Module Details

Module Code: ECON B7016
Full Title: Economics & Society
Valid From:: Semester 1 - 2019/20 ( June 2019 )
Language of Instruction:English
Duration: 1 Semester
Credits:: 5
Module Owner:: Maeve Caraher
Departments: Unknown
Module Description: This one semester module will cover a range of economic topics that are relevant to Digital Marketing & Public Relations students. The course will introduce key economic ideas, examine issues relating to the classical marketplace i.e. demand, supply, equilibrium, and elasticities. It will also consider key macroeconomic issues such as inflation, unemployment, the circular flow of income, and fiscal policy and foreign trade. It also aims to introduce students to some concepts from behavioural economics including other rationalities, motivation and incentives, social lives, and risky choices.
 
Module Learning Outcome
On successful completion of this module the learner will be able to:
# Module Learning Outcome Description
MLO1 Discuss the market mechanism and resulting problems associated with market failure.
MLO2 Assess the objectives of macroeconomic policy and evaluate current macroeconomic policies.
MLO3 Understand and explain the relevance of economics from a business perspective and appreciate relationships between business and society in 21st century Ireland.
MLO4 Discuss insights of behavioural economics that recognises that decisions are affected by social and psychological influences to explain how human behaviour drives everyday decision in a way that is not always considered in neo-classical economics with its emphasis on rational calculations of benefits and costs.
Pre-requisite learning
Module Recommendations
This is prior learning (or a practical skill) that is strongly recommended before enrolment in this module. You may enrol in this module if you have not acquired the recommended learning but you will have considerable difficulty in passing (i.e. achieving the learning outcomes of) the module. While the prior learning is expressed as named DkIT module(s) it also allows for learning (in another module or modules) which is equivalent to the learning specified in the named module(s).
No recommendations listed
 
Module Indicative Content
Key ideas in economics
Understanding through the use of models. Opportunity cost. Scarcity. Factors of Production. The Labour Market. Externalities. Rational Choices. The business cycle. Efficient market outcomes. Relevance of economics to individuals and businesses.
The market mechanism
Demand and supply. Equilibrium price and quantity. The 'market mechanism' explained to include changes from the price and quantity outcomes determined by the interaction between demand and supply.
Elasticity
Elasticity of demand and supply. Income elasticity of demand. Cross-price elasticity of demand. Relevance of elasticity to business.
Macro-economics
Inflation. Unemployment. The circular flow of income. Fiscal policy and foreign trade. Role of government and policy objectives.
Behavioural Economics
Other rationalities - bounded rationality, ecological rationality, practical rationality, selective rationality. Motivation and incentives. Judgements about risk and uncertainty.
Module Assessment
Assessment Breakdown%
Course Work40.00%
Final Examination60.00%
Module Special Regulation
 

Assessments

Full-time

Course Work
Assessment Type Continuous Assessment % of Total Mark 40
Marks Out Of 100 Pass Mark 40
Timing S1 Week 7 Learning Outcome 1,3
Duration in minutes 60
Assessment Description
MCQ style paper in week 7.
No Project
No Practical
Final Examination
Assessment Type Formal Exam % of Total Mark 60
Marks Out Of 100 Pass Mark 40
Timing End-of-Semester Learning Outcome 2,4
Duration in minutes 120
Assessment Description
The exam paper will typically contain five questions. Guideline will typically read - Please answer any three questions.

Part-time

Course Work
Assessment Type Class Test % of Total Mark 40
Marks Out Of 100 Pass Mark 40
Timing S1 Week 7 Learning Outcome 1,3,4
Duration in minutes 60
Assessment Description
MCQ
No Project
No Practical
Final Examination
Assessment Type Formal Exam % of Total Mark 60
Marks Out Of 100 Pass Mark 40
Timing End-of-Semester Learning Outcome 1,3
Duration in minutes 120
Assessment Description
Exam - typically five questions, do three.
Reassessment Requirement
A repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.

DKIT reserves the right to alter the nature and timings of assessment

 

Module Workload

Workload: Full-time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact No Description Every Week 2.00 2
Online (Contact) Contact No Description Every Week 1.00 1
Directed Reading Non Contact No Description Every Week 3.00 3
Independent Study Non Contact No Description Every Week 3.00 3
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 3.00
Workload: Part-time
Workload Type Contact Type Workload Description Frequency Average Weekly Learner Workload Hours
Lecture Contact No Description Every Week 2.00 2
Directed Reading Non Contact No Description Every Week 4.00 4
Independent Study Non Contact No Description Every Week 3.00 3
Total Weekly Learner Workload 9.00
Total Weekly Contact Hours 2.00
 
Module Resources
Recommended Book Resources
  • Turley, G., Maloney, M. and F. O'Toole. (2011), Principles of Economics - An Irish Textbook, 4th. Gill & Macmillan, [ISBN: 9780717149889].
  • Thaler, R. and Sunstein, C.. (2008), Nudge: Improving Decisions about Health, Wealth, and Happiness, Yale University Press, [ISBN: 9978014311526].
Supplementary Book Resources
  • Leddin, A., and B. M. Walsh. (2013), Macroeconomics - An Irish and European Perspective, Gill & Macmillan, [ISBN: 9780717156313].
  • O'Leary, J.. (2012), Make That Grade Economics, 4th. Gill & Macmillan, Dublin, [ISBN: 9780717152698].
  • O'Hagan, J. and C. Newman (Eds). (2014), The Economy of Ireland - National and Sectoral Policy Issues, 12. Gill and MacMillan, Dublin, [ISBN: 9780717159758].
Recommended Article/Paper Resources
  • Barberis, N.. (2018), Richard Thaler and the Rise of Behavioural Economics, Working Paper, Yale.
  • Kahneman, D., Knetsch, J., & Thaler, R.. (1986), Fairness and the Assumptions of Economics, Journal of Business, 59, 2.
  • Levitt, S.D. & List, J.A.. (2012), The Behaviouralist Goes to School. Leveraging Behavioural Economics to Improve Educational Performance., Centre for European Economic Research, Discussion Paper, 12-038.
Supplementary Article/Paper Resources
  • DellaVigna, S. & Malmedier, U.. (2009), Paying Not to Go to the Gym, American Economic Review, 96, pp. 694-719.
  • Camerer, C., Babcock, L., Loewenstein, G. & Thaler, R.. (1997), Labor Supply of New York City Cab Drivers: One Day at a Time., Quarterly Journal of Economics, 112. pp. 407-441.
Other Resources