Economics in business test briefing sheet

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Test 1

Type of assessment Individual, multiple choice

Word Count or duration 50 minutes

This test will be based on lectures 1 - 5:


Nature of business economics, scarcity and the problem of allocating scarce resources.Theory of the markets, supply, demand and the price mechanism, elasticity of demand and supply, the nature of the firm, the theory of the firm, alternative competitive environments, competition policy, the firm in the factor market, market failure and government intervention


The macroeconomic environment, national income analysis, unemployment, inflation, the business cycle, the balance of payments and the exchange rate, money and interest rates, economic ideas and the business activity, demand and supply side policies and the international economic policy.


Assessment Criteria

  • Understood the importance of economic theory for businesses and governments.

  • Demonstrated an application of economic theory and practice.

  • Interpreted information from a variety of sources and evaluated the findings.

  • Evaluated the impact of microeconomics and macroeconomics.

  • Researched topics, in depth, using a variety of sources.

  • Analysed data and evaluated findings

  • Communicated in a professional and accurate manner.

Test 2 - Written Assignment

Type of assessment Individual, essay type

Duration 50 minutes


Instructions

This test will be based on all lectures to date but will focus on lectures 5 - 10:


Nature of business economics, scarcity and the problem of allocating scarce resources.Theory of the markets, supply, demand and the price mechanism, elasticity of demand and supply, the nature of the firm, the theory of the firm, alternative competitive environments, competition policy, the firm in the factor market, market failure and government intervention


Assessment Criteria

  1. Understood the importance of economic theory for businesses and governments.

  2. Demonstrated an application of economic theory and practice.

  3. Interpreted information from a variety of sources and evaluated the findings.

  4. Evaluated the impact of microeconomics and macroeconomics.

  5. Researched topics, in depth, using a variety of sources.

  6. Analysed data and evaluated findings

  7. Communicated in a professional and accurate manner.

Test 3

Type of assessment Individual, multiple choice

Word Count or duration 50 minutes


Instructions

This test will be based on all lectures to date but will be focussed on lectures 12 - 18:


Nature of business economics, scarcity and the problem of allocating scarce resources. Theory of the markets, supply, demand and the price mechanism, elasticity of demand and supply, the nature of the firm, the theory of the firm, alternative competitive environments, competition policy, the firm in the factor market, market failure and government intervention


The macroeconomic environment, national income analysis, unemployment, inflation, the business cycle, the balance of payments and the exchange rate, money and interest rates, economic ideas and the business activity, demand and supply side policies and the international economic policy.


Assessment Criteria

  1. Understood the importance of economic theory for businesses and governments.

  2. Demonstrated an application of economic theory and practice.

  3. Interpreted information from a variety of sources and evaluated the findings.

  4. Evaluated the impact of microeconomics and macroeconomics.

  5. Researched topics, in depth, using a variety of sources.

  6. Analysed data and evaluated findings

  7. Communicated in a professional and accurate manner.

Test 4

Type of assessment Individual, short answers

Duration 50 minutes


Instructions

This test will be based on all lectures to date but will be focussed on lectures 20 - 24:


Nature of business economics, scarcity and the problem of allocating scarce resources. Theory of the markets, supply, demand and the price mechanism, elasticity of demand and supply, the nature of the firm, the theory of the firm, alternative competitive environments, competition policy, the firm in the factor market, market failure and government intervention


The macroeconomic environment, national income analysis, unemployment, inflation, the business cycle, the balance of payments and the exchange rate, money and interest rates, economic ideas and the business activity, demand and supply side policies and the international economic policy.


Assessment Criteria

  1. Understood the importance of economic theory for businesses and governments.

  2. Demonstrated an application of economic theory and practice.

  3. Interpreted information from a variety of sources and evaluated the findings.

  4. Evaluated the impact of microeconomics and macroeconomics.

  5. Researched topics, in depth, using a variety of sources.

  6. Analysed data and evaluated findings

  7. Communicated in a professional and accurate manner.

Revision notes / Further guidance

The best way that you can pass the tests is to study your notes, read your learning packs, assess your lecture notes for the relevant lectures and ask if you are unsure. You would also do well to consult an economics textbook….

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