DT370: BUSINESS AND LEGAL STUDIES - Year 1ECONOMICS
Module author: Peter CollinsModule Description:
This module deals with Economics in an introductory capacity, providing the students with a basic competency in the understanding of economic theory with respect to both micro and macro aspects.
Module aim
This course aims to provide students with an understanding of basic economic theory. A good understanding of economic theory in both microeconomics and macroeconomics is essential in order for students to advance to study economics in subsequent years of the course.
Learning Outcomes:
At the end of this programme of study the student should be able to understand:
(a) How a product market functions and the market structures within which products are produced.
(b) How to measure economic activity in the given year and the growth in the economy over time.
(c) Demand management versus supply side policies in the macro-economy.
Learning and Teaching Methods:
A variety of methods will be considered including lectures, tutorials, self assessment, projects and prepared student presentations on topics.
ECTS Credits 10
Economics
Module content:
Introduction
Introduction and definitions of the subject.Methods of analysis and presentation Positive and Normative economics.
Derivation of the Production Possibilities Curve.Demand/Supply Theory
Demand and Supply Curves. Elasticities, Market equilibrium, Maximum and minimum prices. Role of Government. Price regulation versus free market pricing.Production/Cost Theory
Production/cost functions. Short run and long run cost curves. Economics/Diseconomies of Scale. Profit maximisation.Market Structures
Perfect competition, general imperfect competition, oligopoly and monopoly.The Information Economy
E-products, consumers and distributors of information, relevance of economic principles, nature and growth of e-market.National Income Determination
Measurement of National Income. Circular Flow of Income and Expenditure. Development of Keynesian theory. Aggregate demand/aggregate supply analysis. Income/expenditure analysis.Fiscal Policy
Trade cycle theory and the role of government. The nature and effectiveness of fiscal policy.Monetary Policy
Role of money. Financial intermediaries. Role and functions of Central Bank. Quantity theory of money as developed by Fisher and re-evaluated by Friedman. Contrast between demand management and supply side policies.Unemployment and Inflation
Definition. Causes. Remedies. Development of the Phillips Curve. The Keynesian versus monetarist view of the Phillips Curve.International Trade and Exchange Rates
Reasons for Trade. Barriers to Trade - Protectionism. Measurement and interpretation of trading balance. Terms of Trade
Exchange Rate Systems - fixed and floating. Implications of exchange rates for trade. Brief introduction to the Euro currency.
Module Assessment
Two different methods will be used.
A Summative assessment will be used in testing the comprehension of the material on the course will. This assessment will account for 70% of total marks.
Formative assessment - based on a variety of methods e.g. essays, research, reports - will account for the remaining 30%.
Essential Reading:
Sloman, J & Garratt, D. 2009, Essentials of Economics, Prentice Hall; 5th Edition
Supplemental Reading:
Turley, G. and Maloney, M.and O'Toole, F, 2011, Principles of Economics - an Irish Textbook, Gill & Macmillan, Dublin, 4th Ed.
Sloman, J. and Wride, A., 2009, Economics, Prentice Hall; 7th Edition
Sloman, J & Hinde, K & Garratt, D 2010, M. Economics for Business, Prentice Hall, 5th Edition
Web references, journals and other:
Class web-site
http://homepage.eircom.net/~pcolins/bls.htmlDedicated web link for Sloman, J. - Economics
http://www.booksites.net/sloman/Central Statistics Office
www.cso.ieOther links and references as appropriate (e.g. journal and newspaper articles) will be recommended during class.
Further Details: 2 hours per week academic year
Time: Tues. 8 - 10: Room 4-079
Lecturer: Peter Collins
e:mail: peter.collins@dit.ie