University of Limerick
Area of Study
Taught In English
Course Level Recommendations
ISA offers course level recommendations in an effort to facilitate the determination of course levels by credential evaluators.We advice each institution to have their own credentials evaluator make the final decision regrading course levels.
Recommended U.S. Semester Credits3
Recommended U.S. Quarter Units4
Hours & Credits
Rationale and Purpose of the Module: The primary aim of this module is to introduce students to the fundamentals of modern market-oriented microeconomic analysis. The economic way of thinking introduced in this module involves the use of key concepts and models to help students to begin to understand how a complex real world micro-economy operates. The module should educate students to think in terms of alternatives, help them to understand the cost of individual and firms choices and provide them with general frameworks to understand key microeconomic concepts and issues. This module aspires to develop the critical thinking abilities of students, not merely through the mastery of microeconomic concepts and techniques but also through a questioning approach to the body of knowledge which is facilitated primarily in the interactive smaller group weekly tutorial sessions and through the use of e-learning platforms.
Syllabus: What is economics is explored. Concepts such as scarcity, individual decision-making, trade-offs and opportunity cost along with distinctions between microeconomics vs macroeconomics and normative vs positive economics are emphasised. Markets are examined. The model of supply and demand is used to understand how market equilibrium prices and quantities are determined. Intervention in the market via price ceilings and price floors are also examined. The sensitivity of demand and supply to changes in key variables such as price and income is analysed through elasticity. Consumer choice using indifference curve analysis is presented. The latter part of the module focuses its attention on supply and costs of production. The different types of costs and how costs affect revenue and profits are examined. A perfectly competitive firms supply decision along with that of Monopoly (single priced vs price discrimination monopolists) are also studied.
Courses and course hours of instruction are subject to change.
Credits earned vary according to the policies of the students' home institutions. According to ISA policy and possible visa requirements, students must maintain full-time enrollment status, as determined by their home institutions, for the duration of the program.
ECTS (European Credit Transfer and Accumulation System) credits are converted to semester credits/quarter units differently among U.S. universities. Students should confirm the conversion scale used at their home university when determining credit transfer.
Please reference fall and spring course lists as not all courses are taught during both semesters.
Please note that some courses with locals have recommended prerequisite courses. It is the student's responsibility to consult any recommended prerequisites prior to enrolling in their course.