ECON06019 2016 Introduction to Economics

General Details

Full Title
Introduction to Economics
Transcript Title
Introduction to Economics
N/A %
Subject Area
ECON - Economics
BUS - Business
06 - NFQ Level 6
05 - 05 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Marie Moran
Programme Membership
SG_BACCO_C06 202100 Higher Certificate in Business in Accounting L6

This module introduces students to the basic principles of microeconomics and macroeconomics. It provides the student with an understanding of the behaviour of firms and markets, as well as an understanding of issues associated with macroeconomic management.

Learning Outcomes

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


Demonstrate how demand and supply interact to determine price and output in a free market and appraise the effect on the market of price controls and changes in underlying factors.


Define, calculate and interpret elasticity.


Define the factors of production and explain resource utilisation.


Describe market structures.


Draw and explain the circular flow diagram and explain the calculation of GDP.


Define the instruments and stances of fiscal policy.


Explain and discuss economic growth and the business cycle, with reference to the Irish economy.

Teaching and Learning Strategies

Teaching and learning will be in the form of lectures and tutorials.

Module Assessment Strategies

The module will be assessed by a combination of final exam and continuous assessment.

Repeat Assessments

Exam and/or CA depending on results.

Indicative Syllabus


Factors of Production

Resource Utilisation

Supply and Demand, Market Equilibrium


Market Structures


Circular flow

National income accounting and limitations of GDP

Economic Growth and the Business Cycle

Fiscal Policy


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 Continuous Assessment Assessment 20 % Any 1,2,3,4
2 Assessment Continuous Assessment Assignment 20 % Any 5,6,7

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Exam Final Exam Closed Book Exam 60 % End of Semester 1,2,3,4,5,6,7

Full Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre 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
Principles of Economics 4th (fourth) Edition by Maureen Maloney, Gerard Turley, Francis O'Toole published by Gill & Macmillan Ltd (2011) Gill & Macmillan Ltd

Recommended Reading
2014-10-04 Economics: The Basics Routledge
ISBN 113802354X ISBN-13 9781138023543

Now in its third edition, Economics: The Basics continues to provide an engaging and topical introduction to the key issues in contemporary economics. Fully updated to take into account the global recession, ongoing problems in Eurozone economies, changing patterns in world trade, housing and currency markets, it covers fundamental issues, including:

How different economic systems function

The boom and bust cycle of market economies

The impact of emerging markets

How price, supply and demand interact

The role of the banking and finance industry

Whether we can emerge from recession and reduce poverty

The impact of economics on the environment

With a glossary of terms, suggestions for further reading and new case studies covering subjects such as the choices facing developing economies, the impact of growth on the price of natural resources and the aftermath of the financial crash; this comprehensive and accessible guide is essential reading for anyone who wants to understand how economics works.

Module Resources

URL Resources