Module Title:The Global Economy
Language of Instruction:English
Credits: 10
NFQ Level:8
Module Delivered In 6 programme(s)
Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work to resolve various international economic type 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: The aim of this module is to equip the student with an in-depth understanding of the Global Economy and the International Economic environment, by offering a wide range of areas that explore issues surrounding international trade theory and policy, economic development, economic country analysis, economic integration and the use and the relevance of the financial markets in the modern world such as the foreign exchange market, the stock market and the area of money and banking. The student will learn to use current economic analysis to examine the world economy in the twenty-first century. This module aims to develop students’ knowledge and awareness of the Global Economy and the factors from the International Economic Environment that impact on all areas of an economy. It provides business students with a toolkit for analyzing how world economic events affect domestic and international business activity.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Understand, analyse and evaluate international trade theory;
LO2 Evaluate the role of international trade policy;
LO3 Discuss and debate the benefits and costs accruing from regional integration;
LO4 Explain and critique the theories of economic development;
LO5 Undertake a comprehensive economic analysis and assessment of economies;
LO6 Understand and analyse the workings of the financial markets.
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.
economics 1

Module Content & Assessment

Indicative Content
The Theory of International Trade
An overview of trade theory; Mercantilism; Absolute advantage; Comparative Advantage; Heckscher-Ohlin Model; The product life cycle theory; The first mover theory; National competitive advantage; Location theory; Implications for business.
International Trade Policy
The World Trade Organisation; Instruments of trade policy; Tariffs & subsidies; Import quotas and voluntary export restraints; Anti- dumping policies; The case for government intervention; The case for free trade; Trade barriers and firm strategy.
Regional Integration
Types of regional integration; Free trade area; Customs union; Common market;Economic union; The benefits of integration; Case studies on economic integration; The European Union; The North American free trade agreement; Asia pacific economic cooperation.
Economic Development
Characterisitics of less developed countries; Less developed countries and debt; Theories of economic development.
International Country Economic Analysis
The importance of macroeconomic data for the international businessperson; Why is it important to understand how an economy performs?; The necessary economic indicators required for analysing countries; Sources of economic data; Interpreting key macroeconomic indicators and their future trends such as: Economic growth; Employment/unemployment and wage levels; Inflation; Trade (Exports and imports); Trading partners and agreements; Corporation tax; Level of debt; Population and the level of consumer spending; Level of government spending; The Global economy; The U.S. economy; The economies of Europe; The economy of China; Emerging market economies;
Financial Markets
The foreign exchange market; Predicting changes in exchange rates; The equity market; The money and fixed income market.
Assessment Breakdown%
Continuous Assessment30.00%
End of Module Formal Examination70.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Examination In Class Assessment 1,2,3 15.00 n/a
Project Economic Country Analysis 5 15.00 n/a
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 1,2,3,4,5,6 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_HHIBU_B Bachelor of Business ( Honours) in International Business 4 Mandatory
CW_BBLAW_B Bachelor of Business (Honours) in Business with Law 4 Elective
CW_BBHRM_B Bachelor of Business (Honours) in Human Resource Management 4 Elective
CW_BBBBM_B Bachelor of Business(Honours) in Management 4 Elective
CW_BRLMB_B Bachelor of Business(Honours) in Management 4 Elective
CW_BBSCM_B Bachelor of Business(Honours) in Supply Chain Management 4 Elective