ECON06016 2022 Introduction to Microeconomics for Business

General Details

Full Title
Introduction to Microeconomics for Business
Transcript Title
Intro Microeconomics for Bus
Code
ECON06016
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)
Louise Walsh, Clodagh Caslin, Marie Moran
Programme Membership
SG_BBUSI_C06 201600 Higher Certificate in Business SG_BBUSS_B07 201600 Bachelor of Business in Business L7 SG_BBUSI_C06 201900 Higher Certificate in Business in Business in Business Studies L6 SG_BBUSS_B07 201900 Bachelor of Business in Business in Business L7 SG_BBUSI_C06 202100 Higher Certificate in Business in Business Studies L6 SG_BBUSS_B07 202100 Bachelor of Business in Business L7 SG_BBUSI_C06 202200 Higher Certificate in Business in Business Studies SG_BBUSS_B07 202200 Bachelor of Business in General Business SG_BBUSM_C06 202200 Higher Certificate in Business in Business Studies SG_BBUSG_B07 202300 Bachelor of Business in General Business
Description

This module introduces the student to the basic concepts of microeconomics and aims to provide them with the ability to understand the behaviour or firms and markets. 

Learning Outcomes

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

1.

Understand how markets work and demonstrate using graphical analysis, how prices and output adjust to reflect changing market conditions.

2.

Define, describe and calculate elasticity of demand and supply.

3.

 

Identify the factors of production and their associated costs and determine profit maximising output level.

4.

Understand economies of scale and their importance to production and profitability.

5.

 

Identify different market structures and give examples under each heading.

Teaching and Learning Strategies

Lectures and tutorials.

Module Assessment Strategies

The continuous assessment will consist of any of the following:

  • Group project
  • Written assessment
  • Multiple choice assessment
  • Essay
  • Report

Repeat Assessments

Repeat CA will be offered at the end of term.

Indicative Syllabus

Introduction to Economics

  • Define economics
  • Role of economics
  • Factors of production
  • Choice
  • Scarcity
  • Opportunity cost
  • Different economic systems

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

Elasticity

  • Define elasticity
  • Types of elasticity
  • Calculating elasticity
  • Use of elasticity

Production, Cost and the Firm

  • Production function
  • Law of diminishing returns
  • The costs of the firm
  • Economies/diseconomies of scale
  • Revenue
  • Profit maximisation

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 any of the following: Group project, Written exam, Multiple choice exam, Essay or Report Coursework Assessment Assessment 30 % Any 1
             
             

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 Lecture Theatre Lecture 3 Weekly 3.00
Tutorial Flat Classroom Tutorial 1 Weekly 1.00
Independent Learning Not Specified Independant learning 4 Weekly 4.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Required & Recommended Book List

Recommended Reading
2011-09-01 Principles of Economics. by Gerard Turley, Maureen Maloney, Francis O'Toole Gill & MacMillan
ISBN 0717149889 ISBN-13 9780717149889

Updated edition of this successful textbook, which introduces the theory andpractice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. m Includes a CD-ROM with interactive graphs, self-test multiple choice questions and interactive lessons/tutorials. New to this edition: * New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 * Revised chapter on economic growth and the Irish economy, which includesthe banking crisis and the property crash * Reflections on the Celtic Tiger era, including causes and consequences * New section on the eurozone and sovereign debt crisis * New case studies and questions, with answers now available online * Continues to provide the reader with a solid theoretical grounding in bothmicroeconomics and macroeconomics Includes a CD-ROM with interactive graphs, self-test,multiple choice questions and interactive lessons/tutorials. SUITABLE FOR: Students taking economics at degree, diploma or certificate level. Updated edition of this successful textbook, which introduces the theory and practice of economics within an Irish and European context, with particular reference to both recent and current economic conditions. New to this edition: _ New material reflecting the changed economic conditions of the Irish economy resulting from the banking and fiscal crises that began in 2007 _ Revised chapter on economic growth and the Irish economy, which includes the banking crisis and the property crash _ Reflections on the Celtic Tiger era, including causes and consequences _ New section on the eurozone and sovereign debt crisis _ New case studies and questions, with answers now available online _ Continues to provide the reader with a solid theoretical grounding in both

Required Reading
2021-12-15 Sloman, Garratt & Guest Economics 11e epdf Pearson Higher Ed
ISBN 9781292405391 ISBN-13 1292405392

For students taking introductory courses in the Principles of Economics. Discover the exciting world of economics and learn to think like an economist, applying key economic concepts and data to understand and analyse solutions to real-world problems from global issues to a range of everyday problems that affect us all. Economics, 11th edition by Sloman, Garratt and Guest is an essential resource for students of economics, providing a thorough grounding in economic theory and practice, as well as an insight into the constantly-changing and often complex issues and problems faced by economists today. Comprehensive, yet accessible, the 11th edition of this best-selling student text has been extensively revised and rewritten to reflect the latest events and developments that have impacted the global economy in the 2020s, including the effects of the Covid-19 pandemic and its aftermath, globalisation, the climate emergency facing our planet, the rise in populism and the large-scale migration of people across and within continents, presenting both economic problems and opportunities. Personalise learning with MyLab Economics. By combining trusted author content with digital tools and a flexible platform, MyLab Economics personalises the learning experience and improves results for each student. 9781292405421 Sloman, Garratt & Guest, Economics, 11th edition PLUS MyLab Economics with eText access card Pack consists of: 9781292405339 Economics, 11e (print book) 9781292405377 MyLab Economics Instant Access Card 9781292405384 MyLab Economics eText Pearson, the worlds learning company. NOTE: Before purchasing, check with your instructor to confirm the correct ISBN. Several versions of the MyLabTM platforms exist for each title, and registrations are not transferable. To register for and use MyLab Economics, you may also need a Course ID, which your instructor will provide. Used books, rentals, and purchases made outside of Pearson: If purchasing or renting from companies other than Pearson, the access codes for the MyLab platform may not be included, may be incorrect, or may be previously redeemed. Check with the seller before completing your purchase.

Module Resources

Non ISBN Literary Resources
Journal Resources
URL Resources

www.economist.com

irishtimes.com

guardian.co.uk

bbc.co.uk

rte.ie/news

Other Resources

None

Additional Information

None