Industrial Economics BSc


Fact file - 2017 entry

UCAS code:L1N2
Qualification:BSc Hons
Type and duration:3 year UG
Qualification name:Industrial Economics
UCAS code
UCAS code
Industrial Economics | BSc Hons
3 years full-time
A level offer
Required subjects
GCSE maths grade B or above
IB score
34 (including 18 points at Higher Level) 
Course location
Jubilee Campus 
Course places
Approximately 100 across L1N2 and L1N3


Students on this course conduct a wide-ranging economic analysis of a company, and graduate with a solid foundation for a successful career in a range of business areas.
Read full overview

This is a rigorous and comprehensive course, accredited by the Chartered Insurance Institute (CII), offering the application of economic theory to the management of the global firm.

It entails a wide-ranging economic analysis of the firm, its international structure, markets and competitors as well as external economic environment. The economic approach to business is complemented with a choice of management studies modules covering the latest thinking in a range of subjects such as strategy and marketing.

Year one 

The first year of the course includes core modules in micro and macroeconomics, entrepreneurship, the economics of corporate strategy, organisational studies, business computing and quantitative methods. There are also four optional modules.

Year two

Second-year studies typically include core modules in the economics of innovation, the economics of pricing and decision making, the economics of organisation, international firms, quantitative methods and econometrics. There are also five optional modules.

You can also apply to spend one semester of your second year studying abroad, studying similar economics modules to your counterparts back in Nottingham.

Year three

The final year typically includes core modules in industrial economics, the economics of regulation and competition policy, corporate restructuring and governance, financial economics and economic policy making. There are also six optional modules.


Entry requirements

A levels: AAB excluding general studies, critical thinking, and citizenship studies

GCSEs: GCSE maths grade B or above

English language requirements 

IELTS: 7.0 (no less than 6.0 in any element)

Students who require extra support to meet the English language requirements for their academic course can attend a presessional course at the Centre for English Language Education (CELE) to prepare for their future studies. Students who pass at the required level can progress directly to their academic programme without needing to retake IELTS. Please visit the CELE webpages for more information.

Alternative qualifications 

View the alternative qualifications page for details.

Flexible admissions policy

In recognition of our applicants’ varied experience and educational pathways, The University of Nottingham employs a flexible admissions policy. We may make some applicants an offer lower than advertised, depending on their personal and educational circumstances. Please see the University’s admissions policies and procedures for more information.

Notes for applicants

The Business School has accreditation agreements with the Association of Chartered Certified Accountants (ACCA), the Professional stage of the Institute of Chartered Accountants in England and Wales (ICAEW), the Chartered Institute of Management Accountants (CIMA), the Chartered Institute of Public Finance and Accountancy (CIPFA) and the Chartered Institute of Insurance (CII). The CII accreditation also includes the Industrial Economics programme.

All applicants who are made an offer are invited to visit the Business School and meet members of staff and students. The school does not normally interview candidates for its undergraduate degrees; our offers are made on the basis of the information contained on your UCAS form. We welcome applications from mature candidates and consider academic and professional backgrounds on an individual basis. We also consider other qualifications in addition to those listed above.



Typical year one modules


Computers in Business

This module will introduce the use of computers and IT in business today - and in particular spreadsheet modelling - via a lab based assessment and a case study group report and presentation.

Economics of Corporate Strategy

The aim of this module is to introduce you to the economic view of firms, highlighting the implications for firms' decisions. The module will cover topics such as agency theory, transaction cost economics, horizontal and vertical integration and diversification.

Entrepreneurship and Business

Th module presents a formal analysis of entrepreneurship in theory and practice leading on to a consideration of creativity and business concept generation. The module concludes with the practical application of these theories and concepts in business planning and business concept presentation.

Macroeconomics for Business

This module introduces participants to the nature and scope of the macroeconomic policy agenda, and develops the analytical frameworks necessary for the evaluation of policy instruments. The module enables participants to understand the economic arguments that under-lie different views and to evaluate relevant arguments.

