Registry

Module Specifications

Current Academic Year 2012 - 2013
Please note that this information is subject to change.

Module Title	Introduction to Economics
Module Code	EF110
School	DCUBS
Online Module Resources
Module Co-ordinator	Semester 1: Tony Foley Semester 2: Tony Foley Autumn: Tony Foley
NFQ level	8	Credit Rating	10
Pre-requisite	None
Co-requisite	None
Compatibles	None
Incompatibles	None

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.

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

Workload	Full-time hours per semester
*Type*	*Hours*	*Description*
Lecture	48	Formal lectures outlining key concepts and ideas
Tutorial	12	Tutorials centred on weekly exercises
Independent learning time	20	Preparation for class test (Semester 1)
Independent learning time	110	Textbook study, problems, Moodle quizzes and exercises, use of WinEcon tutorial system
Directed learning	20	Completion of online exercises (Semester 2)
Independent learning	40	Revision and preparation for final examination
Placement	5	xxx
Total Workload: 255

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

Indicative Content and Learning Activities

Learning activities.
Learning 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..

Introduction.
Students are introduced to the concept of rational behaviour and the methodologies followed by economists. Is rational behaviour a reasonable assumption?.

Supply and demand.
A 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 choice.
In 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 supply.
The 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 policies.
These 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 & determination.
A 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 economy.
The 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 inflation.
The 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 economy.
In 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?.

Assessment Breakdown
Continuous Assessment	30%	Examination Weight	70%

Course Work Breakdown
Type	Description	% of total	Assessment Date
In Class Test	Multiple choice test	15%	Week 11
Other	Online exercises and tests across second semester	15%	As required

Reassessment Requirement
Resit arrangements are explained by the following categories; 1 = A resit is available for all components of the module 2 = No resit is available for 100% continuous assessment module 3 = No resit is available for the continuous assessment component
This module is category 1

Indicative Reading List