ECON06010 2022 Introduction to Economics

General Details

Full Title
Introduction to Economics
Transcript Title
Introduction to Economics
Code
ECON06010
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
06 - NFQ Level 6
Credit
10 - 10 Credits
Duration
Semester
Fee
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
David O'Halloran, Kerry Dolan, Aileen Brennan, Deirdre Johnston
Programme Membership
SG_BBUSO_C06 202200 Higher Certificate in Business in Business Studies (Online) SG_BBISO_C06 202300 Higher Certificate in Business in Business Studies (Online)
Description

This module introduces the learner to Micro and Macro Economics and aims to instil an understanding and appreciation of how the economy operates. The module will provide the learner with the skills and vocabulary necessary to analyse and research the economics issues which arise in an ever changing economic environment. The learner will be given the basic tools needed to understand the issues and the confidence to develop his own thoughts independently.

Learning Outcomes

On completion of this module the learner will/should be able to;

1.

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

2.

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

3.

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

4.

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

Teaching and Learning Strategies

This module will be taught using lectures/online lectures.

Module Assessment Strategies

Exam and Continuous Assessment.

Repeat Assessments

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

Indicative Syllabus

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.

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment Coursework Assessment Assessment 20 % Week 5 1
2 Continuous Assessment Coursework Assessment Assessment 20 % Week 11 2
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Written exam Final Exam Closed Book Exam 60 % End of Term 1,2,3,4
             
             

Part Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Not Specified Lecture 2 Weekly 2.00
Independent Learning Not Specified Independent Learning 8 Weekly 8.00
Total Part Time Average Weekly Learner Contact Time 2.00 Hours

Required & Recommended Book List

Recommended Reading
Principles of Economics. by Gerard Turley, Maureen Maloney, Francis O'Toole Gill & MacMillan
ISBN 0717149889 ISBN-13 9780717149889

Module Resources

Non ISBN Literary Resources

Krugman,P. Wells, Robin. Economics, Worth Publishers; Sixth edition, 2021.

ISBN-10 : 1319383521 ISBN-13 : 978-1319383527.

URL Resources

www.finance.gov.ie

www.oecd.org

www.cso.ie

www.economist.com / YouTube

Kahn Academy… YouTube

Tutor2U … YouTube

Additional Information

None.