Module Details

Module Code: ECON6003
Title: Introduction to Microeconomics
Long Title: Introduction to Microeconomics
NFQ Level: Fundamental
Valid From: Semester 1 - 2021/22 ( September 2021 )
Duration: 1 Semester
Credits: 5
Field of Study: 3140 - Economics
Module Delivered in: 10 programme(s)
Module Description: This module introduces students to the core microeconomic principles such as the economic problem and the market mechanism.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Explain the nature of the economic problem.
LO2 Manipulate the model of the market mechanism.
LO3 Calculate and interpret various elasticities.
LO4 Describe and explain the behaviour of costs and pricing decisions of the firm.
Dependencies
Module Recommendations

This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named MTU module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
Incompatible Modules
These are modules which have learning outcomes that are too similar to the learning outcomes of this module. You may not earn additional credit for the same learning and therefore you may not enrol in this module if you have successfully completed any modules in the incompatible list.
No incompatible modules listed
Co-requisite Modules
No Co-requisite modules listed
Requirements

This is prior learning (or a practical skill) that is mandatory before enrolment in this module is allowed. You may not enrol on this module if you have not acquired the learning specified in this section.
No requirements listed
 
Indicative Content
Introduction
Scarcity, choice, opportunity cost, the economic problem and the economic schools of thought.
The Market Mechanism
Consumer and demand, producer and supply, market equilibrium, the price mechanism, price controls and utility.
Elasticity
Price elasticity of demand, income elasticity of demand, cross price elasticity of demand, price elasticity of supply.
Production and Costs
Short and long run costs, productivity and cost curves, pricing decisions, market structures.
Module Content & Assessment
Assessment Breakdown%
Coursework30.00%
End of Module Formal Examination70.00%

Assessments

Coursework
Assessment Type Short Answer Questions % of Total Mark 30
Timing Week 7 Learning Outcomes 1,2,3
Assessment Description
A computer administered MCQ exam and questions on the economic problem, market mechanism and elasticity.
End of Module Formal Examination
Assessment Type Formal Exam % of Total Mark 70
Timing End-of-Semester Learning Outcomes 1,2,3,4
Assessment Description
End-of-Semester Final Examination
Reassessment Requirement
Repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

The University reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Formal classroom lecture Every Week 3.00 3
Tutorial Contact Discussion / problem solving Every Second Week 0.50 1
Independent & Directed Learning (Non-contact) Non Contact Reading / Study Every Week 3.50 3.5
Total Hours 7.50
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.50
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Formal classroom lecture Every Week 2.00 2
Independent & Directed Learning (Non-contact) Non Contact Reading / Study Every Week 5.00 5
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Gerard Turley, Maureen Maloney, Francis O'Toole,. (2011), Principles of Economics, 4th. Gill & Macmillian, Dublin, [ISBN: 9780717149889].
Supplementary Book Resources
  • Mankiw, G.N., & Taylor, M.P.. (2017), Economics, 4th. Cengage, United Kingdom, [ISBN: 9781473725331].
  • Eleanor Doyle. (2005), The Economic System, John Wiley & Sons, England, [ISBN: 9780470850015].
  • Begg, Fischer & Dornbusch. (2011), Economics, 9th. McGraw-Hill, Berkshire, [ISBN: 9780077154516].
  • Sloman, J., Guest, J., Garratt, D.. (2018), Economics (ebook available), 10th. Pearson Education, UK, [ISBN: 9781292187853].
This module does not have any article/paper resources
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_FHEBU_8 Bachelor of Arts (Honours) in Home Economics and Business 1 Mandatory
CR_BBUSS_7 Bachelor of Business 2 Mandatory
CR_BACCT_8 Bachelor of Business (Honours) in Accounting 1 Mandatory
CR_BBISY_8 Bachelor of Business (Honours) in Information Systems 3 Mandatory
CR_BSPRT_8 Bachelor of Business (Honours) in Sport & Exercise Management 2 Mandatory
CR_BACCT_7 Bachelor of Business in Accounting 1 Mandatory
CR_BMNGT_7 Bachelor of Business in Management 1 Mandatory
CR_BRECL_7 Bachelor of Business in Recreation and Leisure Management 2 Mandatory
CR_BBUSS_6 Higher Certificate in Business 2 Mandatory
CR_BACCT_6 Higher Certificate in Business in Accounting 1 Mandatory