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Parent Programme
Bachelor of Business (Level 7 NFQ)
NFQ Level & Reference
Level 6 / Ref: M2.7
Duration
12 Weeks X 2.5 Hours per week
MODULE TITLE
Microeconomics
STAGE
2
Module Credit units
ECTS: 5

Microeconomics Module

Introducing Microeconomics

This module will provide the learner with a working knowledge of microeconomic models, and the ability to graphically represent the micro-economic models. These important skills will then allow the learner to understand the critical role of efficiency within the field of microeconomics.

Indicative Syllabus Content

Introduction to Demand

  • Introduction to demand curves; analysis of movements along the curve and shifts in the curve

Introduction to Supply

  • Introduction to supply curves; analysis of movements along the curve and shifts in the curve

Market equilibrium

  • The interaction of demand and supply curves to determine the market price; movement to a new equilibrium after a shift in one or more curves

Elasticity and the Shape of Demand and Supply Curves

  • Price responsiveness of demand; Short run and long run elasticity; Elasticity of supply

Applying Demand and Supply

  • Investigation of whether the supply curve for Irish housing is vertical; Investigation of whether the supply curve for food can keep shifting outwards

Market structures

  • The continuum of market structures with Perfect Competition on the one side and monopoly on the other; The differing demand curves faced by a monopoly versus a firm in a perfectly competitive industry; comparison of anti-trust policies in the US and EU

Market Intervention and Externalities

  • The effect of Price floors and ceilings; how markets fail to include the costs of pollution and environmental damage in the price – these costs are called externalities; an exploration of the ways in which the polluter can be made to pay

Theory of the Firm

  • Economies of scale; the benefits of specialisation; How economies of scale brought down the cost of cars in the 20th century; whether electric vehicles will face a similar cost reduction.

The Labour Market

  • A firm’s demand for labour; Supply of labour; the effect of a minimum wage; how previous technological revolutions affected the demand for labour, and whether the 4th Industrial Revolution will raise or lower unemployment

Minimum Intended Learning Outcomes (MIMLOs)

Upon successful completion of this module, the learner should be able to:
MIMLO1
Describe how demand for a product or service is affected by price.
MIMLO2
Discuss how supply of a product or service is affected by price.
MIMLO3
Describe how supply and demand interact to determine the market price.
MIMLO4
Compare and contrast the motivations of buyers in consumer and organisational markets
MIMLO5
Explain why governments sometimes intervene in markets.

Assessment

MIMLOs
Assessment
Percentage
1, 2, 3, 4, 5
CA 1: Written Exam
Total 100%
CA 2: Final Written Examination
All Assessments

Reassessment Opportunity

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board Meeting and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Aims & Objectives

The aims of this Microeconomics module are to enable the learner to;

  • Understand how supply and demand allocate resources in a market economy.
  • Understand that governments can also allocate resources and/or interfere in markets.
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