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 aims to train students to think in terms of alternatives, to understand the cost of individual and firms' choices and provide general frameworks to understand key microeconomic concepts and issues that can amongst other things be applied to the study of the Health services sector.

The question of what is economics is explored. In answering this question emphasis is placed on the importance of key concepts such as scarcity, individual decision-making, trade-offs and opportunity cost. Students are also introduced to the distinctions between microeconomics vs macroeconomics and normative vs positive economics. Markets as a means of organising economic activity are examined. The model of supply and demand is used to understand how market equilibrium prices and quantities are determined. You not only learn how equilibrium is determined, but how relative prices are used by consumers and suppliers to make decisions about the use of society's scarce resources. Supply and demand curves are used to explain the movements of prices and the allocation of resources in a market economy such as ours. The sensitivity of demand and supply to changes in key variables such as price and income is analysed through measures and discussions of elasticity which is briefly introduced. Individual decisions are examined to show how they come together to form the demand curve. Consumer choice using indifference curve analysis is introduced. Shifting the focus back to the market process the latter part of the module focuses its attention on supply and costs of production. Students examine the different types of costs and how costs affect revenue and profits. Cost concepts and how they relate to a perfectly competitive firm's supply decision are examined. At the other end of the competitive spectrum is the complete absence of market competition. This situation of monopoly (single priced vs price discrimination monopolists) is also studied Syllabus: What is economics; scarcity; individual decision-making; trade-offs and opportunity cost; microeconomics vs macroeconomics; normative vs positive economics; markets; model of demand and supply; market equilibrium and disequilibrium; scarce resources; elasticity; consumer choice theory using indifference curves and budget constraints; costs of production; revenue; profits; market structures; perfect competition; monopoly (single priced vs price discrimination monopolists).

(1) Construct frameworks/models (primarily by drawing economic models/diagrams/figures) which provide insights into a how a complex real world micro-economy operates. (2) Analyse economic problems and issues; this is facilitated through the training provided to students whereby they will be exposed to thinking in terms of alternatives and the cost of individual (consumer theory) and firms' (producer theory) choices. (3) Manipulate basic economic constructs (e.g. demand & supply diagrams) so as to understand how market equilibrium (and disequilibrium in the case of shortages and surpluses) prices and quantities are determined. (4) Analyse and understand how costs and revenues impact upon firms' price and output decisions. You will also gain an appreciation of the basic market structures of Perfect Competition and Monopoly, which although introduced in this module will provide useful benchmarks for more critical evaluation/analyses and discussion of market structures which will follow in subsequent modules. (5) Begin to apply the economic way of thinking and economic frameworks and constructs to the types of scenarios you see on a day to day basis in your work in the Health services sector.

Demonstrate and value the number of alternatives, which contribute to the cost of both individual and organisational choices. Acknowledge the frameworks that underpin key microeconomic concepts and issues.

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Although this is an introductory foundation module we aspire to develop student critical thinking abilities, 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 sessions. The pedagogical approach adopted is very much based on 'learning by doing' whereby students work on an individual basis and in buzz groups during lectures to draw diagrams and work out basic economic problems and decision making scenarios that individuals and firms are likely to face on an on-going basis. This 'learning by doing' approach will equip students with the techniques necessary to identify and appraise critical issues in microeconomics. The module is delivered using the standard lecture/tutorial framework. Students are provided with the basic tools to apply economic analysis to real life problems and decision making. A key pedagogical strategy is to base the lectures on data and examples from the Irish, European and the Global economy thus providing where possible an international dimension to the introductory module. The module is assessed using a combination of essay and multiple choice questions.