Indicative Content |
MICROECONOMICS Introduction
What is economics; Scarcity, choice and opportunity cost; Production possibility frontier; The
importance of economics to a business person; Economic systems; The New Economy
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Demand, Supply and the Market
Demand and consumers; Supply and producers; Market equilibrium and the price mechanism; Price controls
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Elasticity of Demand and Supply
Price elasticity of demand; Cross - price elasticity of demand; Income elasticity of demand; Relationship between price elasticity of demand
and revenue; Elasticity of supply
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The Consumer and Demand
Utility; Marginal utility analysis; The Law of diminishing marginal utility
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The Firm and Production
The objectives of the firm; Production; Law of diminishing marginal returns; Costs; Increasing/Decreasing and Constant Returns to Scale;
Profit-maximising output level
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Market Structures
Perfect competition; Monopoly; Monopolistic competition; Oligopoly; Comparisons of the different types of market structures
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Factor Markets
Labour and wages; Capital and Interest; Land and rent; Entrepreneurship and profit
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SETU Carlow Campus reserves the right to alter the nature and timings of assessment
Module Resources
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Recommended Book Resources |
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Turely G. and Maloney M.. (2011), Principles of Economics an Irish Textbook, 4th. Gill and Macmillan.
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Supplementary Book Resources |
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Begg D. Vernasca G. Fischer S. and Dornbusch R. 2020, Economics, 12th. Ed., McGraw-Hill. (2020), Economics, 12th. McGraw-Hill.
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Sloman J. Guest J. Garratt D.. (2018), Economics, 10th. Pearson.
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Recommended Article/Paper Resources |
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The Irish Times.
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The Economist.
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Other Resources |
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, www.cso.ie.
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, www.esri.ie.
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, www.data.worldbank.org.
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