Understanding the Business & Economic Environment

Understanding the Business & Economic Environment (UMED8A-15-1)

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Understanding the Business & Economic Environment (UMED8A-15-1)

Time allowed: 2 hours.

Section A (30%): 10 compulsory multiple Choice Questions

Section B (70%): Consists of TWO parts: Part A & Part B.

Section B (Part A): Microeconomic Environment of Business: Answer

ONE question from a Total of 3 questions (35%).

Important topics:

  1. Demand, supply and equilibrium
  2. Production and costs
  3. Oligopoly and public interest

Section B (Part B): Macroeconomic Environment of Business: Answer ONE question from a total of 3 questions (35%).

Important topics:

  1. Inflation: causes & effect including policy orientation
  2. Fiscal policy: discretionary Vs. rule; advantages & disadvantages
  3. Monetary policy and the role of mpc to control the money supply in the UK

Guideline:

  • The best sources of information include:
    1. The module textbook
    2. Lecture slides
    3. Module and workshop handbook (available on Blackboard, except the textbook)
  • In Section A, answer ALL MCQs. You can find these in the Study Units, Blackboard.
  • In section B, choose only ONE question from Part A & ONE question from Part B.
  • Ensure that you are skillful in drawing relevant diagrams for Section B – you could boost your mark if you can do so.
  • A good answer is expected to be well structured, combining theory with evidence to arrive at a meaningful conclusion.
  • In-text referencing is not essential but useful if possible.
  • For more information regarding the assessment criteria, see the module handbook.
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