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Business Economics Professional

Overview

What is economics about? Economics is the problem of using the available resources as efficiently as possible so as to achieve the maximum fulfilment of society's unlimited demand for goods and services. The ultimate purpose of economic endeavour is to satisfy human wants for goods and services.

The problem is that whereas wants are virtually without limit, the resources - natural resources, labour and capital (machinery) - available at any one time to produce goods and services are limited in supply. Resources are scarce. This fact of scarcity means that we must always be making choices about what to produce, how to produce it and for whom.

Decisions must be made so that these scarce resources are allocated optimally or efficiently to their end use. This implies they could not be used more beneficially elsewhere. This is the criterion economists use to judge many economic phenomenon and is the focus of our study of the economic approaches to organisations.

Unit 1: Perspectives on the Economic Approaches to Organisation

  • Introduction
  • Objectives
  • The economic problem
  • The basic concepts
  • Markets and organisations
  • Information
  • Summary
  • References
  • Further reading

Unit 2: Co-ordination through the Market Mechanism

  • Introduction
  • Objectives
  • Determinants of demand
  • Determinants of supply
  • Theory of demand
  • Theory of production
  • Microeconomic theory
  • Market failure
  • Summary
  • References
  • Further reading

Unit 3: Organisational Co-ordination

  • Introduction
  • Objectives
  • The firm
  • Organisational co-ordination
  • Organisational configurations
  • Review activity
  • Summary
  • References
  • Further reading

Unit 4: Information and Co-ordination Mechanisms

  • Introduction
  • Objectives
  • Co-ordination and information
  • Uncertainty and contracting
  • Informational asymmetry
  • Adverse selection and moral hazard
  • Value of information
  • Summary
  • References
  • Further reading

Unit 5: Game Theory

  • Introduction
  • Objectives
  • Methodological backdrop
  • One- and two-shot games
  • Auctions
  • The prisoner's dilemma: single stage
  • Repeated games in the prisoner's dilemma
  • Review activity
  • Summary
  • References
  • Further reading

Unit 6: Agency Theory

  • Introduction
  • Objectives
  • A firm's relationships
  • Positive theory of agency
  • Entrepreneurial firms and team production
  • The firm as a nexus of contracts
  • Theory of principal and agent
  • The agency contract
  • Second-best efficient contract
  • Modifications to the principal-agent model
  • Summary
  • References
  • Further reading

Unit 7: Transaction Cost Economics

  • Introduction
  • Objectives
  • Markets and organisations
  • An example of transaction cost economics
  • Transaction costs
  • Critical dimensions of transactions
  • Fundamental transformation and the hold-up problem
  • Organisational structures
  • Complex hierarchies
  • Markets and hierarchies: is that all?
  • Hybrid forms of co-ordination
  • Summary
  • References
  • Further reading

For a more detailed syllabus on this course, click here

Modules

Assessment Method

After each lesson there will be a question paper, which needs to be completed and submitted to your personal tutor for marking. This method of continual assessment ensures that your personal tutor can consistently monitor your progress and provide you with assistance throughout the duration of the course.

What's Included

  • All study materials
  • Study Guide
  • Full Tutor and Admin support
  • The course fee includes the awarding body registration and certification fee (valued at up to £30.00).

What is NCFE

NCFE is the UK's longest established awarding body, recognised as a highly professional and responsive organisation, committed to maintaining excellent customer service and a friendly approach.

NCFE is recognised as an awarding body by the qualification regulators ('regulators') for England, Wales and Northern Ireland. The regulators are the Office of the Qualifications and Examinations Regulator (Ofqual) in England, the Department for Children, Education, Lifelong Learning and Skills (DCELLS) in Wales and the Council for Curriculum, Examinations and Assessment (CCEA) in Northern Ireland.

Accreditation by NCFE is a guarantee of quality. It means that the college has been inspected and approved by an independent and experienced education professional and is quality audited biannually by NCFE. The centre delivering the programmes has been licensed by NCFE on the basis of its own quality systems. At the end of an accredited course, successful learners will also receive an NCFE Award certificate of achievement.

For more information on this award, click here

Requirements

There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.

Certification

At the end of this course successful learners will receive a Certificate of Achievement from ABC Awards and Certa Awards and a Learner Unit Summary (which lists the components the learner has completed as part of the course).

Level 4 Business Economics Professional Certificate of Achievement

The course has been endorsed under the ABC Awards and Certa Awards Quality Licence Scheme. This means that learndirect has undergone an external quality check to ensure that the organisation and the courses it offers, meet defined quality criteria. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

The course itself has been designed by learndirect to meet specific learners’ and/or employers’ requirements which cannot be satisfied through current regulated qualifications. ABC Awards & Certa Awards endorsement involves robust and rigorous quality audits by external auditors to ensure quality is continually met. A review of courses is carried out as part of the endorsement process.

*Regulated qualification refers to those qualifications that are regulated by Ofqual / CCEA / Qualification Wales

To view a sample of the ABC Certificate of Achievement, please click here.

