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Parent Programme
Bachelor of Business (Level 7 NFQ)
MODULE NFQ
Level 6
MODULE CREDIT UNITS
ECTS: 5
MODULE TITLE
Microeconomics
Reference Code: BB7 613
STAGE
Year 2
Fall Semester 1
12 Weeks Full-Time X 2.5 Hours per week
12 Weeks Part-Time X 1.35 Hours per week

Microeconomics Module

Microeconomics

The indicative syllabus of this module is outlined below:

Supply & Demand

    • Demand and Supply Curves;
    • Changes in Supply or Demand;
    • Intervention – price floors and ceilings. 

Theory of Consumer Choice

    • Adjustment to income or price;
    • Complementary products;
    • Substitute products. 

Price Elasticity of Demand

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

Perfect Competition

    • Supply decisions;
    • Competitive industries. 

Imperfect Competition

    • Monopolistic competition;
    • Oligopoly;
    • Potential entry considerations.

The Labour Market

    • A firm’s demand for labour;
    • Supply of labour.

Concept of Microeconomics

The concepts of microeconomics underpin a lot of what happens in the marketplace.  However, many of these concepts, although vitally important are invisible, therefore an understanding of these invisible forces and the workings of the market are of importance to business interests to assist in a variety of planning functions, such as forecast planning.

Minimum Intended Learning Outcomes (MIMLOs)

Upon successful completion of this module, the learner should be able to:
LO 1
Illustrate microeconomic models graphically.
LO 2
Discuss the role and functions of ‘the market’ within a functioning economy.
LO 3
Describe how consumers make choices in given scenarios.
LO 4
Compare and contrast the different forms of market structures.

Assessment

MIMLOs
Assessment
Percentage
1, 2
CA
60%
1, 2, 3, 4
Final Written Examination
40%

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 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 module are to enable the learner to;

  • Understand how an economy operates through microeconomic models.
  • Understand the underlying forces and functions of markets.
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