| Short Title: | Economics 1 |
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| Full Title: | Economics 1 |
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| Description: | 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.
The concepts introduced in this module provide students with skills which can be applied in their business career and provides a foundation for future modules.
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| Learning Outcomes: |
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| On successful completion of this module the learner will be able to | - Demonstrate knowledge of the fundamental concepts of economics at a microeconomic level. A.1.g, B.1
- Apply the main theories, concepts and knowledge that underpins microeconomics to solving practical problems. C.1.a, D.1.a, D.1.b,
- Use mathematical techniques in conjunction with economic models to improve internal business operations and understand the external economic environment. E.1.c, E.1.g
- Demonstrate an awareness of the complexity and interconnectivity of the general business environment to business decision making. H.1.b
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Module Content & Assessment| Content |
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Introduction to Economics: (10%) 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: (20%) Demand and consumers, supply and producers, market equilibrium and the price mechanism, price controls. The Concept of Elasticity: (20%) Price elasticity of demand, cross-price elasticity of demand, income elasticity of demand, elasticity of supply. The Consumer and the Theory of Demand: (10%) Marginal utility analysis, consumer surplus. The Firm and Production: (20%) The objectives of the firm, production, costs, profit-maximising output level, economies of scale. Market Structures: (20%) Perfect competition, monopoly, monopolistic competition, oligopoly
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| Assessment Breakdown | % |
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| Course Work | 30% | | End of Semester Formal Examination | 70% |
| | Outcome addressed | % of total | Assessment Date |
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| Formal End-of-Semester Examination | None | 70% | Semester End |
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| Coursework Breakdown |
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| Type | Description | Outcome addressed | % of total | Assessment Date |
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| Other | The continuous assessment will take the form of an individual assessment. This can be an in-class time constrained short answer type exam or a project. The continuous assessment is designed primarily to assess learning outcomes 1, 2 and 3. There will also be a final written examination which will assess all of the learning outcomes of the module. | | 0 | n/a |
IT Tallaght reserves the right to alter the nature and timings of assessment Module Workload & Resources| Workload | Full-time |
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| Type | Description | Hours | Frequency | Average Weekly Learner Workload |
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| Lecture | Class Based Instruction | 3 | Every Week | 3.00 | | Total Weekly Learner Workload | 3.00 | | Total Weekly Contact Hours | 3.00 |
| Resources |
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| Required Book Resources |
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- Nagle, S., 2005, Economics, 3rd Ed., Colour Books
| | Recommended Book Resources |
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- Begg , D., Fischer, S., and Dornbusch R., 2000, Economics, Mc Graw-Hill.
- Lipsey, R.G. and Chrystal, A., 1995, Positive Economics, 8th Ed., Oxford University Press
- McDowell, M., & Thom, R 2006, Principles of Economics, 1st Ed., McGraw-Hill
- Economics 1990, n/a, Folens Dublin [ISBN: PALMER, N]
- Sloman, J., 2002, Economics,, 5th Ed., FT Prentice Hall
- Samuelson, P.A. and Nordhaus, W.D.,( 2004, Economics, 18th Ed., Mc Graw Hill
- Turley, G., & Maloney, M 2006, Principles of Economics: an Irish Textbook,, 3rd Ed., Gill & Macmillan Dublin
- Web resources will be identified in the course of delivery of this module.
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