Module Title:Agricultural Economics 1
Language of Instruction:English
Credits: 5
NFQ Level:6
Module Delivered In No Programmes
Teaching & Learning Strategies: Lecture based teaching, and group discussion on relevant micro-economic issues Focus on Class interaction and discussion through the use of current/relevant examples from media sources. Use of CATs (Classroom Assessment Techniques) to support formative learning (examples include class debates, quizzes etc.) Use of multi-media – analysis of relevant documentaries, Government discussion etc.
Module Aim: The aims of this module is to familiarise learners with the principles of micro-economics that relate to the farming and agricultural sector.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Demonstrate a knowledge of the principles of micro-economics and its applications to agricultural problems
LO2 Apply the principles of economics to the Micro agricultural sector
LO3 Construct diagrams to illustrate basis economic theories
LO4 Demonstrate an understanding of market structures, at a micro-economic level
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
• An introduction to key micro economic principles • Introduction to Agricultural Economics; • Rational Choices, Positive and normative statements • The Factors of Production • Opportunity Costs • Absolute and relative scarcity.
Demand, Supply and Equilibrium
• The Laws of Supply and Demand • Factors affecting demand and supply. • Classification of goods and services. • Shift in curves and movement along curves. • Price floors and price ceilings • Theory of Consumer Choice – Indifference curves.
Elasticity of Demand and Supply
• Price elasticity. • Income elasticity. • Cross price elasticity. • Relationship between price elasticity and total revenue. • Elasticity of supply.
Costs of Production and the Firm
• Goals of the Firm • Short run cost curves – fixed, variable, average, total costs • Law of diminishing marginal returns. • Cost benefit analysis of farm production • Long-run cost curves • Economics and diseconomies of scale.
Market Structures
• Perfect competition. • Monopoly. • Comparing perfect competition and monopoly. • Price discrimination. • Imperfect competition - Monopolistic Competition and Oligopoly.
Factor Markets, Markets and States
• Factor Markets • National Partnership agreements • Market efficiency • Market failures • The state and remedies for market failure • State failure.
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Short questions in a class test – to reinforce key concepts 1,2,3 10.00 n/a
Project Micro-Economic Analysis of the Farm - cost benefit analysis of crop production 1,2 10.00 n/a
Essay Essay 1,2,3,4 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 Terminal Examination 1,2,3,4 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 1.50
Independent Learning 30 Weeks per Stage 1.83
Total Hours 100.00