ECNP001 - Microeconomics for Business and Policy

This module information is representative of what is included in the module in a given year. Details of actual reading, lectures, assessment and coursework may vary year to year and will be available at the beginning of the semester.

 

Module Co-ordinator

Dr David Comerford

Semester

Autumn

Level

11

Credit value

20

Contact hours

40 contact hours

Assessment

30% individual assignment
40% class test
20% group presentation
10% peer assessment / class participation

Microeconomics for Business and Policy provides a solid grounding in economics exploring relevant theories and evidence as applied to current policy and business issues. The module is designed to link theory to practice and evidence, and to be accessible to students with no prior expertise in economics. The module  includes elements of personnel economics and industrial organisation relevant to businesses and policy.

Syllabus Outline

The module serves as one of the core economic foundations on which the programme builds. It will enable the development of students’ knowledge and analytical skills to equip them for a successful career in the public, private and non-profit sectors at both national and international levels. Students will gain knowledge and understanding of the interactions between international institutions, governments and households, hence develop an appreciation of the insights that economics can bring to effectively assess and analyse business and policy issues.

Explicit emphasis will be given to (a) current relevant business and policy issues focusing at the micro level (b) discuss justifications for public intervention (c) the role and function of the firm and its relationship with employees and society as a whole, (d) different types of markets and (e) good working knowledge of techniques that support robust business and management analysis and decision making.

The aims and objectives of the module are:

The primary objective of the module is to provide an introduction and grounding in the core foundations and application of microeconomic theory to analyse and evaluate contemporary as well as recent business and policy issues. Through the systematic blending of theory and application, a related objective is to gain an appreciation of the key tools developed in standard microeconomic theory for the purpose of business and policy evaluations. Upon completion of the modules, students will have knowledge and understanding of:

  • The core microeconomic concepts and foundations such as markets, welfare, externalities, market failure;
  • The application of microeconomic theory,;
  • The latest developments in applied microeconomic theory;
  • The link between market functioning and policy intervention.

Learning outcomes

By the end of the module, students are expected to have developed the following learning outcomes and skills:

Specific knowledge and understanding of current developments in the subject:

  • Acquire knowledge, skills and experience for a successful career in business and policy analysis in public, private and non-profit sectors;
  • Develop an understanding of principles of economics and how these are applied to evaluate microeconomic performances;
  • Develop quantitative skills to enable the understanding and evaluation of official statistics, business and consulting reports, research and economic policy;
  • Develop an ability to design and apply data analysis to business and policy issues;
  • Develop knowledge and skills for programme evaluation tools and techniques for business, management and policy decision making;
  • Develop and enhance capabilities and confidence for championing business and policy analysis across all type of organisations;
  • Understand the impact of global forces on public and private organisations.

Generic skills (e.g. Information skills/oral and written communication skills/numeracy/team working/personal organisational skills):

  • Develop and enhance personal, critical, analytical, interpersonal, leadership and entrepreneurial skills.

Cognitive: (e.g. analytical/problem-solving/interpretative/critical reasoning):

  • Through the applied nature of the module, students will gain experience in critically interpreting and assessing a range of business and policy issues and, by employing tools from microeconomic theory, and enhance their problem-solving capacity which is crucial for the understanding and appreciation of the presence of microeconomics in the business and policy domains. 

Introductory reading

 Mankiw,  N. Gregory., Taylor RP. (2006).Economics. Cengage Learning EMEA.

 

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