Module Title:Economics 1
Language of Instruction:English
Credits: 10
NFQ Level:6
Module Delivered In 3 programme(s)
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
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 • 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

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 1 Mandatory
CW_BWBBS_D Bachelor of Business in Business (Options: Business or Digital Marketing) 1 Mandatory
CW_BWBUS_C Higher Certificate in Business 1 Mandatory