The next video is presented by Andrew James, an actuary and member of the actuarial team at Kent with a background in insurance, pensions and business management. It introduces the MA309 Business Economics module, which is taken at Stage 1 of the BSc in Actuarial Science across the Autumn and Spring terms.
Economics is a social science, which makes it a little different from many of the more mathematical subjects you might encounter. Understanding and explaining concepts and results are very valuable skills. However, mathematics and statistics are widely used to explain and illustrate relationships and problems in economics, such as using differentiation to determine the optimum price to charge for a product. The video should give you a feel for how this works in practice. Andrew is tucked away in the corner…
The level of mathematics we use should be fairly familiar – we use maths as a tool rather than developing high level concepts. You might want to make sure you are familiar with the material in:
Sections 1, 3, 6, 11, 13, 35, 37 and 39 of the HELM Workbook
Sections on algebra, differentiation, integration from Mathcentre:
The HELM Workbooks have a large range of probability and statistics resources. Generally only basic probability is required for this module, but a wider understanding is useful for context.