ECON07010 2016 Economic Systems

General Details

Full Title
Economic Systems
Transcript Title
Economic Systems
Code
ECON07010
Attendance
N/A %
Subject Area
ECON - Economics
Department
BUS - Business
Level
07 - NFQ Level 7
Credit
10 - 10 Credits
Duration
Semester
Fee
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Author(s)
Clodagh Caslin
Programme Membership
SG_BMAAP_J07 201600 Bachelor of Business in Management Applications L7
Description

This subject aims to develop an understanding and appreciation of economic theory and its application to both the Irish and European 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.

Explain the role of economic theory and be able to identify the different types of economic systems

2.

Identify using demand and supply analysis equilibrium price and output levels

3.

Explain the concepts of marginal utility analysis 

4.

Discuss the objectives of the firm and the profit maximizing output level

5.

Explain how different market structures will determine price and output for a firm

6.

Discuss the importance of national income accounting

7.

Differentiate between GDP/GNP as measures of economic activity

8.

Review the role of fiscal policy in the Irish economy

9.

Define, measure & explain inflation

10.

Define, measure & explain unemployment

11.

Discuss the role of money, banking and monetary policy in our economic system

12.

Discuss the role and functions of the European Central Bank

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%)

1. Introduction to Economics

  • Explain scarcity, choice and the economic problem
  • Identify the Mixed Economy and the Market system
  • Explain how the Price Mechanism operates

2. Consumer and Demand

  • Define elasticity and explain the different types of elasticity
  • Explain Consumer Demand Theory
  • Explain Marginal Utility Analysis

3. The Firm and Production

  • Discuss the objectives of the firm
  • Explain the profit-maximising output level  
  • Explain economies and diseconomies of scale   

4. Market Structures

  • Explain the role of competition in determining price and output focusing in on perfect competition and monopoly.

 

 Macroeconomics (50%)

5.  National Accounting in Ireland

  • Recognise the importance of National Income Accounting
  • Explain omissions and limitations of using GDP as measure of economic activity
  • Distinguish between GDP/GNP and explain the importance of this distinction in an Irish Context

6. Macroeconomic Theories

  • Explain the nature Fiscal Policy in Ireland
  • Discuss the recent economic history of Ireland
  • Explain the causes of inflation - cost push and demand pull
  • Explain the difference measurement - Consumer Price Index and QNHS
  • Explore anti-inflationary polices
  • Explain the causes of unemployment - frictional, cyclical, structural and classical
  • Discuss unemployment situation in Ireland - past and present

7. Money,Banking and Monetary Policy

  • Explain the functions and qualities of money
  • Describe the credit creation process
  • Discuss Monetary Policy
  • Explain the role of the Irish Central Bank and European Central Bank, both historically and within the Eurozone

 

 

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 Continuous Assessment Assessment 20 % Week 6 1,2,3,4
2 Continuous Assessment One of the following: Group project, Written exam, Multiple choice exam, Essay or Report Continuous Assessment Assessment 20 % Any 5,6,7,8,9,10,11,12
             

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 1,2,3,4,5,6,7,8,9,10,11,12
             
             

Part Time Mode Workload


Type Location Description Hours Frequency Avg Workload
Online Lecture Online Lecture 2 Weekly 2.00
Independent Learning Online Keeping abreast of current affairs and economic developments, review reading list and other materials as directed 5 Weekly 5.00
Total Part Time Average Weekly Learner Contact Time 2.00 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

 

Gerard Turley, 2011 Principles of Economics. by Gerard Turley, Maureen Maloney, Francis O'Toole Gill & MacMillan
URL Resources

www.wto.org

www.oced.org

www.esri.ie

www.economist.com

www.finance.gov.ie