Business Economics Professional | Courses | Stonebridge
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Business Economics Professional.

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  • 100% online learning
  • 7 units
  • 126 guided learning hours

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.

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

Certificate 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.

Certificate 2 is issued by Quality Licence Scheme: Level 4 Business Economics Professional Certificate of Achievement

At the end of this course successful learners will be given the option to receive a Certificate of Achievement from the Quality Licence Scheme and a Learner Unit Summary (which lists the components the learner has completed as part of the course).

The course has been endorsed under the Quality Licence Scheme. This means that Stonebridge Associated Colleges has undergone an external quality check to ensure that the organisation and the courses it offers, meet defined quality criteria. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

The course itself has been designed Stonebridge Associated Colleges to meet specific learners’ and/or employers’ requirements which cannot be satisfied through current regulated qualifications. The Quality Licence Scheme endorsement involves robust and rigorous quality audits by external auditors to ensure quality is continually met. A review of courses is carried out as part of the endorsement process.

The Quality Licence Scheme is part of the Skills and Education Group, a charitable organisation that unites education and skills-orientated organisations that share similar values and objectives. With more than 100 years of collective experience, the Skills and Education Group’s strategic partnerships create opportunities to inform, influence and represent the wider education and skills sector.

The Skills and Education Group also includes two nationally recognised awarding organisations; Skills and Education Group Awards and Skills and Education Group Access. Through our awarding organisations we have developed a reputation for providing high-quality qualifications and assessments for the education and skills sector. We are committed to helping employers, organisations and learners cultivate the relevant skills for learning, skills for employment, and skills for life.

Our knowledge and experience of working within the awarding sector enables us to work with training providers, through the Quality Licence Scheme, to help them develop high-quality courses and/or training programmes for the non-regulated market.

*Regulated qualification refers to those qualifications that are regulated by Ofqual / CCEA / Qualification Wales

To view a sample of the Certificate of Achievement, please 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.

Professional Membership

On completion of this course you will be eligible to join the following Professional Associations(s):

Stonebridge

On successful completion of your course your qualification is awarded. You will receive an attractively presented Diploma or Certificate issued by Stonebridge Associated Colleges, this will also allow you to use the letters SAC. Dip. or SAC. Cert. after your name.

Stonebridge Associated Colleges is one of the leading (and biggest) distance education colleges in the U.K and internationally. We have many thousands of students studying with us at any one time from locations all over the world. Our diplomas will always count towards your future, and will improve your prospects of future employment or higher level study etc. by proving that you have studied to a certain level, that you have proficiency in your chosen subjects and that you are interested in your field of choice. Education is always an investment in your future and you will find this to be the case with our qualifications in your jurisdiction.

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

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'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).
OUR PASS RATE
Business and HR
97.5%
(National Average 51.8%)

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.

Business and HR
OUR PASS RATE
(National Average 51.8%)
97.5%

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

Certificate 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.

Certificate 2 is issued by Quality Licence Scheme: Level 4 Business Economics Professional Certificate of Achievement

At the end of this course successful learners will be given the option to receive a Certificate of Achievement from the Quality Licence Scheme and a Learner Unit Summary (which lists the components the learner has completed as part of the course).

The course has been endorsed under the Quality Licence Scheme. This means that Stonebridge Associated Colleges has undergone an external quality check to ensure that the organisation and the courses it offers, meet defined quality criteria. The completion of this course alone does not lead to a regulated qualification* but may be used as evidence of knowledge and skills gained. The Learner Unit Summary may be used as evidence towards Recognition of Prior Learning if you wish to progress your studies in this subject. To this end the learning outcomes of the course have been benchmarked at Level 4 against level descriptors published by Ofqual, to indicate the depth of study and level of demand/complexity involved in successful completion by the learner.

The course itself has been designed Stonebridge Associated Colleges to meet specific learners’ and/or employers’ requirements which cannot be satisfied through current regulated qualifications. The Quality Licence Scheme endorsement involves robust and rigorous quality audits by external auditors to ensure quality is continually met. A review of courses is carried out as part of the endorsement process.

The Quality Licence Scheme is part of the Skills and Education Group, a charitable organisation that unites education and skills-orientated organisations that share similar values and objectives. With more than 100 years of collective experience, the Skills and Education Group’s strategic partnerships create opportunities to inform, influence and represent the wider education and skills sector.

The Skills and Education Group also includes two nationally recognised awarding organisations; Skills and Education Group Awards and Skills and Education Group Access. Through our awarding organisations we have developed a reputation for providing high-quality qualifications and assessments for the education and skills sector. We are committed to helping employers, organisations and learners cultivate the relevant skills for learning, skills for employment, and skills for life.

Our knowledge and experience of working within the awarding sector enables us to work with training providers, through the Quality Licence Scheme, to help them develop high-quality courses and/or training programmes for the non-regulated market.

*Regulated qualification refers to those qualifications that are regulated by Ofqual / CCEA / Qualification Wales

To view a sample of the Certificate of Achievement, please 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.

Professional Membership

On completion of this course you will be eligible to join the following Professional Associations(s):

Stonebridge

On successful completion of your course your qualification is awarded. You will receive an attractively presented Diploma or Certificate issued by Stonebridge Associated Colleges, this will also allow you to use the letters SAC. Dip. or SAC. Cert. after your name.

Stonebridge Associated Colleges is one of the leading (and biggest) distance education colleges in the U.K and internationally. We have many thousands of students studying with us at any one time from locations all over the world. Our diplomas will always count towards your future, and will improve your prospects of future employment or higher level study etc. by proving that you have studied to a certain level, that you have proficiency in your chosen subjects and that you are interested in your field of choice. Education is always an investment in your future and you will find this to be the case with our qualifications in your jurisdiction.

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

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'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).
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