ECON06010 2022 Introduction to Economics

Introduce students to the world of economics, its main economic systems and the role of the government.

Investigate the forces of demand and supply and their ability to set market equilibrium and dis equilibrium.

Examine how national income, money, inflation and elasticity effect the effect the economy.

Review Ireland's economic situation and evaluate the Irish economic policies past and present,

This module will be taught using lectures/online lectures.

Exam and Continuous Assessment.

Repeat assessments will take place in compliance with college marks and standards.

Introduction to economics:

• Define Economics,
• Role of Economics,
• Factors of Production,
• Choice /Scarcity /Opportunity Cost,
• Economics systems,
• Principles of Economics.

Role of the Government:

• Macro‑economic objectives of the Government,
• Fiscal and monetary policy,
• Budgetary considerations,
• Government manipulation of the business cycle.

Demand and Supply:

• Define market, demand and supply,
• Define factors affecting demand and supply,
• Determine the price and output levels with the market,
• Market equilibrium,
• Market disequilibrium.

National Income:

• Define National Income, GDP, GNP, NFIA,
• Circular Flow of Income,
• Methods of Calculating NI, Income, Output & Value Added,
• Failures of traditional national income calculation,

Money:

• Define money,
• Define money's main role and characteristics,
• History of money,
• Credit creation.

Inflation:

• Define Inflation,
• Types of inflation,
• Causes of inflation,
• Consequences of inflation,
• Calculating inflation.

Elasticity:

• Define Elasticity,
• Types of Elasticity,
• Determining Elasticity,
• Calculating Elasticity and Interpreting the results,
• Primarily Price Elasticity of Demand.