Business Economics Professional

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.

Syllabus

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

Qualifications

On completion of your course, you will receive the dual award:

Award 1 is issued by Stonebridge Associated Colleges: Business Economics Professional Diploma

Business Economics Professional Diploma issued by Stonebridge Associated Colleges, to view a sample of the college’s award, please click here.

Award 2 is issued by our Awarding Body: Level 4 Business Economics Professional Award

At the end of this course successful learners will also receive a Level 4 NCFE Award Certificate of Achievement. Our course has been accredited under our NCFE IIQ Licence and the course measurable learning outcomes have been benchmarked at Level 4 (using Ofqual’s Qualification and Credit Framework (QCF) level descriptors) to allow you to consider the depth of study, difficulty, and level of achievement involved.

This award has been designed by Stonebridge Associated Colleges to meet specific learners' or employers' requirements. Accreditation by NCFE is a guarantee of quality. It means that this learning programme has been scrutinised and approved by an independent panel of experienced educational professionals and is quality audited biannually by NCFE.

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

To view a sample of the NCFE Candidate Unit Summary, please click here.

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 for Entry

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

Study Options

In order to offer our students the most convenient and flexible distance learning courses, Stonebridge Associated College offers you the option to study for your course via two methods:

• 1. Via the traditional paper-based method.
• 2. Through the online method via ElearnUK.

If you do not have Internet access, or would prefer to study this course via the traditional paper/postal based study method, you can find more information on the course by clicking on the link below.

Stonebridge Prices

Studying by Post. If you would like to pay by instalments, we do offer an affordable interest free payment plan scheme which allows you to spread the cost of your course over a number of months. However, to use this option you will need to study for your course using the traditional paper-based method. For more information on our payment plans please visit our website at www.stonebridge.uk.com

The reason why the course fee is less if you choose to study online, is because with online study there are no costs associated with postage and printing etc. and thus we are able to offer the course at a reduced rate.

The total amount payable over the term's period, is no more than the total cash price of the course.
(APR = 0%). Written quotations are available on request.

Study Hours

This is only an approximate figure and is dependant upon how much time you can dedicate to your studies and how well you grasp the learning concepts in the course material. Furthermore, at the end of each lesson there is a question paper that needs to be completed and returned to your tutor. You should allow at least 1 - 2 hours of study to complete each question paper.

The approximate amount of time required to complete the course is: 126 hrs.