Microeconomics for Business A

This module introduces you to the microeconomic theory of the market and the firm. Topics covered include:

  • market demand
  • supply and equilibrium
  • firm production and costs
  • market structure
  • perfect competition
  • monopolistic competition
  • oligopoly and monopoly
Microeconomics for Business B1

The module covers the following:

  • Exchange and trade
  • Gains from trade
  • Absolute and comparative advantage
  • Consumer theory
  • Indifference analysis
  • Attributes approach
  • Factor markets
  • Labour markets
  • Capital markets
  • Welfare economics
  • Market efficiency
  • Externalities
  • Public goods
  • Information failure
Organisational Behaviour

This module will introduce you to the basic ideas of organisational behaviour. The content will encourage you to develop an understanding of managing and developing people within business organisations.

The module will draw its primary material from the major theorists and theories of both organisational psychology and organisational behaviour. The module will also develop links with other aspects of the business school curriculum such as general management and international business.

Quantitative Methods 1B

This module covers the following:

  • Economic application of calculus
  • Confidence intervals
  • Introduction to hypothesis testing
  • Partial differentiation
  • Optimisation of two variables
  • Probability
  • Random variables
  • Sampling distributions

Plus 40 credits of approved optional modules.


Business Law A

This module will introduce you to the following:

  • UK legal framework
  • Impact of EU legislation
  • Law of contract - essential elements, performance and remedies
  • Business and the Law of Tort
  • Employment law
  • Law in a local and global context
Financial Accounting

This module will introduce the nature and purpose of financial accounting. Key accounting concepts, the impact of accounting policy selection, accounting standards and the recording and collating of accounting information will be presented. Financial statements will be developed via double entry bookkeeping from accounting data.

Insurance in a Risky World

The module examines how insurance markets operate to satisfy commercial and individual customers' demand for protection against risk, and would usually include the following topics:

  • Introduction to insurance
  • Private and social insurance
  • The historical development of insurance
  • Why buy property/liability insurance?
  • Why buy life, health and pensions insurance?
  • The supply of insurance
  • Lloyd's and the London Insurance Market
  • How is insurance distributed to consumers?
  • The role of insurance in the economy
  • International aspects of insurance
  • Insurance and catastrophes
Management Accounting and Decisions I

This module introduces the following:

  • Cost concepts and allocation of manufacturing overheads
  • Absorption and variable costing
  • Cost-volume-profit analysis
  • Relevant costing
  • Budgeting 
New Venture Creation

New Venture Creation will engage you in the more practical elements of innovation and enterprise activity, in terms of creating new businesses and entrepreneurship within the corporate environment. You will become prepared for enterprise activity across a variety of contexts. 


Typical year two modules


Economics of Innovation

In this module, you will cover topics including:

  • innovation in the history of economic thought
  • basic concepts in the economics of innovation
  • intellectual property
  • economics of networks
  • standards and dominant designs
  • the entrepreneur
  • innovation, demand and consumption
  • clusters
  • innovation and the division of labour
  • innovation, competitiveness and trade
  • innovation, growth and wealth creation
  • policy for innovation
Economics of Organisation

In this module, you'll study topics such as:

  • organisational architecture
  • decision rights
  • reward systems
  • individual performance evaluation
  • tournament theory
  • shareholder activism
  • CEO performance and turnover
Economics of Pricing and Decision Making

This module presents an introduction to economic decision making with a focus on the firm's pricing decisions and mechanisms, including:

  • monopoly pricing
  • oligopoly pricing (non-co-operative and collusive)
  • auctions
  • pricing under uncertainty
International Firms

This module examines the international business environment; in particular the impact of international firms on the economy, the determinants of Foreign Direct Investment and their significance on regional and global economic integration.

Attention is paid to cultural and organisational aspects of international business and their impact on Corporate Social Responsibility, as well as differences in corporate governance across economic areas. The structure of the module is based on three sections focusing mainly on the activities of MNEs, firm organisation and performance, and the impact of international firms on the economy.  

Introductory Econometrics

This module will provide an introduction to the theory and practice of quantitative economic modelling at a basic level. The theoretical framework will be developed around the classical regression model and its extensions, with theoretical understanding being supplemented with computer-based practical examples of modelling and data analysis. 

Quantitative Methods 2A

In this module you'll study further maths and statistics including topics such as linear algebra, constrained optimisation, difference equations and hypothesis testing. 


Plus 50 credits of approved optional modules.


