FOUNDATION CERTIFICATE IN MARKETING
1.02 ECONOMICS - 2009/10
The objectives of this course are that on completion students will have an understanding of the fundamental principles of micro and macroeconomics and an appreciation of their workings in an Irish context.
1. Introduction
Definitions; scarcity and choice; allocation of resources; centrally planned economies; Ireland’s mixed economy; economics as a social science; relevance of economics to the marketer.
2. Demand
Factors influencing market demand; elasticity of demand; concept of utility.
3. Supply
Organisation of production; role of entrepreneur; costs, fixed and variable, average and marginal; diminishing returns; long run cost factors; types of firm and industrial structure (large and small firms in Ireland).
4. Price
Interaction of supply and demand; price mechanisms; taxation; subsidies and rationing; supply at industry and firm levels; perfect competition, monopoly, imperfect competition; non-price factors.
5. National Income
Income, output and expenditure methods of measuring levels of economic activity; factors influencing level of national income; employment levels; Ireland’s national accounts.
6. Money & Banking
Functions of money; bank credit as money; money supply and rate of interest; liquidity preference; Irishbanking system; Central Bank of Ireland, European Central Bank.
7. Macro Economic Policy
Role of government; objectives of government macro economic policy, monetary and fiscal policies; level of State involvement in Ireland; public finances and national debt.
8. International Trade
Gains from international trade, role of international trade in Ireland, small open economy; pattern of Ireland’s foreign trade; EC exchange rates and European monetary policy.
9. Irish Economic Environment & Issues
Applied economic statistics (keyfacts and figures), Ireland in European and international context - manufacturing, retailing and agri-business sectors - export orientation. Industrial Economics: structure of industry, competitiveness, fiscal and economic development policy.
READING LIST
Essential Reading
Turley G. & Maloney M. (2001), Principles of Economics - an Irish Textbook, 2nd Edition, Gill and Macmillan.
Recommended Reading
McAleese D. (2004), Economics for Business, Prentice Hall.
Leddin, A. & Walsh, B. (2003), The Macroeconomy of the Eurozone, Gill and Macmillan
