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Curricular information is subject to change
At the end of this module students should be able to:
1. Interpret the practical relevance of microeconomic theory such as demand, supply and market equilibrium, elasticities and their role in decision making, market structures, price and quantity competition.
2. Interpret the practical relevance of macroeconomic theory - Aggregation and measurement of economic activity, investment and saving, inflation and money supply, balance of payments, capital and current accounts exchange rates
3. Recommend a micro-economic policy which will help to stimulate economic growth in the country.
4. Appraise the market environment for a firm's product using the principles of macro-economics.
5. Construct, in written form, justifications for particular economic policies.
6. Assess published academic and practitioner research related to macro & micro economics to support in-class discussions and written reports.
Topic 1: Introduction
Introduction to economics, fundamental concepts and assumptions. Cost – benefit analysis and decision making. Efficient allocation of resources.
Topic 2: History of the Irish economy.
Overview of Ireland’s economic development.
Topic 3: Introduction to Markets
Competitive markets: assumptions, supply – demand, elasticity. What causes shifts in Supply and Demand? How does Elasticity change the results? Government intervention in markets.
Topic 4: Market structure – from Perfect Competition to Monopoly
Profit maximization, cost structures, economic profit. Market power: Industry structure.
Monopolies: pricing, regulation and natural monopolies. Price discrimination. Market Failures
Topic 5: Foreign Trade
Why do firms trade? Why do countries trade? What effect does trade have on the national accounts? Comparative advantage, other trade theories. Macro perspective: Global trade and the WTO. Multinationals and FDI.
Topic 6: Uncertainty and Game theory.
Introduction to game theory: Nash equilibrium, collusion. Uncertainty: Risk and insurance, adverse selection and moral hazard.
Topic 7: Macro
Understanding key indicators. Measuring growth and development. Gross domestic product, purchasing power parity, HDI. Real Vs Nominal variables. National accounts. Price levels and inflation.
Topic 8: Role of central banks and Government
Price stability. Fiscal policy. Monetary policy. The business cycle. Money and Banking.
|Student Effort Type||Hours|
|Autonomous Student Learning||
This is a core module on the Master of Engineering Management programme. It is designed for engineers based in industry who have at least five years professional engineering work experience.
|Resit In||Terminal Exam|
• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment
Not yet recorded.
|Mr Adrian Corcoran||Lecturer / Co-Lecturer|