ECON06012 2022 Introductory Microeconomics for Business
Full Title
Introductory Microeconomics for Business
Transcript Title
Microeconomics for Business
Code
ECON06012
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
06 - NFQ Level 6
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
David O'Halloran, Louise Walsh, Carol Moran, Marie Moran, Kerry Dolan, Clodagh Caslin
Programme Membership
SG_BBUSI_H08 202200 Bachelor of Business (Honours) in Business
SG_BFINA_H08 202200 Bachelor of Business (Honours) in Finance and Investment
SG_BBUSJ_B07 202200 Bachelor of Business in Business
SG_BBUSI_C06 202200 Higher Certificate in Business in Business
SG_BFINA_B07 202200 Bachelor of Business in Finance and Investment
SG_BBUSB_H08 202200 Bachelor of Business (Honours) in Business
SG_BBUSI_H08 202200 Bachelor of Business (Honours) in Business
SG_BFINA_B07 202200 Bachelor of Business in Finance and Investment
SG_BBUSI_C06 202200 Higher Certificate in Business in Business
SG_BBUSJ_B07 202200 Bachelor of Business in Business
Description
This module introduces the student to the basic concepts of microeconomics and to provide them with the ability to describe the behaviour of firms and markets.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Explain the role of scarcity, opportunity cost and cost/benefit analysis in economic decision-making.
2.
Explain and illustrate how supply and demand concept will affect prices in market economies
3.
Define, describe and calculate elasticity of demand and supply.
4.
Identify the factors of production and their associated costs.Calculate the profit maximising position for a firm
5.
Distinguish between the economic outcomes associated with perfect competition, monopolistic competition, oligopoly and monopoly
Teaching and Learning Strategies
The student will engage with the content of the module through lectures, case studies, problem based learning and the use of interactive multimedia tools.
Module Assessment Strategies
Continuous assessment will account for 30% of the overall mark and the final exam will account for 70% of the overall mark.
The continuous assessment will consist of one of the following:
- Group project,
- Written assessment,
- Multiple choice assessment,
- Essay,
- Report.
Repeat Assessments
Repeat examination only.
Indicative Syllabus
Topic 1: Introduction to Economics:
- Define economics;
- Role of economics;
- Factors of production;
- Choice;
- Scarcity;
- Opportunity cost;
- Different economic systems.
Topic 2: Demand and Supply:
- Define market, demand and supply;
- Define the factors affecting demand and supply;
- Determine the prices and output levels within the market;
- Market equilibrium;
- Price controls;
- Market failure.
Topic 3: Elasticity:
- Define elasticity;
- Types of elasticity;
- Calculating elasticity;
- Use of elasticity.
Topic 4: Production, Cost and the Firm:
- Production function;
- Law of diminishing returns;
- The costs of the firm;
- Economies/diseconomies of scale;
- Revenue;
- Profit maximisation.
Topic 5: Market Structures:
- Perfect competition;
- Monopoly;
- Imperfect competition.
Coursework & Assessment Breakdown
Coursework & Continuous Assessment
30 %
End of Semester / Year Formal Exam
70 %
Coursework Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Continuous Assessment One of the following: Group project, Written exam, Multiple choice exam, Essay or Report | Coursework Assessment | Assessment | 30 % | Week 5 | 2 |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Final Exam comprising multiple choice and/or long questions | Final Exam | Closed Book Exam | 70 % | End of Term | 1,2,3,4,5 |
Full Time Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Lecture | Tiered Classroom | Lecture | 3 | Weekly | 3.00 |
| Tutorial | Flat Classroom | Tutorial | 1 | Weekly | 1.00 |
| Independent Learning | Not Specified | Independent learning | 4 | Weekly | 4.00 |
Total Full Time Average Weekly Learner Contact Time 4.00 Hours
Required & Recommended Book List
Required Reading
2022 Economics
ISBN 1292405333 ISBN-13 9781292405339
2022 Economics
ISBN 1292405333 ISBN-13 9781292405339
"Now in its 10th edition, Economics by Sloman, Garratt & Guest is known and loved for its active learning, student-friendly approach and unrivalled lecturer and student support. Ithas been specially updated for 2020/21 to take into account the latest developments in the global economy, including the effects of the Covid-19pandemic"--
Module Resources
Non ISBN Literary Resources
Journal Resources
URL Resources
Other Resources
None
Additional Information
None