections and Market Failure introduces students to a variety of advanced topics including: imperfect competition, decision-making under risk and uncertainty, and the efficient provision of public goods. These issues are illustrated with examples including collusion in oligopolies, managerial incentives, auctions, tenders and procurement issues, bank lending.

Dynamic Macroeconomics explores the significance of macroeconomic dynamics and their implications for macroeconomic modelling and policy in the context of key macroeconomic policy problems, such as business cycles and growth.

Economic and Business Forecasting introduces basic concepts and methods of forecasting time-series data of the form commonly found in the economic and business world. This project based module provides an opportunity for independent study in the programme.

Also, either of the following must be taken:

Corporate Finance undertakes analysis of company financing of investment projects; corporate tax policy; financial decisions and real activity; and the interaction of shareholders, creditors and managers.

Options and Futures examines the structure of options markets, the principles of option pricing, investment strategies with options, corporate securities as options and principles of futures pricing.

There is a great deal of flexibility in choice of the remaining elective modules - according to individual personal interests and career objectives - in the areas of Economics, Finance, and Management.  These allow the possibility to venture into new fields or to undertake more advanced study of topics already encountered in earlier years.

Codes and Combinations

Students are candidates for the degree of Bachelor of Arts (with Honours) (BA Hons).

Single Honours Course and Foundation Year available:

For overseas students who do not meet direct entry requirements, we offer the opportunity to take an intensive International Year One in Business and Management leading to second year degree entry.

Teaching and Assessment

Teaching takes place in lectures, supported by tutorials, study groups and computer laboratory classes. Computer facilities are used extensively in Economics and Finance teaching, especially in quantitative methods, now part of the essential ‘tool-kit’ of modern economics. Students will acquire expertise with a range of statistical, economic and modern business software, and access to major sources of information for economic and financial data.

A range of assessment methods are utilised across the programme comprising weekly or fortnightly exercises, mid-semester tests, projects, essay assignments and unseen two-hour examinations. The precise combination in each module will depend on the material covered.

Programme Specifications

Programme specifications (new window)

Skills and Careers

The programme develops and assesses a variety of transferable and subject-specific skills, all of which are highly relevant to typical career choices in economics and business. Tests and examinations assess students' ability to solve problems and address issues under time constraints, essays develop abilities in written expression and argument, while seminars give students practice in making presentations and developing powers of oral expression and argument.

Business Economics is designed to provide a high quality, broad-based education that will prepare you for a wide range of career opportunities in industry, commerce, and the government sector. Graduates from the programme have taken up careers in the City, in the prestigious Government Economic Service, in management training and in commerce and industry.

Business Economics also lays the foundation for progression to higher degrees in one or more of its component subjects. In 2011 60% of the graduating cohort in Business Economics went on to further study at Keele or at other universities.

Professional Recognition

After completion of a BA Business Economics (Single Honours) the Chartered Institute of Management (CIMA) has awarded the following exemptions:

C3: Fundamentals of Business Mathematics
C4: Fundamentals of Business Economics

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