Module Aims:This module aims to introduce students to microeconomic concepts, to the scientific approach to problem solving and the role of microeconomics in business and provides an introduction to the macroeconomic forces affecting the Irish EconomyThe concepts introduced in this module provide students with skills which can be applied in their business career and provides a foundation for future modules.
Introduction to Economics:
Scarcity, choice and opportunity cost, the difference between Microeconomics and Macroeconomics, the Production Possibility Frontier, the fundamental questions of economic analysis – resource allocation, efficiency, Factors of Production: Labour, Land, Capital, and Enterprise.
Demand, Supply and Market Equilibrium:
Demand and consumers, supply and producers, market equilibrium and the price mechanism, price controls.
The Concept of Elasticity:
Price elasticity of demand, cross-price elasticity of demand, income elasticity of demand, elasticity of supply.
The Consumer and the Theory of Demand:
Marginal utility analysis, consumer surplus.
The Firm and Production:
The objectives of the firm, production, costs, profit-maximising output level, economies of scale.
The business cycle and the Irish economic boom and crisis; unemployment, inflation, national debt and the balance of payments. The macroeconomic policy debate.
|Module Content & Assessment