Module Specifications.
Current Academic Year 2024 - 2025
All Module information is indicative, and this portal is an interim interface pending the full upgrade of Coursebuilder and subsequent integration to the new DCU Student Information System (DCU Key).
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Date posted: September 2024
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None Reassessment of coursework involves a multiple choice test and a project |
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Description The purpose of this module is to introduce students to the study of economics as a means of analysing individual and collective behaviour. Economic concepts and models will be evaluated as explanations of behaviour and outcomes, ranging from price determination in a simple market to the determination of national income. In turn, the conclusions from this analysis will point to policy proposals (and their evaluation). The first semester is devoted to the study of microeconomics - how and why individual economic agents behave - and the second semester focuses on macroeconomics - how and why sectors and the national economy behave as they do. This module is delivered through a combination of lectures and tutorials and supported by sets of on-line activities. | |||||||||||||||||||||||||||||||||||||||||||
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Learning Outcomes 1. define key concepts used in microeconomics and macroeconomics 2. present elementary models and theories describing economic processes in a market economy 3. apply these economic concepts and theories to analyse numerical data and real world situations 4. discuss and assess the government's role in the economy, in both microeconomic and macroeconomic contexts | |||||||||||||||||||||||||||||||||||||||||||
All module information is indicative and subject to change. For further information,students are advised to refer to the University's Marks and Standards and Programme Specific Regulations at: http://www.dcu.ie/registry/examinations/index.shtml |
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Indicative Content and Learning Activities
Learning activitiesLearning activities in this modules will involve lectures outlining key concepts and ideas followed by tutorial and other exercises that explore these ideas in both theoretical and practical situations.IntroductionStudents are introduced to the concept of rational behaviour and the methodologies followed by economists. Is rational behaviour a reasonable assumption?Supply and demandA simple model of the demand and supply process is explored. In the context of this simple model, the concepts of equilibrium price and quantity and the paths to equilibrium are examined. Students are introduced to elasticities of demand and supply and the role of government in microeconomic markets is assessed.Theory of consumer choiceIn this section of the course, the decision-making of a single economic agent, e.g., an individual consumer or a single firm, in relation to decisions to purchases goods and services is explored. This involves concepts such as marginal utility, consumer surplus and indifference analysis. This analysis leads on the study of demand and the role of risk and attitudes to risk in decision-making.Theory of supplyThe behaviour of firms, both as individual entities and as groups is examined in this section. Models of production, costs and revenue generation are used to arrive at profit maximisation of the firm. Profit maximising decisions of firms are explored under different markets structures in both the short run and the long run.Macroeconomic objectives and policiesThese section provides a broad introduction to the context of macroeconomic policy: a simple model of the national economy is presented and differing views as to its operation are explored and the policy trade-offs that follow.National income accounting & determinationA formal (Keynesian) model of the determination of national income in the short run is derived. Using this model, the measurement of national income and welfare is assessed, followed by an in-depth examination of the implications for the management of the national economy of this model.Role of money in the economyThe role and functions of money, credit creation, and the central bank in the the money supply process are examined. In turn, the role of money and monetary policy in the determination of national income are assessed.Unemployment and inflationThe topics of inflation and unemployment in modern economies are examined. In particular the policy dilemma in targetting one or other of these problems is explored.The open economyIn this section, the performance of the macroeconomy and the influences of the international economy is assessed. What are the impacts of international trade and exchange rate regimes on economic performance? | |||||||||||||||||||||||||||||||||||||||||||
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Indicative Reading List | |||||||||||||||||||||||||||||||||||||||||||
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Other Resources 14021, WinEcon, 2009, On-line tutorial system, 14022, Moodle, 0, | |||||||||||||||||||||||||||||||||||||||||||