Accounting Information Systems

This module looks at the use of accounting information systems in financial and management accounting and their control and audit. You'll cover topics such as:

  • introduction to systems
  • business processes
  • budgeting and decision support systems
  • internal control and audit
  • computer crime and external audit
  • enterprise resource planning systems
Database Design and Implementation

This module examines the process of relational database design and implementation using relevant theory. Applications of modern databases will be studied and all students will be required to create a database system, fully documented, to solve a given problem. 

Financial Management

The module will introduce you to the corporate investment and financing decision as well as the interaction between the investment and financing decision.

Human Resource Management

The module looks at theories of HRM, recruitment and selection, reward, training and development, performance appraisal and broader contextual issues.

Management Strategy

This module provides participants with a theoretical and applied overview of strategic management in today's operational environment. It introduces and analyses the key concepts, frameworks and techniques of strategic management, which allow them to diagnose complex situations related to real-world business development.

Risk Management Decisions

This module will introduce the different aspects of corporate risk and examine how the risk of fortuitous loss may affect the various stakeholders in the operations of firms.

Topics in Labour and Personnel Economics

This module will foster your understanding of the process by which business organisations make effective use of labour, and the policies they employ to this effect. Topics covered include:

  • employees' incentives in organisations
  • the hiring process
  • training and labour turnover
  • employee pay and performance
  • trade unions
  • employment relations
Tourism Futures: the Challenge of Sustainability

This module will survey the international tourism industry in the 21st century. Starting with lectures on the history and sociology of tourism and its broader cultural significance, it will analyse trends in tour operation management, sustainable transport practice, niche markets like eco-tourism, and investigate and evaluate the various social, cultural and environmental impacts which the tourist industry has on destinations.


Typical year three modules


Corporate Restructuring and Governance

This module examines the antecedents and consequences of corporate restructuring. Factors triggering corporate restructuring are considered in a number of alternative organisational settings. In particular, the role of corporate governance in inducing and shaping corporate restructuring receives special attention (in particular, executive compensation and the market for corporate control).

The process of restructuring is discussed against a background of resource-based, agency and behavioural theories of the firm. The impact of corporate restructuring on the size, complexity, incentive systems and ownership structure of large firms is examined. Finally, the evidence relating to the effects of corporate restructuring on performance, employment, R&D and corporate governance is examined.

Economics of Regulation and Competition Policy

This module covers the two broad areas of regulation and competition policy. Topics covered include:

  • natural monopoly regulation
  • retail price control
  • access pricing
  • universal service obligations
  • public policy on inter-firm agreements and restrictive practices
  • abuse of monopoly power and merger control
Financial Economics

This module presents an introduction to financial economics focusing on topics such as: the determination of interest rates; the role of financial institutions in the financial and monetary system; banking regulation and risk management in banks. 

Industrial Economics A: Structure, Conduct and Performance

This module presents an introduction to industrial economic analysis, focusing on the relationships between market concentration, conduct and performance. You will cover the measurement and determinants of market concentration, links between structure and industrial/firm performance, advertising and R&D in the context of industrial economics. 

Industrial Economics B: Games and Strategies

This module will analyse conduct and strategies of firms from a game theoretic point of view. Topics to be covered include: basic game theory, models of oligopoly, pricing tactics and strategic entry deterrence. 

Public Choice and Economic Policy-Making

This module examines the processes and influences involved in the making of UK economic policy, from a public choice perspective. 


Plus 60 credits of approved optional modules.


Auditing, Governance and Scandals

This module uses a combination of lectures and group work to develop students' understanding of alternative perspectives on the role of external audit, audit theory and practice and the role of judgement in audit. The module also includes a critical review of corporate scandals and the associated failures in corporate governance systems/procedures.

Consumer Behaviour

This module introduces and develops frameworks which enable businesses to understand the buying behaviour of consumers.

Contemporary Developments in Human Resource Management and Organisations

This module introduces you to key contemporary debates and practices, giving you a chance to engage with these debates and practices. You will gain an understanding of the human resource management approaches managers take as you grapple with the challenges of the global economy and a demanding and diverse workforce within an international context.

Financial Markets

This module examines markets for equity and debt and markets for derivative instruments. It will introduce you to the processes of portfolio building, management and performance measurement and examines the workings of the major financial markets, looking at the way in which the prices of financial instruments are calculated.

The module covers the key theoretical models of modern finance, capital asset pricing model, arbitrage pricing model, financial risk management with derivative instruments.

