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Course 01: Principles of Economics Syllabus
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Why study Economics? Scope and Method of Economics; The Economic Problem: Scarcity and Choice; the question of What to Produce, How to Produce and How to Distribute Output; Science of Economics; The Basic Competitive Model; Prices, Property Rights and Profits: Incentives and Information, Rationing; Opportunity Sets; Economic Systems; Reading and Working with Graphs.
Markets and Competition; Determinants of individual demand/supply, Demand/Supply schedule and demand/supply curve, Market versus individual demand/supply, Shifts in the demand/supply curve, Demand and Supply together, How Prices allocate resources. Elasticity and its application; Controls on Prices; Taxes and the Costs of Taxation; Consumer, Producers and the Efficiency of the Markets.
The consumption decisions -- budget constraints, consumption and income/price changes, demand for all other goods and price changes, Description of preferences [Representing preferences with indifference curves. Properties of Indifference curves], Consumers’ optimum choice, income and substitution effects. The investment decision -- investment alternatives for a household, Desirable attributes of investments Labor Supply and Savings decision -- Choice between leisure and consumption, labour force participation, tax policy and labour supply, Human capital and education, Budget constraints and Savings, Savings and interest rate, Other factors affecting savings.
Financing, controlling and managing firms -- The firm' s legal form, Corporate Finance, why corporations care about financial structure, takeover and the market for managers, making decisions, centralization and decentralization, the boundaries of the firm. Behaviour of profit maximizing firms and the production process, Short run costs and output decisions, costs and output in the long run.
Monopoly and antitrust policy, government policies towards competition. Imperfect information in the product market--The information problem, The market for lemons and adverse selection, the incentive problem, the search problem, advertising, the importance of imperfect information, government and information.
Labour and Land Markets--Basic concepts [derived demand, productivity of an input, marginal product of labour, marginal revenue product]; demand for labour; input demand curves; shifts in input demand curves; elasticity of demand in input markets; competitive labour markets; labour markets and public policy; Land markets and pure rent.
The International Economy--Trade surpluses and deficits, the economic basis for trade--absolute advantage versus comparative advantage, terms of trade, exchange rates; Sources of comparative advantage -- Heckscher-Ohlin Theorem and other explanations. Trade Barriers--tariffs, subsidies and quotas; free trade or protection--case for free trade, case for protection.
The roots of macroeconomics, macroeconomic concerns, the role of government in the macroeconomy, the components of the macroeconomy, the methodology of macroeconomics.
Concepts of GDP and national income, approaches to calculating GDP, GDP and personal income, Nominal and real GDP, Limitations of the GDP concept, GDP and the black economy.
Macroeconomic Equilibrium, the labour market, the product market, the capital market; extending the full employment model
Aggregate expenditure and equilibrium output--aggregate output and aggregate income, equilibrium aggregate output; Government participation in the economy; Fiscal policy at work--The Multiplier effect.
Characteristics of a monetary economy; The demand for money; The supply of money and overall liquidity position; credit creation.
The causes of inflation, level of prices and the value of money, The Fisher effect, The cost of inflation.
Balance of Payments--The current and capital account; Determining equilibrium output in an open economy; Open economy with flexible exchange rates--Markets for foreign exchange, Factors affecting exchange rates, effects of exchange rates on the economy.
1. Karl E. Case and Ray C. Fair (2002), Principles of Economics, 6th Edition, Pearson Education Asia Low Price Edition.
2. N. Gregory Mankiw, (2002), Principles of Economics, Thomson.
3. J.E. Stiglitz, and C.E. Walsh (2002), Principles of Economics, 3rd Edition, W.W. Norton & Company, New York.
4. R. Stone and G. Stone (1962), National Income and Expenditure, Bowes and Bowes London.
Note: The above courses are picked automatically by the website for indicative purpose only. However, students are requested to check with the University for the similarity of the course or for any other information in regard to the course.
Syllabus presented on this page is indicative and for general information only. Visitors are advised to contact the University directly for the official, detailed and accurate Syllabus, Transcripts and other information. List of course names mentioned here is partial and are not comprehensive and the institution would be offering many other courses than those mentioned on this page.