ECON06012 2022 Introductory Microeconomics for Business

General Details

Full Title
Introductory Microeconomics for Business
Transcript Title
Microeconomics for Business
N/A %
Subject Area
ECON - Economics
BUS - Business
06 - NFQ Level 6
05 - 05 Credits
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
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

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;


Explain the role of scarcity, opportunity cost and cost/benefit analysis in economic decision-making. 


Explain and illustrate how supply and demand concept will affect prices in market economies


Define, describe and calculate elasticity of demand and supply.


Identify the factors of production and their associated costs.Calculate the profit maximising position for a firm


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 Continuous 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

"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

tutor2u | Home

Other Resources


Additional Information