ECON07010 2022 Economic Systems
Full Title
Economic Systems
Transcript Title
Economic Systems
Code
ECON07010
Attendance
N/A %
Subject Area
ECON - 0311 Economics
Department
BUS - Business
Level
07 - Level 7
Credit
10 - 10 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Kerry Dolan, Clodagh Caslin
Programme Membership
SG_BMAAP_J07 202200 Bachelor of Business in Management Applications
Description
This subject aims to develop an appreciation of economic theory and its application to both the Irish and global economy. Furthermore, it aims to provide the student with an insight into the application of economic theory in everyday life.
The module will provide the student with necessary analytical tools and vocabulary required to independently analyse and research constantly changing economic issues. Students are encouraged to take an active interest in economic related events as they occur.
Learning Outcomes
On completion of this module the learner will/should be able to;
1.
Identify using demand and supply analysis equilibrium price and output levels
2.
Define, describe and calculate elasticity of demand and supply.
3.
Examine in detail how economies function at a micro level including MU theory, cost,revenue and profit maximisation theory.
4.
Examine the main macroeconomic indicators such as GDP, unemployment and inflation and their impact on an economy
5.
Discuss the relationship between macroeconomic variables and relate this to what is happening in the Irish and global economy.
6.
Review and analyse the role of fiscal policy and monetary policy
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 multi media tools
Module Assessment Strategies
The continuous assessment will consist of two of the following:
- Group project
- Written assessment
- Multiple choice assessment
- Essay
- Report
Repeat Assessments
Repeat Final Exam only
Indicative Syllabus
Microeconomics (50%)
Introduction to Economics
- Explain scarcity, choice and the economic problem
- Explain how the Price Mechanism operates
Consumer and Demand
- Define elasticity and explain the different types of elasticity
- Explain Consumer Demand Theory
- Explain Marginal Utility Analysis
The Firm and Production
- Discuss the objectives of the firm
- Explain the profit-maximising output level
- Explain economies and diseconomies of scale
Market Structures
- Explain the role of competition in determining price and output focusing in on perfect competition and monopoly.
Macroeconomics (50%)
National Accounting
- Recognise the importance of National Income Accounting
- Distinguish between GDP/GNP
- Explain omissions and limitations of using GDP as measure of economic activity
- Explain the principal determinants of long run economic growth
Macroeconomic Theories
- Explain the nature of Fiscal Policy and Monetary policy
- Evaluate the effects of monetary and fiscal policies on key macroeconomic variables
- Explain the causes of inflation - cost push and demand pull
- Explore anti-inflationary polices and the impact of inflation/deflation on an economy
- Discuss the meaning of unemployment
- Explain the causes of unemployment
- Analyse the impact of unemployment on an economy
Coursework & Assessment Breakdown
Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %
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 | 20 % | Week 6 | 1,2 |
| 2 | Continuous Assessment One of the following: Group project, Written exam, Multiple choice exam, Essay or Report | Coursework Assessment | Assessment | 20 % | Week 10 | 4 |
End of Semester / Year Assessment
| Title | Type | Form | Percent | Week | Learning Outcomes Assessed | |
|---|---|---|---|---|---|---|
| 1 | Final Exam 2 hour written exam | Final Exam | Closed Book Exam | 60 % | End of Term | 1,2,3,4,5,6 |
Online Learning Mode Workload
| Type | Location | Description | Hours | Frequency | Avg Workload |
|---|---|---|---|---|---|
| Independent Learning | Not Specified | Keeping abreast of current affairs and economic developments, review reading list and other materials as directed | 5 | Weekly | 5.00 |
| Lecture | Online | On line Lecture | 2 | Weekly | 2.00 |
Total Online Learning Average Weekly Learner Contact Time 2.00 Hours
Required & Recommended Book List
Required Reading
2021-12-15 Sloman, Garratt & Guest Economics 11e epdf Pearson Higher Ed
ISBN 9781292405391 ISBN-13 1292405392
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
- Website: Central Statistics Office(CSO)
- Website: Economic and Social Research Institute(ESRI)
- Website: Budget website
- www.wto.org
www.oced.org
www.economist.com
www.finance.gov.ie
Other Resources
Additional Information