NCI Courses

This topic investigates the issue of firm decision making and goal setting in a dynamic and complex business environment. Firstly, learners examine the key assumption of firm profit maximisation before moving away from this simplistic and restrictive assumption to explore a range of other objectives including market power, reputation and 'satisficing' strategies. The topic also explores the different kinds of costs that business incur and how they are classified between fixed and variable costs, short and long run costs, and explicit and implicit costs. It also examines how these costs are dynamic and subject to constant change, and how some firms are more susceptible to external vulnerabilities than others. This cost information is then combined with information on revenue to analyse firm decision making regarding price and quantity in the market. 1. The business environment 2. Firm objectives 3. Costs in the short run and long run

This topic advances the broad examination of firm costs and revenue with a specific focus on market power. Market types are distinguished by their characteristics such as freedom of entry and differentiated products. Two extreme market types, namely, perfect competition and monopoly are outlined to begin with, and from here, the topic progresses to modern business decision making under conditions of monopolistic competition and oligopoly (including collusion and game theory strategic behaviour). 1. Perfect competition 2. Market power and firm concentration 3. Monopoly Price discrimination 4. Product differentiation and monopolistic competition 5. Oligopolistic markets 6. Game theory and strategic decision-making

This topic focuses on firm level pricing strategies in competitive markets based on segmentation across socio-demographic groups by purchasing power and by geographical location. Dynamic strategies to block potential market entrants and to expand market share are also explored. 1. Price Discrimination 2. Cost based pricing and mark up selling 3. Limit and predatory pricing

This topic explores the impact of the global environment on trade in the form of exchange rate dynamics. Models such as the J curve are evaluated for their predictive power in relation to export and import trade following a currency devaluation. 1. Balance of payments: flows of goods and capital 2. Exchange rate determination 3. The J curve and trade dynamics 4. Contemporary business issues in the macro environment

In this topic we debate the advantages and disadvantages of trade for regions and potential methods of restriction trade under a protectionist policy. We explore a model of protectionism and analytically evaluate the cost of trade protectionism from an efficiency and welfare perspective. 1. The benefits of trade 2. The economics of protectionism 3. Contemporary trade and competitiveness issues in Ireland

In the final macroeconomic topic, we advance learner understanding of Fiscal policy and active Government stabilisation policy in the economy. We examine the potential advantages and disadvantages of this for a business and the implications of excessive fiscal policy expansion using economic models. We evaluate the potential of public spending to increase long run economic output and the consequences of debt driven economic expansion in an open economy. 1. Fiscal policy in theory and practice 2. Economic aspects of taxation and the Laffer curve 3. Active fiscal stabilisation policy 4. Contemporary issues in fiscal policy.