Law and Economics

This module covers the following:

  • Introduction to law and economics: the Coase theorem, property rights and transaction costs
  • Economicsof corporate law; ownership, agency and governance structures
  • Economics of contract law; efficient breach and efficient remedies
  • Economics of tort law; efficient liability rules
  • Economics of criminal law; fines and imprisonment
  • Economics of legal processes; litigation, settlement and trial
  • Competitive markets; products liability
  • Non-competitive markets; economics of antitrust law and regulation
Marketing and Society

An overview of marketing and society, macro-marketing issues, responsible and sustainable marketing, consumer response to marketing activities, marketing's impact on society and consumption.

Risk, Information and Insurance

This module examines individual decision-making under conditions of risk and uncertainty, and investigates the effectiveness of insurance as a means of controlling risk.

Risk Management Processes

This module will discuss the processes utilised by corporate enterprises to manage the risk of fortuitous loss. Once corporate risks have been identified and their impact on the firm measured, risk management attempts to control the size and frequency of loss, and to finance those fortuitous losses which do occur. 



The modules we offer are inspired by the research interests of our staff and as a result may change for reasons of, for example, research developments or legislation changes. The above list is a sample of typical modules we offer, not a definitive list.


Study abroad

The University of Nottingham has one of the biggest and most diverse study abroad programmes in the UK, and those who have studied abroad often say that it was the highlight of their time as a student.

On this course, you can apply to spend all or part of your second year at the University's campuses in China or Malaysia or take a semester at one of our international partner universities in locations such as Australia, Canada and Singapore. You'll get the opportunity to broaden your horizons and enhance your employability by experiencing another culture and will study similar modules to your counterparts back in Nottingham (teaching is in English).

Find out more.



The Business School's careers and recruitment service provides targeted and bespoke support to help steer students onto a career path of their choice. You will have opportunities to network with top employers throughout your degree, with many of these companies choosing to sponsor prizes for the highest-performing students in different years of study or particular subjects.

Professional accreditation

We are one of an elite global group of EQUIS accredited business schools. Graduates will also receive recognition from the Chartered Insurance Institute (CII).

Average starting salary and career progression

In 2015, 93% of first-degree graduates in the Nottingham University Business School who were available for employment had secured work or further study within six months of graduation. The average starting salary was £24,697 with the highest being £40,000.*

* Known destinations of full-time home first degree undergraduates 2014/15. Salaries are calculated based on those in full-time paid employment within the UK.

Careers support and advice

Studying for a degree at The University of Nottingham will provide you with the type of skills and experiences that will prove invaluable in any career, whichever direction you decide to take.

Throughout your time with us, our Careers and Employability Service can work with you to improve your employability skills even further; assisting with job or course applications, searching for appropriate work experience placements and hosting events to bring you closer to a wide range of prospective employers.

Have a look at our Careers page for an overview of all the employability support and opportunities that we provide to current students.  


Fees and funding

Scholarships and bursaries

The University of Nottingham offers a wide range of bursaries and scholarships. These funds can provide you with an additional source of non-repayable financial help. For up to date information regarding tuition fees, visit our fees and finance pages.

Home students*

Over one third of our UK students receive our means-tested core bursary, worth up to £2,000 a year. Full details can be found on our financial support pages.

* A 'home' student is one who meets certain UK residence criteria. These are the same criteria as apply to eligibility for home funding from Student Finance.

International/EU students

The University of Nottingham provides information and advice on financing your degree and managing your finances as an international student. The International Office offers a range of High Achiever Prizes for students from selected schools and colleges to help with the cost of tuition fees.


Key Information Sets (KIS)

Key Information Sets (KIS)

KIS is an initiative that the government has introduced to allow you to compare different courses and universities. 

How to use the data


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This online prospectus has been drafted in advance of the academic year to which it applies. Every effort has been made to ensure that the information is accurate at the time of publishing, but changes (for example to course content) are likely to occur given the interval between publishing and commencement of the course. It is therefore very important to check this website for any updates before you apply for the course where there has been an interval between you reading this website and applying.

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Jubilee Campus








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The University of Nottingham
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Lenton Lane
Nottingham, NG7 2NR

t: +44 (0) 115 951 5559
Make an enquiry