Welcome to this UBT developed "economics course for business".
The whole aim of this course is to enable anyone to understand the important impact that economics has on business. This is in view of making educated decisions to positively influence the growth and sustainability of any business in which you operate.
This course is broken up into 18 weeks - 16 lessons then exam preparation and the final examination.
Therefore, if you set aside approximately 4 hours/week, you should be able to complete the course within 4 months.
The aim of this course is to provide an understanding of the fundamental economic principles that are relevant to our business organisations and to assist in making informed business decisions both at strategic and operational levels.
The course introduces you to the concept of macroeconomics, and then drills down to the microeconomics relevant to the businesses in which we work and the products we buy and sell.
Business managers need to be aware of the economic environment in which they function, and the impact this has on short and long term strategic decision making.
The microeconomic component examines questions of price determination and resource allocation, and considers how firms take relative prices into account in their decision making.
You will be enlightened as to how applicable economics is to business; the key factors behind the markets in which you operate; the implications of price changes; and an understanding of supply and demand to ascertain the sustainability of your business and products.
The macroeconomic component is concerned with the study of the economy as a whole, that is, as a single aggregate entity. It considers the key determinants of the level of economic activity. It is particularly concerned with the impact of interest rates, exchange rates, and government macroeconomic policies and overall economic activity, on business owners and managers.Download the 4MBE Overview Booklet
It has been written with a unique focus specifically with business managers and their employees in mind.
Easy reading – we have made every attempt to make the course easy to understand, regardless of your level of education.
Business development focused – rather than just a study course, we have made every effort in creating this course to maximise the practical value and benefits that an understanding of economics will bring to you as an individual but especially in business.
At the end of each week there is an assignment, to test yourself on the new skills and knowledge learnt.
The assignments are completed online via the UBT website. They are well set out and easy to use, with case studies, multiple choice etc.
If you were enrolled through a business, your manager will be able to find out when you submitted each assignment and what mark you received.
A majority of the lessons are supported by a training video delivered via the UBT website.
The videos are not only interesting and entertaining; they will also help reinforce what you have learnt in each workbook.
The videos average around 20 minutes each in length.
Also included as part of the 4MBE package, are some very enlightening 'bonus' videos which are up to 2 hours in length. While we would highly recommend them, viewing these videos is optional.
The time required to study each week and to complete the assignment will vary from person to person, however in approx. terms you should plan to set aside between 3 – 6 hours for each module.
You will need to allow the following each lesson:
1 to 3 hours to read the workbook
1 to 2 hours to complete and lodge the assignment
15 minutes to 1 hour to watch the supporting video
You may also like to further explore a topic (beyond what is covered in the course); an example of this would be to further investigate the current economic climate in your region.
Make sure you also allow time to apply your new knowledge and ideas to your own business. This will greatly accelerate your learning, and give you maximum benefit (and return on investment!) from this course.
If you have had no 'exposure' to economics before, and find that the course is taking longer than this, it would be better not to rush it, but rather to ensure that you understand each section before moving on. Each lesson is like a building block, and you will need to understand each one before studying the next module.
If you have studied economics before, you may find that you can complete the course faster than the times suggested.
TIP: Add a recurring appointment in your Weekly Schedule now to ensure you set time aside to complete this course; be a finisher!
On completion of this course, students will have:
1. Developed an understanding of the economic way of thinking
2. Increased knowledge of a number of important economic concepts
3. Gained an appreciation of the usefulness and relevance of economics to business
Developed an understanding of the use of economic principles as tools of analysis
An enhanced capacity to link economic concepts to the decision making processes of individuals, corporations and government
Developed the ability to critically analyse and evaluate economic assertions attributable to the media, government, and business spokespersons