Module Details

Module Code: ECON8004
Title: Economics and Trade
Long Title: Economics and Trade
NFQ Level: Advanced
Valid From: Semester 1 - 2022/23 ( September 2022 )
Duration: 1 Semester
Credits: 10
Field of Study: 3140 - Economics
Module Delivered in: 2 programme(s)
Module Description: This module aims to analyse developed international economies using both microeconomics and macroeconomic perspectives. Learners will engage with key microeconomic concepts and theories which will enable them to examine the workings of the market. Learners will be exposed to key indicators and concepts, which will allow them to analyse the macroeconomy of international economies. In addition, learners will be provided with the skills to analyse the economic consequences of international trade.
 
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Manipulate and apply the model of the market mechanism.
LO2 Determine and apply various elasticities across markets.
LO3 Analyse global microeconomic policy issues.
LO4 Analyse key indicators and concepts in open economy macroeconomics.
LO5 Evaluate and interpret the role of fiscal and monetary policy.
LO6 Appraise exchange rate determination models.
LO7 Critically analyse the economic consequences of international trade.
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
The Market Mechanism
An introduction to economic decision making behaviour; the consequences of the economic problem; the role of opportunity cost; the fundamentals of the demand and supply; demand and supply analysis using Microsoft excel; market equilibrium, price mechanism and the workings of the market mechanism.
Elasticity
Elasticity; types of elasticity such as price elasticity of demand; income elasticity of demand; price elasticity of supply; and the relationship between elasticity and total revenue.
Microeconomic Policy
Market efficiency; market failures such as externalities arising from various markets; public goods; the role of market power and competition policy.
Open Economy Macroeconomics
Gross Domestic Product; Gross Domestic Product per Capita; Gross National Product; National Income; the consequences and measurement of inflation; the measurement and economic costs associated with unemployment; and an economic review of open and closed international economies.
Macroeconomic Policy and Economic Data
The role of fiscal policy; the role of monetary policy; the process of credit creation; the functions of the Irish Central Bank and European Central Bank.
Foreign Exchange Market
Exchange rate determination through the demand and supply analysis; data visualisation of exchange rates for various economies using Microsoft Excel; the various types of exchange rate regimes; and the tools used to mitigate against exchange rate risk.
International Markets
International trade theory; examples of trade agreements; and an overview of the international economic climate.
Module Content & Assessment
Assessment Breakdown%
Coursework100.00%

Assessments

Coursework
Assessment Type Written Report % of Total Mark 40
Timing Week 6 Learning Outcomes 1,2,3
Assessment Description
Learners are required to conduct a written report based on an analysis of the (i) market mechanism (ii) elasticity (iii) microeconomic policy related to the airline industry.
Assessment Type Essay % of Total Mark 60
Timing Sem End Learning Outcomes 3,4,5,6,7
Assessment Description
Using a microeconomic and macroeconomic perspective, learners are required to critically analyse the economic performance of specific international economies.
No End of Module Formal Examination
Reassessment Requirement
Coursework Only
This module is reassessed solely on the basis of re-submitted coursework. There is no repeat written examination.

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 Delivery of content and material underpinning learning outcomes Every Week 3.00 3
Independent & Directed Learning (Non-contact) Non Contact Self study and review of course material, articles, case studies and research reports Every Week 11.00 11
Total Hours 14.00
Total Weekly Learner Workload 14.00
Total Weekly Contact Hours 3.00
Workload: Part Time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact Delivery of content and material underpinning learning outcomes Every Week 3.00 3
Independent & Directed Learning (Non-contact) Non Contact Self study and review of course material, articles, case studies and research reports Every Week 11.00 11
Total Hours 14.00
Total Weekly Learner Workload 14.00
Total Weekly Contact Hours 3.00
 
Module Resources
Recommended Book Resources
  • Gerard Turley, Maureen Maloney, Francis O'Toole. (2011), Principles of Economics, 4th. Gill & Macmillian, Dublin, [ISBN: 9780717149889].
  • Stephen Husted & Michael Melvin. (2013), International Economics, 9th. Pearson Education Limited, England, [ISBN: 9780321783868].
Supplementary Book Resources
  • Mankiw, G.N., & Taylor. (2020), Economics, 5th. Cengage, United Kingdom, [ISBN: 9781473768543].
  • Begg, Fischer & Dornbusch. (2011), Economics, 9th. McGraw-Hill, Berkshire, [ISBN: 9780077117870].
  • Sloman, Garratt, Guest. (2018), Economics (ebook available), 10th. Pearson Education Limited, England, [ISBN: 9781292187853].
  • Salvatore. (2019), International Economics, 13th. John Wiley & Sons, Inc, [ISBN: 9781292187853].
  • Gerber. (2017), International Economics (ebook available), 7th. Pearson Education Limited, England, [ISBN: 9781292214221].
  • Paul R. Krugman, Maurice Obstfeld, Marc Melitz. (2017), International Economics, 11th. Pearson Education Limited, England, [ISBN: 9780134519579].
  • Timothy Taylor, Steven A. Greenlaw. (2017), Principles of Economics (ebook available), Texas, [ISBN: 9888407368].
  • Leddin & Walsh. (2013), Macroeconomics - An Irish and European Perspective, Gill & Macmillian, Dublin, [ISBN: 9780717156313].
Recommended Article/Paper Resources
  • Wiley Online Library. The Economic Journal, [ISSN: 1468-0297].
  • Taylor & Francis Online. International Economic Journal, [ISSN: 10168737].
Other Resources
 
Module Delivered in
Programme Code Programme Semester Delivery
CR_BIBAV_8 Bachelor of Arts (Honours) in International Business with Aviation Studies 10 Elective
CR_BGBPS_8 Bachelor of Science (Honours) in Global Business and Pilot Studies 10 Mandatory