What is economics about? Economics is the problem of using the available resources as efficiently as possible so as to achieve the maximum fulfilment of society's unlimited demand for goods and services. The ultimate purpose of economic endeavour is to satisfy human wants for goods and services.

The problem is that whereas wants are virtually without limit, the resources - natural resources, labour and capital (machinery) - available at any one time to produce goods and services are limited in supply. Resources are scarce. This fact of scarcity means that we must always be making choices about what to produce, how to produce it and for whom.

Decisions must be made so that these scarce resources are allocated optimally or efficiently to their end use. This implies they could not be used more beneficially elsewhere. This is the criterion economists use to judge many economic phenomenon and is the focus of our study of the economic approaches to organisations.

Unit 1: Perspectives on the Economic Approaches to Organisation

  • Introduction
  • Objectives
  • The economic problem
  • The basic concepts
  • Markets and organisations
  • Information
  • Summary
  • References
  • Further reading

Unit 2: Co-ordination through the Market Mechanism

  • Introduction
  • Objectives
  • Determinants of demand
  • Determinants of supply
  • Theory of demand
  • Theory of production
  • Microeconomic theory
  • Market failure
  • Summary
  • References
  • Further reading

Unit 3: Organisational Co-ordination

  • Introduction
  • Objectives
  • The firm
  • Organisational co-ordination
  • Organisational configurations
  • Review activity
  • Summary
  • References
  • Further reading

Unit 4: Information and Co-ordination Mechanisms

  • Introduction
  • Objectives
  • Co-ordination and information
  • Uncertainty and contracting
  • Informational asymmetry
  • Adverse selection and moral hazard
  • Value of information
  • Summary
  • References
  • Further reading

Unit 5: Game Theory

  • Introduction
  • Objectives
  • Methodological backdrop
  • One- and two-shot games
  • Auctions
  • The prisoner's dilemma: single stage
  • Repeated games in the prisoner's dilemma
  • Review activity
  • Summary
  • References
  • Further reading

Unit 6: Agency Theory

  • Introduction
  • Objectives
  • A firm's relationships
  • Positive theory of agency
  • Entrepreneurial firms and team production
  • The firm as a nexus of contracts
  • Theory of principal and agent
  • The agency contract
  • Second-best efficient contract
  • Modifications to the principal-agent model
  • Summary
  • References
  • Further reading

Unit 7: Transaction Cost Economics

  • Introduction
  • Objectives
  • Markets and organisations
  • An example of transaction cost economics
  • Transaction costs
  • Critical dimensions of transactions
  • Fundamental transformation and the hold-up problem
  • Organisational structures
  • Complex hierarchies
  • Markets and hierarchies: is that all?
  • Hybrid forms of co-ordination
  • Summary
  • References
  • Further reading

For a more detailed syllabus on this course, click here

Modules

Assessment Method

After each lesson there will be a question paper, which needs to be completed and submitted to your personal tutor for marking. This method of continual assessment ensures that your personal tutor can consistently monitor your progress and provide you with assistance throughout the duration of the course.

What's Included

  • All study materials
  • Study Guide
  • Full Tutor and Admin support
  • The course fee includes the awarding body registration and certification fee (valued at up to £30.00).

What is NCFE

NCFE is the UK's longest established awarding body, recognised as a highly professional and responsive organisation, committed to maintaining excellent customer service and a friendly approach.

NCFE is recognised as an awarding body by the qualification regulators ('regulators') for England, Wales and Northern Ireland. The regulators are the Office of the Qualifications and Examinations Regulator (Ofqual) in England, the Department for Children, Education, Lifelong Learning and Skills (DCELLS) in Wales and the Council for Curriculum, Examinations and Assessment (CCEA) in Northern Ireland.

Accreditation by NCFE is a guarantee of quality. It means that the college has been inspected and approved by an independent and experienced education professional and is quality audited biannually by NCFE. The centre delivering the programmes has been licensed by NCFE on the basis of its own quality systems. At the end of an accredited course, successful learners will also receive an NCFE Award certificate of achievement.

For more information on this award, click here

Requirements

There is no experience or previous qualifications required for enrolment on this course. It is available to all students, of all academic backgrounds.

Certification

At the end of this course successful learners will receive a Certificate of Achievement from ABC Awards and Certa Awards and a Learner Unit Summary (which lists the components the learner has completed as part of the course).

Level 4 Business Economics Professional Certificate of Achievement

The course has been endorsed under the ABC Awards and Certa Awards Quality Licence Scheme. This means that learndirect has undergone an external quality check to ensure that the organisation and the courses it offers, meet defined quality criteria. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

The course itself has been designed by learndirect to meet specific learners’ and/or employers’ requirements which cannot be satisfied through current regulated qualifications. ABC Awards & Certa Awards endorsement involves robust and rigorous quality audits by external auditors to ensure quality is continually met. A review of courses is carried out as part of the endorsement process.

*Regulated qualification refers to those qualifications that are regulated by Ofqual / CCEA / Qualification Wales

To view a sample of the ABC Certificate of Achievement, please click here.

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