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ECO2023 – Macro Economics

1.  Course Number:  ECO 2023C            Credits:  3         Contact hours: 45

 

2.  Course Title:         Principles of Microeconomics            

 

3.  Pre-requisites:       None

 

4.  Course Description:

Production; specialization and the move from the barter economy; concept of cost; organization of industry; private and public sector; economies of scale; consumption vs. capital goods; location of industry.  Supply and demand:  function of the price mechanism in a market economy (comparison with centrally planned economies); price, income and cross elasticity.  Theory of the firm:  price determination in perfect and monopoly markets:  other forms of imperfect competition.

5. Learning Outcomes

Upon Successful completion of this course, students will be able to:

 

LEARNING OBJECTIVESASSESSMENTS
Discuss the basic patterns and behaviour of individual economic agents—consumers and firms—and the interaction between these agents in markets.Tests, homework, exams
Describe the tools used by economists to understand the functioning of an economy, focusing on such issues as supply demand, price, cost, wages, profits, and different types of market models.Tests, homework, exams

 6.  Basic Texts:

Title:                Microeconomics,  18th edition

Authors:          Samuelson, P.A. & Nordhaus, W.D

Publisher:        McGraw-Hill

ISBN:              0072872071

7.  Additional Reading and Supplemental Texts:

As assigned by the instructor.

 

8.  Mode of Delivery:

Classroom Instruction. See Addendum for additional information.

9. Course Outline:

Topics Covered                                                                                 

 

  • Introduction
  • The Market
  • Supply and demand
  • Elasticity of supply and demand
  • Utility and consumer surplus
  • Business organization
  • Analysis of costs
  • Competitive supply and competitive markets
  • Midterm Examination
  • Monopoly
  • Uncertainty, risk, and game theory
  • Pricing of factors of production
  • Wage determination and the labor market
  • Labor unions and selective bargaining
  • Interest, profits and capital
  • Final Examination
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