Module Title:Economics
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 3 programme(s)
Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work as part of a team and will work together to resolve various business scenarios. Class Discussion/Debate - Students will be encouraged to actively participate in the class sessions which will develop their analytical and communication skills. E-Learning - It is envisaged that the module will be supported with on-line learning materials. Self-Direct Independent Learning - the emphasis on independent learning will develop a strong and autonomous work and learning practices.
Module Aim: This module is designed to enable students to acquire a knowledge and understanding of the fundamental economic concepts necessary for the work of a business professional. Students are introduced to the core areas of economic theory providing them with a toolkit for analysing economic and business questions.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Explain the microeconomic environment and identify how a market economy functions
LO2 Illustrate andexplain key models of microeconomics
LO3 Apply basic microeconomic analysis to explain economic and business issues
LO4 Explain the macroeconomic environment within which Irish firms and managers operate
LO5 Illustrate and explain key models of macroeconomics
LO6 Gather, assemble and communicate macroeconomic data/statistics relevant to business managers
Pre-requisite learning
Module Recommendations

This is prior learning (or a practical skill) that is recommended before enrolment in this module.

No recommendations listed
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed.
No requirements listed

Module Content & Assessment

Indicative Content
What is economics; Scarcity, choice and opportunity cost; Production possibility frontier; Macroeconomics versus Microeconomics; The importance of economics to a business person; Economic systems; The New Economy
Demand, Supply and the Market
Demand and consumers; Supply and producers; Market equilibrium and the price mechanism; Price controls
Elasticity of Demand and Supply
Price elasticity of demand; Cross - price elasticity of demand; Income elasticity of demand; Relationship between price elasticity of demand and revenue; Elasticity of supply
The Consumer and Demand
Utility; Marginal utility analysis; The Law of diminishing marginal utility
The Firm and Production
The objectives of the firm; Production; Law of diminishing marginal returns; Costs; Increasing/Decreasing and Constant Returns to Scale; Profit-maximising output level
Market Structures
Perfect competition; Monopoly; Monopolistic competition; Oligopoly; Comparisons of the different types of market structures
Factor Markets
Labour and wages; Capital and Interest; Land and rent; Entrepreneurship and profit
SECTION B: MACROECONOMICS Measurement of macroeconomic activity:
National income statistics (G.D.P. and G.N.P.) The circular flow model of economic activity The three methods for measuring economic activity The Irish National Accounts Limitations of using G.D.P. and G.N.P. as measures of economic activity
The Determination of National Income
The Keynesian approach; Aggregate Demand: Consumption, savings, investment, government; ;expenditure, exports and imports; The multiplier and accelerator; Paradox of Thrift
Government & the Economy
Role of government within an economy; Economic Policy Objectives; Attributes of a good tax system; Direct and Indirect taxation; Public sector borrowing; The Budget; National Debt; Fiscal Policy
Money and Banking
The nature and functions of money; The demand for and supply of money; Interest rate determination; The role of a central bank; The European Central Bank; Ireland and the Euro; Monetary Policy
Inflation and Unemployment
Measuring inflation; Demand pull and cost push theories of inflation; The Philip's curve; Effects of inflation; Policies to reduce high inflation; The Irish experience with inflation; Deflation; Theories of unemployment; Costs of unemployment; Policies to reduce unemployment; The Irish experience with unemployment
International Trade and Finance
What is Globalisation?; Introduction to the theories of international trade; Barriers to trade and Government intervention in international trade; Free trade and the World Trade Organisation (W.T.O); Single European Market; Balance of payments; Introduction to exchange rate regimes.
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Other Class test, essay, project,etc 1,2,3 10.00 Week 6
Other Class test, essay ,project etc 1,2,3 10.00 Week 12
Other Class test, essay, project etc 4,5,6 10.00 Week 25
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4,5 70.00 End-of-Semester

ITCarlow reserves the right to alter the nature and timings of assessment


Module Workload

Workload: Full Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 3.00
Independent Learning Time Every Week 4.00
Total Hours 7.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Time Every Week 5.50
Total Hours 7.00

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBADM_D Bachelor of Business in Business Administration 1 Mandatory
CW_BBOPT_D Bachelor of Business with Options in Management. International Business, Supply Chain Management, Marketing, Human Resource Management 1 Mandatory
CW_BRLMB_B Bachelor of Business(Honours) in Management 1 Mandatory