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ECON07012 2022 Principles of Microeconomics

General Details

Full Title
Principles of Microeconomics
Transcript Title
Microeconomics
Code
ECON07012
Attendance
N/A %
Subject Area
ECON - 0311 Economics
Department
BUS - Business
Level
07 - Level 7
Credit
05 - 05 Credits
Duration
Semester
Fee
€
Start Term
2022 - Full Academic Year 2022-23
End Term
9999 - The End of Time
Author(s)
Carol Moran, Louise Walsh
Programme Membership
SG_BACCO_H08 201100 Bachelor of Arts (Honours) in Accounting L8 SG_BACCO_H08 201300 Bachelor of Arts (Honours) in Accounting L8 SG_BACCO_H08 201400 Bachelor of Arts (Honours) in Accounting L8 SG_BBUSI_J07 201500 Bachelor of Business in Business Administration L7
Description

This module introduces the student to the basic principles of microeconomics and will provide them with the ability to understand and analyse the behaviour of firms and markets.

Learning Outcomes

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

1.

1. Understand the concept of economics as a discpline and why it is relevant to business.

2.

Define the concepts of market, demand, supply and equilibrium

3.

Identify, using demand and supply analysis, equilibrium price and output levels

4.

Describe and give examples of market failure

5.

Define and calculate elasticity

6.

Analyse consumer behaviour and examine the behaviour of individual consumers in the market

7.

List the factors of production and understand the production function

8.

Explain the law of diminishing marginal returns

9.

Identify and explain economies and diseconomies of scale

10.

Calculate the profit maximising position for a firm

11.

List and explain the various forms of market structure

12.

Explain how wages are determined, interest rates set and rents determined in the various factor markets

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

 

Indicative Syllabus

  • Topic 1:  An introduction to Economics
  • Define economics
  • The role of Economics
  • Factors of Production
  • Choice
  • Scarcity
  • Defferent economic systems

Topic 2: Demand and Supply

  • Define market, demand and supply
  • Define the factors affecting demand and supply
  • Determine the prices and ouptut 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: Utility and Demand

  • Utility Theory
  • Principle of Diminishing Marginal Utility
  • Indifference Curve Theory
  • Individual Consumer Equilibrium

Topic 5: Production, Costs and the Firm

  • Production function
  • Law of Diminishing Returns
  • Costs of the Firm
  • Economies of Scale
  • Revenue
  • Profit MAximisation

Topic 6: Market Structures

  • Perfect Competition
  • Monopoly
  • Imperfect Competition

Topic 7: Factor markets

  • Labour and wages
  • Capital and interest
  • Land and rent

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 One of the following: Group project, Written exam, Mulitple Choice exam, Essay or Report Coursework Assessment UNKNOWN 30 % Week 8 2,3,4
             
             

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam Final Exam comprising of multiple choice and/or long questions Final Exam UNKNOWN 70 % End of Term 1,2,3,4,5,6,7,8,9,10,11,12
             
             

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 UNKNOWN Personal Study 3 Weekly 3.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Module Resources

Non ISBN Literary Resources

Principles of Economics 3rd. edition. Turley, G and Maloney, M. Gill and Macmillan, 20006.

Other Resources

Economics, 7th edition; Sloman, J; Prentice Hall 2009

Principles of Economics. McDowell, M and Thorn, R. McGraw-Hill, 2008

Additional Information

None