It Deals With The Approach Taken By The Irish Government To Help Businesses: Business Economics, UCC, Ireland

Question 1

This is compulsory and is on a topical issue. In particular, it deals with the approach taken by the Irish Government to help businesses through the COVID 19 pandemic. This involved both demand-side and supply-side interventions. You should certainly consult the lecture on the Economic Impact of COVID-19. You should also look at the lecture material that referred to the following reports mainly for context rather than content Fiscal Assessment Report, Irish Fiscal Advisory Council, May 2021.

Taking Stock: The Fiscal Response to Covid-19, Ireland’s Department of Finance, November 2020

Question 2

This deals with the costs of production and delivery. It is mainly practical but you should have knowledge of the key aspects of cost theory, especially the concept of average cost. However, you do not need to focus on the more technical aspects of that lecture. An understanding of economies of scale is very important as this is intrinsic to cost theory but has very direct practical applications. The question contains a long extract from the report below (the section covered in the lecture) but it may not all be relevant for the answer. Approach this question with a business hat on.

Question 3

This is drawn from the lecture material on Oligopoly and is more theoretical than some other questions but you should make reference to the real world.

Question 4

Some of the report extracts are given in question 2 from the context for this question. The focus is on the issues that arise for a small open economy (and its companies) from its relationship with the wider international economy.

Question 5

This question focuses on Fiscal Policy. One part is specifically about its importance to the business. The other part is about the discipline under which Irish Fiscal Policy is conducted due to its European obligations. Remember that Economics as a subject area has both theoretical foundations and practical applications. When considering the practical applications, place yourself in a business context (maybe as an owner or manager). Refer to the real world where requested or where you think it is appropriate.