FIN2001S
ECONOMICS AND MARKET INNOVATIONS
WELCOME MESSAGE
Welcome to this module on Economics and Market Innovations (EMI). Nowadays, markets are hardly ever cooperated by following simple rules derived from economic theory. In the traditional markets, economic theory or concept can at least serve as benchmarks and starting points for more nuanced analysis. By contrast, a rise of new business models (e.g., platform business model) that uproot traditional markets, break down industry categories, and maximise the use of scarce resources. This module will equip you with knowledge of how to understand complex markets, and come away with strong analytical and problem-solving skills, as well as business acumen necessary to succeed in the professional world. In fact, Economics can be useful for professionals in all industries, not just in business.
I am sure you will be able to apply all the knowledge gained in this module to enhance your work, business as well as personal life. I look forward to embarking on this exciting learning journey with you.
This module will mainly be delivered via face-to-face and online using Brightspace
Zoom software only for the introduction and concluding sessions.
PART 1: INTRODUCTION
This Study Guide is designed to provide you with details of this module; the learning outcomes; delivery and assessment arrangements. The Study Guide consists of 6 parts.
Part 1 gives background details to the subject area are provided and the broad aims of the module are set out.
Part 2 consists of the module outline. In this part the (a) module learning outcomes,
(b) the themes and topics to be explored are explained along with the (c) learning supports to be used.
Part 3 gives details of the module delivery arrangements. It sets out the session arrangements and the expectations in relation to your prior preparation and student engagement. The provisions for online provision are outlined in terms of class delivery and any module work with classmates.
Part 4 provides details of the assessment techniques used in this module explaining the assessment components, their rationale.
Part 5 explains the UCD grading policy and grade descriptors drawing on the university document are given for each assessment component for the module.
Part 6 presents the concluding comments.
a) Accessing Brightspace Zoom
This module will be delivered face-to-face and online via UCD’s integrated Zoom classroom. This is accessible via brightspace.ucd.ie
To students, please login to Brightspace >> FIN2001S-Economics and Market Innovations- 2024/2025 Autumn >> My Class >> ZOOM, to join the lessons.
Please always login using your UCD email address and your name. Your name should be visible to the lecturer and other students to facilitate collaboration.
Please join your online session no later than five minutes before the advised time of your session.
Engagement tools on Zoom
Throughout the online sessions for this module, you will be frequently asked to engage with both your lecturer, and with your fellow students.
The lecturer may send you into breakout groups and you discuss some class content in smaller groups before your findings are discussed with the whole class. You may use the “Share Screen” function (if enabled) to show some summary points of the breakout group discussions.
If you select “Chat”, a chat window will open, and you can communicate with the whole class or with your lecturer. If you would like to send a private message to your lecturer, please select your lecturer’s name instead of everyone.
By clicking on “Reactions”, another menu will open. This menu allows you to raise your hand if you have a question or would like to comment. If you see a hand icon in the left upper corner of your screen, your hand is currently raised. You can lower your hand by clicking on this icon a second time. The lecturer can also lower your hand.
When you join a Zoom session, you will be muted, and your camera is turned off. But for better engagement in the class, it is advised to keep your camera turned on. Please only unmute yourself if you would like to speak to avoid background noises. You can change your audio and video setting by clicking the small arrow beside the “Unmute” or “Start Video” icon.
b) Background Details
The EMI module provides more than mere insights into the functioning of an economy. Completion of this module will equip students with a logical and consistent framework for understanding important economic concepts. In addition, the module examines the role of network effects in business, where adding customers attracts new customers. Rather than adding large number of a single type of customers, multisided markets focus on attracting different types of customers (direct or indirect network effects). The ability to analyse contemporary economic developments will open up many career options for the students.
c) Module-Aims
The module aims to provide a thorough understanding of the theory and practice of economics at an introductory level and provides the basis for all subsequent study you may undertake in economics. The first part covers the principles of microeconomics, and the second part develops a framework for understanding multisided platform business model. Throughout the module and in the seminars, we will demonstrate the usefulness of economics as an analytical tool for thinking about real world problems.
The module draws on students’ prior learning and work experience, and seek to combine insights from production and costs to market strategy, government policies to market barriers, international trade to market expansion, firm behaviors and market innovation, and other areas.
The assessment tasks for this module have been designed with this in mind as detailed later in the study guide.