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.
• 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