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 Assessment
40.00%
End of Module Formal Examination
60.00%
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
40.00
Week 7
No Project
No Practical
End of Module Formal Examination
Assessment Type
Assessment Description
Outcome addressed
% of total
Assessment Date
Formal Exam
Formal Written Exam
1,2,3
60.00
End-of-Semester
SETU Carlow Campus reserves the right to alter the nature and timings of assessment