Economics I (Level 8)

Duration 12 weeks Full-time x 2.5 hours per week

Stage 1

NFQ Level Level 8

ECTS Credit 5

The Economics I module introduces students to the fundamental principles of microeconomics, exploring how individuals, businesses, and governments make decisions about allocating limited resources. Key topics include supply and demand, market structures, consumer behaviour, and the role of competition in economic systems. By examining real-world economic issues and case studies, students learn to analyse market dynamics and understand economic incentives that shape business environments. This module provides a strong foundation for understanding economic factors that influence business strategy, equipping students with analytical tools essential for success in more advanced economic and business studies.

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Indicative Syllabus

Introduction to Economics

Economic concepts, theories and systems;
Economic Structure and markets;
Perfect/Monopolistic Competition;
GDP, its measurements and components.

Microeconomics

Demand, supply, price elasticity;
Market/Price equilibrium;
Microeconomic factors impacting Irish Society;
Market Structures, Monopoly, Oligopoly, Monopolistic Competition.

The Functions of Money

The functions of money;
The role of the Central Bank/Euro Central Bank;
Banks and Money supply;
Tools of monetary control.

Macroeconomic objectives and policies

Macroeconomic policy;
The goods market and the LM curve;
The money market and the LM curve.

The Role of Government

Fiscal policy and the budget;
The business cycle;
Inflation, debt, borrowings.
Impact on employment/unemployment..

Challenges facing the Irish Economy

EU/Brexit;
European monetary union;
Exchange rates and exchange rate controls;
International trade.

Module Details

Minimum Intended Learning Outcomes (MIMLOS)

On completion of this module the learner will be able to:

Outline the objectives of economics in business and society;
Apply economic models to various scenarios;
Describe the micro and macro economical business environment;
Explain the economic role of government;
Discuss the main economic issues and challenges facing the Irish economy.

Assessments / Exams

MIMLOs
Assessment
Percentage

This module will be assessed via a 50% Proctored Written Examination and 50% Continuous Assessment.

Reassessment Opportunity

Where the combined marks of the assessment and examination do not reach the pass mark the learner will be required to repeat the element of assessment that they failed. Reassessment materials will be published on Moodle after the Examination Board Meeting and will be aligned to the MIMLOs and learners will be capped at 40% unless there are personal mitigating circumstances.

Economics I (Level 8)

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If you have any questions specific to this course, you can speak directly with one of our course lecturers. Please get in touch, we’re happy to help!