ECON06020 2022 Introduction to Economics

General Details

Full Title
Introduction to Economics
Transcript Title
Introduction to Economics
Code
ECON06020
Attendance
N/A %
Subject Area
ECON - Economics
Department
MKTS - Marketing, Tourism & Sport
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, Aileen Brennan, David O'Halloran
Programme Membership
SG_BSPOR_H08 202200 Bachelor of Business (Honours) in Sport with Business SG_BAPPL_B07 202200 Bachelor of Business in Applied Sport with Business
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, with special attention to the sports sector.

Teaching and Learning Strategies

The student will engage with the content of the module through lectures and case studies

Module Assessment Strategies

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Repeat Assessments

As stated in 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

 

Coursework & Assessment Breakdown

Coursework & Continuous Assessment
50 %
End of Semester / Year Formal Exam
50 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Continuous Assessment Continuous Assessment Assessment 25 % Week 4 1
2 Continuous Assessment Continuous Assessment Assessment 25 % Week 8 2
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final written Final Exam Closed Book Exam 50 % End of Semester 1,2,3,4
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Not Specified Formal lecturer 4 Weekly 4.00
Independent Learning Not Specified Self directed learning 4 Weekly 4.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Module Resources

Non ISBN Literary Resources

Turley, G. Maloney, M. Principles of Economics. Gill & MacMillan, Any Year

  • ISBN‑10 0717149889
  • ISBN‑13 9780717149889

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

  • ISBN-10 ‏ : ‎ 1319383521 
  • ISBN-13 ‏ : ‎ 978-1319383527
Updated Literary Resources
Journal Resources
URL Resources

Tutor2U ..... YouTube

Khan Academy .... YouTube

Economist .....YouTube

RTE.IE

www.CSO.IE

www.finance.gov.ie

www.oecd.org

Other Resources
Additional Information