Business, Engineering and Technology
- Term 1 2018 (On-campus)
- Term 3 2018 (On-campus)
This unit primarily covers the economic and operating context of business and how the factors of competition, the behaviour of financial markets and government economic policy can influence an organisation. It also deals with the information available to assist management in evaluating and forecasting the behaviour of consumers, markets and the economy in general.
The focus of this syllabus is on providing candidates with an understanding of the areas of economic activity relevant to an organisation’s decisions and, within this context, the numerical techniques to support such decisions.
The learning goals associated with this unit are to:
- Explain the principal factors that affect the level of a country’s national income and the impact of changing economic growth rates and prices on business.
- Explain the factors affecting the trade of a country with the rest of the World and its impact on business.
- Explain the influences on economic development of countries and the effects of globalisation on business.
- Distinguish between the economic goals of various stakeholders and organisations.
- Demonstrate the determination of prices by market forces and the impact of price changes on revenue from sales.
- Explain the influence of economic and social considerations on the structure of the organisation and the regulation of markets.
- Apply techniques to communicate business data as information to business stakeholders.
- Demonstrate the uses of big data and analytics for understanding the business context.
- Explain the functions of the main financial markets and institutions in facilitating commerce and development.
- Apply financial mathematical techniques in a business decision making context.
There will be a mock examination and a two hour computer based assessment, comprising 60 compulsory objective test questions.