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Business Economics Professional

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  • Accreditation by Qualifications Register
  • 7 units

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.

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):

Anyone who is studying for or has completed a course endorsed by an Ofqual approved awarding body is eligible to join Qualifications Register.  The Qualifications Register (QR) is an independent register that aims to serve both members of the public and those professionals who hold recognised qualifications.

QR's primary aim is to provide transparency to members of the public and employers. The QR is a searchable database that allows them to find a practitioner and view the relevant qualification and endorsements the practitioner holds. The member of the public is then able to make an informed decision in relation to the suitability of the practitioner.  QR also tracks whether practitioners have insurance, again something that is useful for members of the public.  QR can also help professionals gain insurance or find professional indemnity cover.  Click here to find out more.

Members of the public can check an independent source with complete confidence that the practitioner has the qualification(s) they claim to have and that any additional CPD the practitioner has, is verified and quality assured to make sure that the CPD is being done on a regular basis. QR tracks a practitioners endorsed CPD (in unison with our CPD accreditation partner Lifetime Awarding) and other key signals to help members of the public and employers to come to a more informed decision about the professional they intend to use. This is an enormously valuable signal that's increasingly important as business becomes more deregulated and privatised.

For practitioners QR helps you market your skills, endorsements and feedback transparently to a wider audience. It also gives you access to a community to help make you more able to progress and succeed in your field of expertise.  Click here to find out more.

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

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 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.

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):

Anyone who is studying for or has completed a course endorsed by an Ofqual approved awarding body is eligible to join Qualifications Register.  The Qualifications Register (QR) is an independent register that aims to serve both members of the public and those professionals who hold recognised qualifications.

QR's primary aim is to provide transparency to members of the public and employers. The QR is a searchable database that allows them to find a practitioner and view the relevant qualification and endorsements the practitioner holds. The member of the public is then able to make an informed decision in relation to the suitability of the practitioner.  QR also tracks whether practitioners have insurance, again something that is useful for members of the public.  QR can also help professionals gain insurance or find professional indemnity cover.  Click here to find out more.

Members of the public can check an independent source with complete confidence that the practitioner has the qualification(s) they claim to have and that any additional CPD the practitioner has, is verified and quality assured to make sure that the CPD is being done on a regular basis. QR tracks a practitioners endorsed CPD (in unison with our CPD accreditation partner Lifetime Awarding) and other key signals to help members of the public and employers to come to a more informed decision about the professional they intend to use. This is an enormously valuable signal that's increasingly important as business becomes more deregulated and privatised.

For practitioners QR helps you market your skills, endorsements and feedback transparently to a wider audience. It also gives you access to a community to help make you more able to progress and succeed in your field of expertise.  Click here to find out more.

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

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).
SALE Up to 40% OFF
Ends midnight Monday 21st January
SALE ends in:
Easy Payment plans
Just £19.99 deposit
Ends midnight Monday 21st January

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