The objective is to enable the student to understanding the concepts and terms of current economic thinking with respect to economic theory, whilst demonstrating clear understanding of economic principles, historic, current and theoretical. Able to articulate economic theory both verbal and written, to be able to digest information and develop clear understanding of economic principles and theories. Investigate and analyse topics. Including the referencing of data. To demonstrate a clear understanding of Microeconomics, macroeconomic, and there different components and through study and research initiatives. Show clear understanding of the principles of economic thinking in the modern world. The effects of fiscal and economic examples.
Unit 1- Microeconomic Applications
- Understand the concept of applied economics, understanding the political, social, cultural, environmental and fiscal elements of the subject.
- Understanding of the characteristic of the main economic systems including free enterprise, command & mixed as well as the global economic systems
- Recognise the three areas which a good economic economy strives for e.g. high standard of living, full employment and low inflation.
- Demonstrate the differences between macro and macroeconomics theories & examples.
- Identify how government intervention & economic freedom affect & are affected by the economy
- Show a clear understanding of supply and demand
- The laws of supply and demand.
- Show knowledge of influences which affect both supply and demand. Construct curves
- Define the main fiscal and monetary policies in Ireland.
- Be able to assess the main environmental influences, from government, financial institutions which led to the present economic climate within Ireland.
- Be able to articulate the term scarcity and its effects on economic policy.
- Define the concept of the circular flow model; be able to recognise its influences from firm to household.
- Understand how national income, average, marginal & total costs are calculated
Unit 2- Macroeconomics and Global Market Structures
- Explain factors of production, identify the four areas of land, labour, capital and entrepreneur, with reference to their rewards, giving examples.
- Define goods and services, be able to identify different goods from superior to ordinary goods etc.
- Demonstrate knowledge of market structures (perfect competition, imperfect competition, monopoly and oligopoly) and how they work within a global economy.
- Clearly represent the main differences between an open market a central, close market and a mixed market in a global context
- Be able to argue the benefits and negative effects of each market to include the impact on balance of trade and balance of payments
- Describe economies of scale and its effects on a global economy and describe its effects on Ireland.
- Show the fiscal tools a government can adopt to improve the economy, with reference to Ireland and analyse the fiscal & monetary policy
- Describe trade barriers, the importance & challenges of international trade, such as import/export taxes and their influences in government policy
- Evaluate a number of market structures such as monopoly and oligopoly etc.
- Outline the role of the government, industry & consumers in the Irish economy
Outline the benefits & challenges of government intervention in an economy