Module Title:Microeconomics
Language of Instruction:English
Credits: 5
NFQ Level:6
Module Delivered In 7 programme(s)
Teaching & Learning Strategies: Lectures - communication of knowledge and ideas from the lecturer to the student. Problem Solving Exercises - student will work as part of a team and will work together to resolve various business 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: This module is designed to enable students to acquire a knowledge and understanding of the fundamental microeconomic concepts necessary for the work of a business professional. Students are introduced to the core areas of microeconomic theory providing them with a toolkit for analysing economic and business questions.
Learning Outcomes
On successful completion of this module the learner should be able to:
LO1 Explain the microeconomic environment and identify how a market economy functions
LO2 Illustrate and explain key models of microeconomics
LO3 Apply basic microeconomic analysis to explain economic and business issues
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
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
MICROECONOMICS Introduction
What is economics; Scarcity, choice and opportunity cost; Production possibility frontier; The importance of economics to a business person; Economic systems; The New Economy
Demand, Supply and the Market
Demand and consumers; Supply and producers; Market equilibrium and the price mechanism; Price controls
Elasticity of Demand and Supply
Price elasticity of demand; Cross - price elasticity of demand; Income elasticity of demand; Relationship between price elasticity of demand and revenue; Elasticity of supply
The Consumer and Demand
Utility; Marginal utility analysis; The Law of diminishing marginal utility
The Firm and Production
The objectives of the firm; Production; Law of diminishing marginal returns; Costs; Increasing/Decreasing and Constant Returns to Scale; Profit-maximising output level
Market Structures
Perfect competition; Monopoly; Monopolistic competition; Oligopoly; Comparisons of the different types of market structures
Factor Markets
Labour and wages; Capital and Interest; Land and rent; Entrepreneurship and profit
Assessment Breakdown%
Continuous Assessment100.00%
Continuous Assessment
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Other Learners will be required to demonstrate the achievement of the learning outcomes through continuous assessment work. This work may take the form of an essay, class test, project, MCQ test, but is not limited to these formats. 1,2,3 50.00 Week 7
Other Learners will be required to demonstrate the achievement of the learning outcomes through continuous assessment work. This work may take the form of an essay, class test, project, MCQ test, but is not limited to these formats. 1,2,3 50.00 Week 12
No Project
No Practical
No End of Module Formal Examination

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 6.00
Total Hours 9.00
Workload: Part Time
Workload Type Frequency Average Weekly Learner Workload
Lecture Every Week 1.50
Independent Learning Every Week 7.50
Total Hours 9.00
 

Module Delivered In

Programme Code Programme Semester Delivery
CW_BBBBM_B Bachelor of Business (Honours) in Management 1 Mandatory
CW_BBOPT_B (BAKB) Bachelor of Business (Honours) in Marketing 1 Mandatory
CW_BBHRM_D Bachelor of Business in Human Resource Management 1 Mandatory
CW_BBINB_D Bachelor of Business in International Business incorporating Double Degree 1 Mandatory
CW_BBOPT_D (BAKD) Bachelor of Business in Marketing 1 Mandatory
CW_BBSCM_D Bachelor of Business in Supply Chain Management 1 Mandatory
CW_BBBUS_C Higher Certificate in Business 1 Mandatory