ECON07028 2016 Principles of Economics

General Details

Full Title
Principles of Economics
Transcript Title
Principles of Economics
N/A %
Subject Area
ECON - Economics
MRKT - Marketing, Tourism and Leisure
07 - NFQ Level 7
05 - 05 Credits
Start Term
2016 - Full Academic Year 2016-17
End Term
9999 - The End of Time
Ann Higgins, Louise Walsh, Carol Moran, David O'Halloran
Programme Membership
SG_BTOUR_H08 202100 Bachelor of Business (Honours) in Business in Tourism with Event Management SG_BTOUR_B07 202100 Bachelor of Business in Business in Tourism with Event Management

This module introduces the learner to Micro and Macro Economics and aims to instil an understanding and appreciation of how the economy operates. The module will provide the learner with the skills and vocabulary necessary to analyse and research the economics issues which arise in an ever changing economic environment. The learner will be given the basic tools needed to understand the issues and the confidence to develop his own thoughts independently


Learning Outcomes

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


1. Define the different types of economic thought


Determine how market forces interact to determine prices and output levels in a market


Analyse the forces of Demand and Supply


Assess market structures


Explain approaches to  National Income Accounting


Explain pattern of consumption and effect of fiscal policy


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


Discuss inflation and unemployment - causes, measurements and consequences


Assess the role of the Government

Teaching and Learning Strategies


Module Assessment Strategies

Assessment of all learning outcomes will be by written exam and group project and/or presentation. Formative assessment will be conducted informally in lecture/tutorial sessions via class discussions on topical economic subjects where the learner will be encouraged to think how selected case studies and news items relate to the theories presented in lectures.

Repeat Assessments

Students will expected to complete all repeats in line with college guidelines.

Indicative Syllabus


1.0 An Introduction to economics

  • Define Economics
  • Role of Economics
  • Factors of Production
  • Choice /Scarcity /Opportunity Cost
  • Different Economics systems and thought
  • Ten Pronciples of Economics

2.0 Demand and Supply

  • Define market, demand and dupply
  • Define factors affecting demand and supply
  • Determine the price and output levels with the market
  • Market equilibrium
  • Market disequilibrium

3.0 Irish economic situation

  • Identify Ireland's principal economic factors
  • Investigate the main forces affecting Ireland's economic situation today and in the past
  • Put Ireland's economic situation in context with the international climate
  • Ireland Pre and Post Celtic Tiger

4.0 Money

  • Define money
  • Define money's main role and characteristics
  • History of money
  • Investigate the role of the Ireland's and the Euroopean Central Bank
  • Credit creation

5.0 Inflation

  • Define inflation
  • Types of inflation
  • Causes of inflation
  • Consquences of inflation
  • Measuring inflation
  • Deflation

6.0 Role of the Government

  • Macro-economic objectives of the Government
  • Fiscal and monetary policy
  • Budgetary considerations
  • Role of the European Union

7.0 National Income

  • Define National Incone, GDP, GNO, NFIA
  • Circular Flow of Income
  • Methods of Calculating NI, Income, Output & Value Added
  • Alternatives to calculating a countries wellbeing.

8.0 Market Structures

  • Understand the main types of Market Structures
  • Perfect Competition, Oligopoly, Monopoly, etc

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 Class based exam Continuous Assessment Assessment 20 % Week 9 6,7,8,9
2 Class based exam Continuous Assessment Assessment 20 % Week 12 1,2,3,4,5

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Final Exam 2 hour Terminal Examination Final Exam UNKNOWN 60 % End of Term 1,2,3,4,5,6,7,8,9

Full Time Mode Workload

Type Location Description Hours Frequency Avg Workload
Lecture Lecture Theatre Lecture 4 Weekly 4.00
Total Full Time Average Weekly Learner Contact Time 4.00 Hours

Module Resources

Non ISBN Literary Resources

G, Turley., M, Maloney., Principles of Economics 5th , MacMillian 2011


URL Resources "Selection of Economic Broadcasts" Khan Academy on

Other Resources

M, McDowell, R.Thorn, Principles of Economics, McGraw Hill, 2010

D.Begg, Foundations of Economics, 4th ed, McGraw Hill, 2010

M.Burda and C. Wypolsz, Macroeconomics A European Text, Oxford 2010, Princiop

Additional Information