QQI Level 5 Applied Economics (5N1350) Assignment Sample Ireland
This assignment on “Applied Economics” discusses the purpose of studying the course. The objective of studying the course is to understand a wide range of concepts and theories related to economics, the course also helps the students to apply the different principles of economics in a wide variety of contexts.
Another objective of studying the course in context is to get awarded the award or certification (Minor) from the QQI. Besides, the assignment provides information about the various learning outcomes of studying the course and it helps to understand the assessment criteria and techniques.
Applied Economics (5N1350) Level 5 Course Learning Outcomes
Following are the various outcomes of learning the course on Applied Economics (5N1350):-
Understanding global economic systems, their effect on economic freedom, government intervention
There are 5 types of economic systems and they are market, planned centrally-planned, communist, and socialist economies. This course on Applied Economics 5N1350 helps the learners to understand these economic systems and it helps the students to understand the effect of these economic systems on economic freedom and government interventions.
Factors influencing demand and supply within an economy
Many factors influence demand and supply within an economy and these factors include the product price, income of the consumers, good’s price, customer’s tastes and preferences, the expectation of the customers, number of customers that are there in the market. The course in context also helps the students to comprehend the impact on production and market price.
Impact of market structures on customers, nations, and organizations
The course on Applied Economics 5N1350 also helps the students to understand the impact of market structures on customers, nations, and organizations. In this context, it is important to understand that market structures determine the type of market a business can access so that the costs are low and it also helps to understand the type of customers in a business’s product.
Define monetary and fiscal policies
Monetary policies are actions taken by central banks of Ireland with the objectives of economic growth, employment, price stability. Fiscal policies are spending policies and taxes of the Government of Ireland. This course helps the students to understand these concepts in detail.
Why is international trade important?
The course also assists the learners to understand the significance of international trade. International trade is important economically, it helps a nation to acquire foreign money, helps to enhances a country’s economic growth.
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Identify the function of important players in the Irish economy
The course on Applied Economics 5N1350 helps the learners to identify the functions of important players in the Irish economy. In this context, it is important to understand that important players of the Irish economy are the government of Ireland, the consumers, and the industry.
Attributes of economic systems
The course also allows the students to know the attributes of the economic system in Ireland. The course helps to understand the features of the command economies, free economies, and mixed economies.
Comprehend the impact of alterations in demand, supply, and equilibriums in the market
The economy of a business depends on the demand and supply of its products or services. Higher demand for a product usually leads to an increase in the costs of the product. The course in context helps the students to comprehend the demand, supply, and equilibriums within the markets.
What are the advantages and disadvantages of the Irish government interfering in its economy?
There are several advantages and disadvantages of the Irish government’s interference in its economy and the advantages are reduced levels of economic inequalities, low unemployment levels, production with the objective of common good instead of profits. The disadvantages include low-efficiency levels, low levels of competitiveness. The course in context provides additional information on this topic.
What are the barriers to free trade?
Barriers to free trade include tariffs, import and export licenses, and subsidies. The course on Applied Economics 5N1350 discusses the various barriers to free trade.
Impact of a small and open economy on the balance of trade and payments for Ireland
Ireland is a small country and it has a small and open economy. There are several impacts of the Irish economy on the balance of trade and payments in Ireland. This course allows the students to understand all these things for academic interests.
Build supply and demand curves
Demand and supply are important components of an economy. Demand and supply can be best understood using demand and supply curves. The course in this context allows the learners to know about how to build the demand and supply curves.
Calculate average, marginal, and total expenses
The course also helps the students to calculate the average, marginal and total expenses. Both marginal and average costs can be calculated using the data provided for total costs. The terms marginal, average, and total costs are important concerning the course on Applied Economics 5N1350.
Evaluate market structures
The course in context allows the learners to evaluate the market structures. It helps to assess the perfect and imperfect competitions, oligopoly, and monopoly.
Calculate the income of the nation using various known measures
The course also helps the students or the learners to calculate the income of the nation using known measures like the output method, income method as well as expenditure methods.
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What is the circular flow of income within the Irish Economy?
The course on Applied Economics 5N1350 provides information on the circular flow of income within the Irish economy. It is suggested to read the course in full to comprehend such concepts.
What are the monetary and fiscal policies of the Irish economy?
The course in context also allows an understanding of the monetary and fiscal policies of the Irish economy.
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If you are a student pursuing the course on Applied Economics 5N1350 then you require sitting for assessments (60%) and examination theory (40%) so that the assessors accredited by QQI can evaluate your skills and knowledge on the subject.
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