Introduction to Economic Policy A
Module Code: ECU11031 (old code EC1140)
Module Name: Introduction to Economic Policy A
- ECTS Weighting: 5
- Semester/Term Taught: Semester 1
- Contact Hours: 22 hours of lectures and approximately 9 hours of tutorials
- Module Personnel: Lecturer - Dr Laura Munoz Blanco
*Please note that this outline has not been finalised and is subject to change.
Module Learning Aims
This module aims to provide students with a comprehensive outline of some of the core elements of micro economics and their applications. By the end of the first half of the module it is hoped that students will be able to use their knowledge of economic theory and policy so as to have a better understanding of the drivers of demand and supply and of the decision making processes of individuals and businesses. Students will have an understanding of market systems. Students should also have an understanding of how governments can sometimes improve market outcomes.
A. Introduction to economics: how markets work
- Introduction to the subject of Economics
- The characteristics of different demand and supply curves, equilibrium
- Elasticity, price ceilings and price floors
B. Market failure
- Public goods
- Information asymmetry
C. Income inequality and poverty
- Poverty and income distribution
- Global development and inequality
D. Market structures
- Perfect competition
- Oligopoly & monopolistic competition
On successful completion of this module, you will be able to:
- Explain in detail the concepts of demand, supply, prices and equilibrium and illustrate shifts and movements in demand and supply curves
- Discuss the concepts of price floors, price ceilings and elasticity
- Explain the causes of market failure and understand the role for government
- Understand how income inequality and poverty are defined, measured and addressed in an economic context
- Evaluate market structures including monopoly, oligopoly and monopolistic competition Outline the role of competition policy and regulation
Recommended Reading List
The core textbook is Gregory Mankiw and Mark P. Taylor's Economics 3rd Edition (South-western: Cengage learning).
The assessment for this module comprises a group work project 30% and an end-of-term examination 70%.