ECON06016 2022 Introduction to Microeconomics for Business
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;
Understand how markets work and demonstrate using graphical analysis, how prices and output adjust to reflect changing market conditions.
Define, describe and calculate elasticity of demand and supply.
Identify the factors of production and their associated costs and determine profit maximising output level.
Understand economies of scale and their importance to production and profitability.
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 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 |
Required & Recommended Book List
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.
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
Module Resources
www.economist.com
irishtimes.com
guardian.co.uk
bbc.co.uk
rte.ie/news
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