Module Title:Economics 2
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 3 programme(s)
Teaching & Learning Strategies: Class will be led by lecturer and encourage class participation. Use of reports and videos etc. to reinforce learning, encourage debate, and develop students’ analytical abilities.
Module Aim: To build upon the micro and macroeconomic foundations provided in Year 1 Macroeconomics. To provide students with a good understanding of Managerial Economics at the level of the firm and of Economic Policy as it applies to the key sectors of the Irish Economy.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Analyse and explain key concepts in relation to managerial economics and the Models of the Firm.
LO2 Apply fundamental analysis to solve management problems in areas such as cost, demand analysis, risk assessment, production, profit maximisation and industry structure.
LO3 Explain and evaluate the fundamental determinants of economic growth across international economies and be able to draw lessons from Ireland’s economic experiences.
LO4 Reflect on and evaluate Macroeconomic Policy at a National level.
LO5 Display a knowledge of the economic policies which have been implemented in Ireland over the past four decades.
Pre-requisite learning
Module Recommendations

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

5897 ECON H1704 Economics 1
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
Requirements
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
Managerial Objectives & Theories of Firm Behaviour
• Introduction to the economic principles of Management • Profit maximisation model • Sales revenue maximisation model • Growth maximisation model • Managerial Utility maximisation model • “Wealth” or Value maximisation model
Understanding Demand and Supply:
• Determinants of market demand • Constructing and statistical estimation of market demand functions and supply functions • Demand Analysis • Price Elasticity and Corporate Revenue
Market Structure
• Monopoly, Perfect Competition, Imperfect Competition • Competition Policy • Concept of Market Power • Profit theories and decisions under different market structures
Production and Cost Analysis
• The Production Function • Estimating Production Functions • From Production to Costs: The Law of Diminishing Returns • Nature and types of costs • Cost Estimation & Cost Functions • Marginal Cost in Decision Making • Opportunity Cost
Risk Analysis
Risk Analysis
Economic Growth
• Theories of economic growth • Irish Economic Growth Performance • History of Ireland’s economic growth • Lessons from the Irish Experience • Economic Policies to promote growth • Globalisation and World Economic Growth • Trends in World Economic Growth: Convergence and Divergence between rich and poor countries
The Role of Government
• Rational for Government intervention • Size of Government • Economic and political factors • Public Expenditure • State-owned Enterprises and Privatisation
Population, Employment and Unemployment
• Demography and Employment • Level and trend in population • Components of change • Age structure • Population forecasts • Regional patterns of population change • Emigration • Labour force and employment • Participation rates • EU comparisons
The Public Finances & Fiscal Policy
• Level and structures of expenditure and taxation • Borrowing and national debt • Taxation policy • Economic impact of expenditure and taxation
Monetary and Exchange Rate Policy
• International Trade • Balance of Payments and Exchange Rates • Ireland and EMU
Sectoral Policies in an Open Economy
• Industrial Policy in Ireland – DFI, Indigenous Growth, Sectoral and size pattern of manufacturing • Determinants of competitiveness • Impact of EC policies – Regional Policy
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Essay Essay on the models of the firm and its application to real-life scenarios. 1 10.00 n/a
Essay Essay on Irish Economic Policy 3,4,5 10.00 n/a
Examination Class Test: Quantitative and problem-solving based test 2 10.00 n/a
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam Final Exam 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 30 Weeks per Stage 3.00
Independent Learning 30 Weeks per Stage 3.67
Total Hours 200.00
 

Module Delivered In

Programme Code Programme Semester Delivery
CW_BWBUS_B Bachelor of Business (Honours) Options: Business or Digital Marketing 2 Elective
CW_BWBBS_D Bachelor of Business in Business (Options: Business or Digital Marketing) 2 Elective
CW_BWBUS_C Higher Certificate in Business 2 Elective