Course Name |
Economics - Microeconomics for Business |
Course Provider |
University College Dublin |
Course Code |
ECON10720 |
Course Type |
Lifelong Learning |
Apply To |
Course provider |
Attendance Options |
Part time |
Location (Districts) |
Belfield |
Enrolment and Start Dates Comment |
TRIMESTER: Spring |
Application Date |
2022-2023 Academic Year
Pre-Registration for Autumn 2022 will be reopening in August!
Please keep in mind that Open Learning module offerings and details are subject to change and are available on a first-come-first-serve basis. Should your preferred module be at capacity, please email us at all@ucd.ie so that we can discuss your options. |
Duration |
Expand+Spring Trimester - January to May
MODE OF DELIVERY: Face to Face
Student Effort Hours:
Student Effort Type Hours
Lectures 24
Tutorial 12
Autonomous Student Learning 95
Total 131
Approaches to Teaching and Learning:
For the most part tea...
Hide-Spring Trimester - January to May
MODE OF DELIVERY: Face to Face
Student Effort Hours:
Student Effort Type Hours
Lectures 24
Tutorial 12
Autonomous Student Learning 95
Total 131
Approaches to Teaching and Learning:
For the most part teaching is lecture based. Models of economic behaviour are presented and the advantages and also limitations of the model approach is explained. Throughout the course applied examples from the real world are presented in order to ground the models in reality. Weekly problem sheets and discussion points are provided to students and these are covered in a class tutorial. These problems are also indicative of material which is likely to appear in the assessments.
At present, the intention is to provide lectures face-to-face in person, subject to public health advice. If face-to-face lectures are not possible then online lectures will be provided via Brightspace. Online consultation hours will also be held regularly and extensive effort will be made to ensure that students have access to the lecturer via the various facilities available on Brightspace. Zoom meetings are also available on request.
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Link to Course Fee |
Web Page - Click Here |
Eligibility |
Compulsory Modules only open to students on Commerce Progression Pathway
Requirements, Exclusions and Recommendations
Not applicable to this module.
Module Requisites and Incompatibles
Incompatibles:
ECON10010 - Principles of Microeconomics, ECON10770 - Introduction to Economics, ECON10780 - Business Microeconomics (NUin), ECON20010 - Intermediate Microeconomics I, ECON20180 - Intermediate Microeconomics II |
Course Content |
Expand+ECON10720 Microeconomics for Business
Academic Year 2022/2023
The aim of this module is to introduce students to core microeconomic principles and how they can be used to help understand decision making and behaviour in a business environment. Th...
Hide-ECON10720 Microeconomics for Business
Academic Year 2022/2023
The aim of this module is to introduce students to core microeconomic principles and how they can be used to help understand decision making and behaviour in a business environment. The module focuses on markets as the principle arena where these decisions are made and stresses that both firms and consumers make choices under conditions of scarcity and do not have unlimited resources. A model of consumer demand is presented showing how consumers respond to changes in prices, incomes and other factors. On the supply side, a model of the production decisions of firms is presented and the roles of costs and technology are explored. Market structure is also explicitly considered ranging from perfect competition to monopoly and the strategic interaction of firms is also addressed. Finally, it is stressed throughout the module that markets often fail and in those cases some form of intervention, typically but not exclusively provided by government, to correct these failures is warranted. The impact of Covid-19 will also be integrated into the analysis showing how it can impact decisions of consumers and firms and also its relevance for social interactions. The module assumes no previous knowledge of economics.
Learning Outcomes:
On completion of this module, students will be able to:
1. understand how economics views the concepts of scarcity and choice and how consumers make decisions regarding consumption, work and lesiure
2. understand the role of markets in co-ordinating decisions of buyers and sellers
3. understand the different factors affecting markets and the usefulness of concepts such as elasticity
4. understand the concept of efficiency and how economic surplus is divided between agents
5. gain a knowledge of concepts vital to firm decision making such as production, costs, revenues and profits.
6. describe profit maximization and price/ouput decisions under conditions of perfect and imperfect competition
7. understand interactions in the form of altruism and trust between agents such as consumers and firms
8. understand how and when markets can fail and how government intervention may correct such failures.
Indicative Module Content:
Indicative Module Content:
The module assumes no prior knowledge of economics and so initially some introductory material is provided. The module then discusses how economics models the decisions made by consumers in areas such as work/leisure and consumption. Concepts such as supply, demand, markets and elasticity are introduced at this stage. The module then models decisions made by firms in areas such as technology, costs , output and pricing. The module then discusses market structure covering the spectrum from perfect competition, to monopolistic competition to oligopoly and monopoly. The final two parts of the course examines (a) strategic interactions between consumers and firms not always covered in traditional models of economics and (b) how markets can fail and how interventions, sometimes but not always by governments, can attempt to correct for these failures. The Covid-19 pandemic will not be explicitly modelled but account will be taken of how such events may impact upon decisions of consumers and producers. It becomes particularly relevant in the final section of the course when examining social interactions, externalities and market failure.
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Number of Credits |
5 |
Careers or Further Progression |
Open Learning is one of our most flexible pathways for entering into UCD undergraduate study. With 12 UCD undergraduate programmes, learners are able to accumulate 30 credits towards a NFQ Level 7 Certificate in Open Learning at their own pace from a variety of undergraduate modules. We have a dedicated team ready to support you in planning your unique learning journey, contact us via: all@ucd.ie. |
Course Web Page |
Web Page - Click Here |
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