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

On completion of your course, you will receive two qualifications:

Qualification 1: Business Economics Professional Diploma

Business Economics Professional Diploma issued by Stonebridge Associated Colleges, entitling you to use the letters SAC Dip after your name.

Qualification 2: Level 4 Business Economics Professional Award

This Course leads to an NCFE Level 4 Award Certificate for successful learners. That means that it is independantly accredited at a level of learning equivalent to level 4 on the National Qualifications Framework (NQF) for England, Wales and Northern Ireland (in which case GCSE's are at levels 1 and 2 and A Levels are at level 3). In accrediting the programme at level 4, NCFE attests that its learning outcomes are at an equivalent level to a level 4 national qualification.

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.

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.

When you study through ElearnUK you can quickly access your course material online and submit all of your question papers to your tutor online, using your unique student account. You have access to all of your course material immediately, and when you submit question papers, your tutor sends you an email containing your results and feedback.

At the end of the course you will receive an award issued by Stonebridge Associated College, and also gain full awarding body accreditation for the course.

With this course you will have unlimited access to your own personal tutor who specialises in their field of study. It is your personal tutor's role to ensure that you receive constructive feedback and to deal with any queries you may have. You are more than welcome to telephone, fax or email your personal tutor.

You will also have access to a dedicated and friendly team of administrators and course advisors who offer sound and professional guidance and advice when you need it. This ensures that you will never feel neglected and that you will always succeed!

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

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.

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 a learning programme has been scrutinised and approved by an independent panel of experienced educational professionals and is quality audited biannually by NCFE. Learners successfully completing NCFE accredited programmes receive an externally accredited and nationally recognised NCFE certificate.

For more information on this award, click here

Below you will find a list of courses that previous students have taken to complement their course. We hope that this list will give you some idea of the types of progression courses we offer, or alternative course options that may be of interest to you.

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