MEEN40330 Economics

Academic Year 2021/2022

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.

The aim of this module is to explore economic concepts in a business framework. At the end of the module students should have a solid understanding of topics in microeconomics and macroeconomics as outlined below. They should gain an understanding of how markets work, how business and individuals participate in the economy and the role the government and other institutions have. In addition students will learn about economic trends and how firms, individuals and governments react to those trends, they will learn about economic forecasts and how they apply to business decision making.
This module will use both economic theory and practical examples. It will have a national and international perspective.

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Curricular information is subject to change

Learning Outcomes:

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.

Indicative Module Content:

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 Hours: 
Student Effort Type Hours
Lectures

24

Autonomous Student Learning

80

Total

104

Approaches to Teaching and Learning:
peer and group work;
lectures;
critical writing;
student presentations 
Requirements, Exclusions and Recommendations
Learning Requirements:

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.


Module Requisites and Incompatibles
Equivalents:
Economics (EEME40120)


 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Assignment: Group Assignment Varies over the Trimester n/a Graded No

50

Assignment: Individual Report Varies over the Trimester n/a Graded No

50


Carry forward of passed components
Yes
 
Resit In Terminal Exam
Autumn No
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Not yet recorded.

Principles of Economics: Moore McDowell and Rodney Thom – European Edition (any edition) -
Luke M. Froeb and Brian T. McCann, "Managerial Economics. A Problem Solving Approach", Thomson & SouthWestern, 2008
McAleese Dermot. 2004. Economics for business: competition, macro-stability, and globalisation. , 3rd Ed. Pearson Education. ISBN: 0273683985
Economics for Business (4th ed.), Sloman & Hinde (2006), published by FT.
Economics for Business, Begg & Ward (2006) McGraw-Hill Higher Education
Name Role
Mr Adrian Corcoran Lecturer / Co-Lecturer
Timetabling information is displayed only for guidance purposes, relates to the current Academic Year only and is subject to change.
 
Spring
     
Lecture Offering 1 Week(s) - 19, 20, 21, 22, 23, 24, 25, 28, 29, 30, 32 Sat 09:00 - 10:50