Module Code: H6EMP
Long Title Economic & Market Practice
Title Economic & Market Practice
Module Level: LEVEL 6
EQF Level: 5
EHEA Level: Short Cycle
Credits: 5
Module Coordinator: MICHAEL BANE
Departments: School of Business
Specifications of the qualifications and experience required of staff  
Learning Outcomes
On successful completion of this module the learner will be able to:
# Learning Outcome Description
LO1 Identify economic relationships between individual agents and markets and explain what motivates them
LO2 Demonstrate a fundamental knowledge of the main macroeconomic indicators and the role of government in influencing these in the context of future economic sustainability
LO3 Evaluate market failures and the role of the government
LO4 Interpret economic tools of analysis, such as graphs, and apply these to real-world economic issues
LO5 Apply the skills of economic thinking to analyse contemporary issues and assess economic arguments presented in the public media
Module Recommendations

This is prior learning (or a practical skill) that is required before enrolment on this module. While the prior learning is expressed as named NCI 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
Co-requisite Modules
No Co-requisite modules listed
Entry requirements  

Module Content & Assessment

Indicative Content
Microeconomics: Introduction to Economics and the Economic Way of Thinking (10%)
This topic introduces students to fundamental concepts in economics such as opportunity costs and trade-offs that act as key building blocks in subsequent economic model building. We also present the first economic model on the module called the production possibility frontier which examines trade-offs and constraints in economic decision making. 1. Defining economics and the economic way of thinking 2. The economic problem 3. Production possibility frontier and economic growth
Market Dynamics: Demand and Supply (15%)
In this topic we examine the primary resource allocation mechanism in capitalist economies and the key role played by price which acts as a signal and coordinating device in determining the actions and decision making of various economic agents. Key concepts of demand, supply and equilibrium are covered and graphically presented for analytical application to a range of markets. 1. Markets and competition 2. Demand and supply Market equilibrium 3. Price elasticity of demand and its links to firm revenue 4. Role of marketing on the firm’s profit maximisation
Limitations of the Market I: Market Failure and Welfare (15%)
Free markets and their efficient outcomes rarely exist. Most real-world markets require some form of government regulation and intervention due to the prevalence of market failures. In this topic, we explore the different types of market failures and the role of the government in overcoming these to enhance efficiency and equity in the market. 1. Sources of market failure 2. Consumer and producer surplus 3. Externalities and welfare economics 4. The role of the Government: taxes and subsidy effects
Limitations of the Market II: “Real world” Consumer Behaviour (10%)
The standard economic model of consumer behaviour is predicated on rationality and self-interest which are often deviated from in reality. This topic introduces students to behavioural economics and establishes the psychological aspects of human decision making that aid in explaining the relationships between economic agents and their activity in the market. 1. Standard model of consumer behaviour 2. Beyond neoclassical economics: Bounded rationality and behavioural economics
Macroeconomics: Introduction to the Macro-Economy (10%)
In this topic we provide an overview of key contemporary issues and challenges in Macroeconomics and begin to introduce students to related terminology and concepts including Gross Domestic Product (GDP). We critique GDP as a measure of a nation’s income and welfare and begin discussing alternative measures of welfare. 1. Issues of macroeconomics 2. Contemporary macroeconomic policy challenges 3. Measuring a Nation’s Income: Gross Domestic Product and the business cycle 4. GDP limitations and economic well-being
Sustainability and the Circular Economy (10%)
In this topic we move beyond traditional approaches of measuring the macroeconomy to encompass sustainability and regeneration. We introduce the idea of a circular economy which is a systemic approach to economic development designed to benefit businesses, society, and the environment. We discuss the donut model which encompasses a social dimension and ecological ceiling for economic development and link this to the United Nations Sustainable Development Goals and theories of equality. 1. Defining sustainability and the circular economy 2. Beyond the Circular flow model: the embedded economy 3. The Donut Model 4. United Nations: Sustainable Development Goals 5. The circular economy and government policy
Unemployment and Inflation (10%)
In this topic we introduce two key measures of the macroeconomy: inflation and unemployment. We will examine their economic definitions, how the constructs are measured in the economy and the advantages and disadvantages of each. These concepts will then be used as building blocks for the key macroeconomics models on the module. 1. Defining and measuring unemployment 2. Issues in Unemployment: minimum wage laws, unions and collective bargaining 3. Measuring prices: Inflation and deflation
Short-run Economic Fluctuations (10%)
This topic introduces the marginal propensity to consume concept and links it to the consumption function which underpins the key macroeconomic model of Aggregate Demand and Aggregate Supply. We will learn how this model can be used to explain short run economic fluctuations along the business cycle and the role of supply and demand dynamics in these shocks. We will also introduce the concept of the fiscal multiplier and the role of Government Fiscal Policy in managing the economy. 1. The multiplier: consumption function and the role of confidence 2. Aggregate Demand and Aggregate Supply model 3. Short-run and long-run macroeconomic equilibrium 4. Macroeconomic management: The role of Fiscal and Monetary Policy
Money and Banking (10%)
In the final topic we explore the modern financial system and how money is created. We discuss the key regulating role of the Central Bank and its potential to manage the macroeconomy through manipulation of Monetary Policy and key interest rates. We model the impact of this through Aggregate Demand and Aggregate Supply and show students the possible trade-offs of excessive use of Monetary Policy. 1. The financial system 2. How banks create money 3. The role of central banks and the European Central Bank
Assessment Breakdown%
End of Module Assessment50.00%


Full Time

Assessment Type: Continuous Assessment % of total: 50
Assessment Date: n/a Outcome addressed: 1,3,5
Non-Marked: No
Assessment Description:
Candidates are required to complete either an individual assignment or a group work assignment covering the Microeconomic elements of the module and their applications to decision-making. The assessment will focus on the product, like the quality of the report, poster, infographic, or multimedia.
End of Module Assessment
Assessment Type: Terminal Exam % of total: 50
Assessment Date: End-of-Semester Outcome addressed: 2,4,5
Non-Marked: No
Assessment Description:
Final Examination.
No Workplace Assessment
Reassessment Requirement
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.
Reassessment Description
Candidates will attempt the repeat assessment for the module, if they do not successfully pass the module. Learners are required to attempt all assessments attaching to a module. For those modules where all learning outcomes are assessable with a final examination, the student does not have to re-sit failed individual CA components.

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


Module Workload

Module Target Workload Hours 0 Hours
Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Classroom and demonstrations 24 Per Semester 2.00
Tutorial Mentoring and small-group tutoring 12 Per Semester 1.00
Independent Learning No Description 89 Per Semester 7.42
Total Weekly Contact Hours 3.00

Module Resources

Recommended Book Resources
  • Mankiw N.G., and Taylor P.T.. (2020), Economics, 5th Ed. Cengage.
  • Mankiw N.G., Taylor P.T., and Ashwin A.. (2019), Business Economics, 3rd Ed. Cengage.
Supplementary Book Resources
  • Krugman P. and Wells R.. (2021), Economics, 6th Ed. Macmillan.
  • Parkin M., Powell M., and Matthews K.. (2017), Economics (European edition), 10th Ed. Pearson Education.
  • Raworth, K.. (2017), Doughnut Economics: Seven Ways to Think Like a 21st- Century Economist, Penguin, UK. Library Collection.
This module does not have any article/paper resources
Other Resources
Discussion Note: