The purpose of this module is to provide the student with an understanding of intermediate level micro- and macro-economic theory and practice. The first half of the module is concerned with issues affecting the macroeconomy and Irelands membership of European Monetary Union. In the second six weeks of the module students will be exposed to current thinking in economics for business from a micro-economic perspective. In this section of the module students will not only engage with theoretical ideas and constructs but they will also be required to apply the material covered to concrete real-life micro economic situations. The intention of the module is to develop the students understanding of the nature, scope and functioning of the economy so as to have an appreciation of the changing set of problems business decision-makers face and the economic context in which firms operate.

Section one of the module is concerned with the macroeconomy. The topics covered include: the expectations-augmented Phillips curve, purchasing power parity, interest rate parity and the Fisher effect. These theories are combined to obtain what is known as the "open economy monetary model". This model is then used to evaluate particular issues including the long-run performance of the Irish economy and the factors underlying the 'Celtic Tiger' period. The module continues by extending the analysis of production and cost theory developed in first year microeconomics. Imperfect market structures of the firm are explored including analysis of game theory. Labour market decisions are analysed with respect to the supply and demand for labour and wage determination, the latter forms the key link between the micro and macro sections of the module. An overview of the theoretical and practical exposition of business objectives along with key issues facing the firm in the business environment in addition to the role of government are then explored.

Describe the basic market clearing model in detail and apply the model to various policy issues Assess the merits of a policy based on the Pareto criterion; Understand market failure; its causes and consequences; Identify a macroeconomic pathology such as a hyperinflation Reproduce macroeconomic models like AS-AD, ISLM, the DGE model, and their variants; Analyse decision making under conditions of uncertainty and the role of insurance in reducing uncertainty Understand why non-competitive markets lead to inefficient outcomes and how this may be quantified. Understand the factors behind Ireland's economic growth. Describe and identify different phases of the business cycle. Understand the workhorse models of open and closed macroeconomics. Build, Solve, and Analyse in a comparative static framework, any of the economic models in the course numerically and symbolically; Argue using models on the merits or demerits of a particular course of action

Understand the business cycle and the likely business decisions to make at different points in the cycle Appreciate the role of government organizations and how policy decisions impact on business Critically evaluate the political and economic climate to best determine business decisions

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Module will be taught via interactive lecture and experiential tutorial. Student learning experiences will be gauged through problem sets and readings, as well as online feedback. Building on Micro and Macro economics from first year this module will go deeper and provide a practical application to the theoretical underpinnings from Neo-classical to the latest developments in economics and business. Tutorials will be based on practical workings of real business problems by incorporating material from lectures. Assessment is in three forms: An economic essay based on historic and more recent happenings in the real world. A wide variety of subjet outlines are presented for the studen's choice. A review of a book based on economics from a choice of three from recent and classic origin. A final exam to measure the knowledge of the material presented in lectures.