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ECON7007 - Principles of Economics

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Title:Principles of Economics
Long Title:Principles of Economics
Module Code:ECON7007
 
Duration:1 Semester
Credits: 5
NFQ Level:Intermediate
Field of Study: Economics
Valid From: Semester 1 - 2022/23 ( September 2022 )
Module Delivered in 3 programme(s)
Module Coordinator: CAROLINE O REILLY
Module Author: Brenda Lynch
Module Description: This module provides an introduction to some microeconomic and macroeconomic concepts and principles.
Learning Outcomes
On successful completion of this module the learner will be able to:
LO1 Assess and apply the model of the market mechanism using demand and supply analysis.
LO2 Describe the various methods of measuring the level of economic activity and economic performance in the economy.
LO3 Examine the role of government in monetary and fiscal policy.
LO4 Explain the significance of money, credit creation, inflation, unemployment, interest and exchange rates for the economy as a whole and individual economic agents.
Pre-requisite learning
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
 

Module Content & Assessment

Indicative Content
Introduction to the Market Mechanism
The economic problem, opportunity cost, PPF, behavioural economics, demand and supply analysis and market equilibrium.
Measurement of Economic Activity and Performance
Circular flow of income model, GDP, GNP, GDP Per Capita,National Income within the framework of the global economy.
Role of the Government
Monetary and fiscal policy, government budgets, general government borrowing and debt.
Money, Banking and Economic Data
Definition and functions of money, the process of credit creation, the role of the Irish and European Central banks, Inflation, unemployment, interest rates and exchange rates.
Assessment Breakdown%
Course Work30.00%
End of Module Formal Examination70.00%
Course Work
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Short Answer Questions Mid-semester written examination 1 30.0 Week 7
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Assessment Date
Formal Exam End-of-Semester Final Examination 1,2,3,4 70.0 End-of-Semester
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 institute reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Formal classroom lecture 3.0 Every Week 3.00
Tutorial Discussion / problem solving 1.0 Every Second Week 0.50
Independent & Directed Learning (Non-contact) Reading / Study 3.5 Every Week 3.50
Total Hours 7.50
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 3.50
Workload: Part Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Lecture 2.0 Every Week 2.00
Independent & Directed Learning (Non-contact) Reading / Study 5.0 Every Week 5.00
Total Hours 7.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 2.00
 

Module Resources

Recommended Book Resources
  • Sloman, Garratt, Guest 2018, Economics, 10th Ed., Pearson [ISBN: 9781292187853]
Supplementary Book Resources
  • Mankiw, G.N. & Taylor, M.P. 2020, Economics, 5th Ed., Cengage United Kingdom [ISBN: 9781473768543]
  • Anthony J. Leddin and Brendan M. Walsh 2013, Macroeconomics - An Irish and European Perspective [ISBN: 9780717156313]
  • Gerard Turley, Maureen Moloney, Francis O'Toole 2011, Principles of Economics - An Irish Text, 4th Edition Ed. [ISBN: 9780717149889]
This module does not have any article/paper resources
Other Resources
 

Module Delivered in

Programme Code Programme Semester Delivery
CR_BIBLA_8 Bachelor of Business (Honours) in International Business with Language 3 Mandatory
CR_BMRKT_8 Bachelor of Business (Honours) in Marketing 4 Mandatory
CR_BBTCO_7 Bachelor of Business in Business Technology and Communications 3 Mandatory

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