ECON06012 2016 Introductory Microeconomics for Business

General Details

Full Title
Introductory Microeconomics for Business
Transcript Title
Microeconomics for Business
Code
ECON06012
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
06 - NFQ Level 6
Credit
05 - 05 Credits
Duration
Semester
Fee
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Author(s)
David O'Halloran, Louise Walsh, Carol Moran, Marie Moran, Clodagh Caslin
Programme Membership
SG_BFINA_H08 201600 Bachelor of Business (Honours) in Finance and Investment SG_BEMBE_G07 201600 Bachelor of Business Embedded Award BB L7 in Finance and Investment SG_BEMBE_G06 201600 Higher Certificate in Business in Embedded Award BB(Hons) Finance and Investment SG_BEMBE_G07 201600 Bachelor of Business in Embedded award of BB Ab-initio L8 SG_BEMBE_G06 201600 Higher Certificate in Business in Embedded award of BB Ab-initio L8 SG_BBUSI_H08 201900 Bachelor of Business (Honours) in Business L8 (Ab-initio)
Description

This module introduces the student to the basic concepts of microeconomics and 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 the discipline of economics and why it is relevant to business

2.

Define 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.

List the factors of production and understand the production function

7.

Explain the law of diminishing marginal returns

8.

Identify and explain economies and diseconomies of scale

9.

Calculate the profit maximising position for a firm

10.

List and explain the various forms of market structures

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 multimedia tools.

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

Repeat Assessments

Repeat examination only.

Indicative Syllabus

Topic 1: Introduction to Economics

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

Topic 2: 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

Topic 3: Elasticity

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

Topic 4: Production, Cost and the Firm

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

Topic 5: 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 One of the following: Group project, Written exam, Multiple choice exam, Essay or Report Continuous Assessment Assessment 30 % Any 1,2,3,4,5,6
             
             

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 UNKNOWN 70 % End of Term 1,2,3,4,5,6,7,8,9,10
             
             

Full Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Lecture Tiered Classroom Lecture 2 Weekly 2.00
Tutorial Flat Classroom Tutorial 2 Weekly 2.00
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

Module Resources

Non ISBN Literary Resources

Turley, Maloney & O'Toole (2006) Principles of Economics An Irish Textbook 3rd Edition Dublin: Gill & Macmillan

Other Resources

None

Additional Information

None