UNIVERSITY OF KENT
MODULE SPECIFICATION TEMPLATE
SECTION 1: MODULE SPECIFICATIONS
1.
Title of the module
MA309: Business Economics
2.
School which will be responsible for management of the module
School of Mathematics, Statistics and Actuarial Science
3.
Start date of the module
Revision effective September 2012
4.
The cohort of students (onwards) to which the module will be applicable
2012 entry BSc Actuarial Science, BSc Financial Maths, BSc Mathematics & Statistics
(optional)
5.
The number of students expected to take the module
140
6.
Modules to be withdrawn on the introduction of this proposed module and consultation
with other relevant Schools and Faculties regarding the withdrawal
None
7.
Level of the module (e.g. Certificate [C], Intermediate [I], Honours [H] or Postgraduate
[M])
C
8.
The number of credits which the module represents
15 (ECTS 7.5)
9.
Which term(s) the module is to be taught in (or other teaching pattern)
Autumn & Spring Term
10. Prerequisite and co-requisite modules
None
11. The programme(s) of study to which the module contributes
BSc Actuarial Science, BSc Financial Mathematics
12. The intended subject specific learning outcomes and, as appropriate, their relationship to
programme learning outcomes:
On successful completion of the module students will be able to:
a. show a systematic knowledge, understanding and critical awareness of the theory
in the areas of the syllabus listed in Section 14 ( A5, B1, C1)
b. to show a comprehensive understanding of the complex techniques applicable to
solve problems in the areas of the syllabus listed in Section 14 (B2, B3, C1)
c. to appreciate recent developments and methodologies in economics and the links
between economic theory and its practical application in business and to critically
evaluate such methodologies (C3)
13. The intended generic learning outcomes and, as appropriate, their relationship to
programme learning outcomes:
On successful completion of the Module, students will have:
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UNIVERSITY OF KENT
a. developed a logical mathematical approach to solving complex problems including
cases where information/data is not complete (B4, B5, D1, D3)
b. developed skills in written communication to both technical and non-technical
audiences (D2)
c.
developed skills in the use of relevant information technology (D5)
d. developed skills in time management, organisation and studying so that tasks can
be planned and implemented at a professional level (B6, B7, B8, D6, D7, D8)
14. A synopsis of the curriculum
The syllabus includes the professional curriculum of the Institute and Faculty of Actuaries
examination for subject CT7 (reference: http://www.actuaries.org.uk/research-andresources/documents/subject-ct7-business-economics-syllabus-2012-exams)
Lecture syllabus: up to 12 lectures/classes (Autumn Term), up to 48 lectures/classes
(Spring Term)
The working of competitive markets, consumer demand and behaviour, product
selection, marketing and advertising strategies, costs of production, production function,
revenue and profit, profit maximisation (perfect competition, monopoly and imperfect
competition), business strategy, growth and globalisation, pricing strategies, government
intervention, international trade, balance of payment and exchange rates, the role of
money and interest rates in the economy, the level of business activity, unemployment,
inflation and macroeconomic policy.
15. Indicative Reading List
John Sloman, Kevin Hinde and Dean Garratt, Economics for Business 6th Ed (Prentice
Hall)
The Actuarial Education Company Subject CT7 study notes support the above text.
16. Learning and Teaching Methods, including the nature and number of contact hours and
the total study hours which will be expected of students, and how these relate to
achievement of the intended learning outcomes
The module consists of:
No. of contact hours:
Total study hours:
48 to 60 lectures/examples classes
48 to 60
150
In the formal lectures, the main themes and concepts relating to each topic in economics
will be explained. Exercise sheets given out in lectures and via Moodle will include
problems or discussion topics which relate to the subjects covered in lectures and are
intended to reinforce the lecture material. These will cover both theoretical issues and
the application of theory to real life examples.
17. Assessment methods and how these relate to testing achievement of the intended
learning outcomes
Assessment:
Assessed by examination (80%) and by continuous assessment (20%).
Continuous Assessment:
This will consist of two regular open-book written assessments, which are completed by
students outside of contact hours. These test all the learning outcomes as outlined in
Sections 12 and 13, and also the higher level techniques of analysis and critical
evaluation.
Examination:
One three-hour written examination in the Summer term consisting of questions and
numerical problems requiring short and long answers, testing the learning outcomes (a)(c) as outlined in Section 12.
18. Implications for learning resources, including staff, library, IT and space
No extra resources will be required.
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UNIVERSITY OF KENT
19. The School recognises and has embedded the expectations of current disability equality
legislation, and supports students with a declared disability or special educational need
in its teaching. Within this module we will make reasonable adjustments wherever
necessary, including additional or substitute materials, teaching modes or assessment
methods for students who have declared and discussed their learning support needs.
Arrangements for students with declared disabilities will be made on an individual basis,
in consultation with the University’s disability/dyslexia support service, and specialist
support will be provided where needed.
20. Campus(es) where module will be delivered
Canterbury
21. University School (for cognate programmes) or Faculty (for non-cognate programmes)
responsible for the programme:
SMSAS
SECTION 2: MODULE IS PART OF A PROGRAMME OF STUDY IN A UNIVERSITY
SCHOOL
Statement by the School Director of Learning and Teaching/School Director of
Graduate Studies (as appropriate): "I confirm I have been consulted on the above module
proposal and have given advice on the correct procedures and required content of module
proposals"
................................................................
..............................................
Director of Learning and Teaching/Director of Graduate
Studies (delete as applicable)
Date
…………………………………………………
Print Name
Statement by the Head of School: "I confirm that the School has approved the introduction
of the module and, where the module is proposed by School staff, will be responsible for its
resourcing"
.................................................................
..............................................
Head of School
Date
…………………………………………………….
Print Name
Module Specification Template
Last updated November 2011
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