Module Title:Economics 1
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In No Programmes
Teaching & Learning Strategies: Lecture based teaching, and group discussion on relevant macro-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: To introduce students to the use and application of micro-economic analysis to markets, individuals, firms and industries.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Explain fundamental micro-economic and macro-economic concepts
LO2 Construct diagrams to illustrate basis economic theories
LO3 Demonstrate an understanding of market structures, at a micro-economic level
LO4 Apply the principles of economic theories to real-life business scenarios
LO5 Describe and explain Government policy in relation to macro-economic issues.
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
Introduction
• An introduction to key micro economic principles • An introduction to macro-economics objectives and policies • 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 cellings • 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. • 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
Measuring the Macro-economy and the Determination of National Income
• Circular flow • three methods of measuring economic activity • national accounts • limitations of GDP, model for determination of National Income • The IS/LM model
Money, Banking, Interest Rates and Monetary Policy
• Role of money in the economy • Functions of money • Credit creation process • Central bank • interest rates
The Open Economy and International Trade
• Balance of payments deficit and surplus • Exchange rates • The Euro • International Trade
Current Macro Economic Issues/Themes
• Inflation • Unemployment • The Irish Economy • Economic Growth
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 Class Test: Short questions in a class test – to reinforce key concepts 1,2,3 10.00 n/a
Written Report Economic Analysis 4,5 10.00 n/a
Essay Essay 2,3,4,5 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 End-of-Semester Final Examination 1,2,3,4,5 70.00 End-of-Semester

SETU Carlow Campus 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